A Modest Week For Bitcoin, But A Good One For Ethereum And Altcoins

Ripple’s XRP is back with a bang. After losing precious gains last week, XRP is up by nearly 50%. Lately, XRP investors have been through an emotional roller coaster. Staggering losses immediately followed eye-watering value boosts. Nevertheless, it seems that XRP is more stable than in previous years, and a negative return below the $1 mark is, at least for now, unlikely. XRP has been recently trading at around $1.57.

Most of the altcoins traded in the green throughout the week. Also, most of them have solidified their gains over the weekend. Binance Coin registered a 22% increase in value to take its market cap close to the $100 billion marks. So far, Binance’s native coin has cemented its third place position in the top-10 cryptocurrencies by market capitalization. Binance Coin has been recently trading at around $609.

Polkadot is also up by more than 20%. Cardano (ADA-X) registered a 17% value boost to make up for its 6% loss from last week. Finally, Litecoin (LTC-X) is up by nearly 19% and is very close to re-entering the top-10.

Elsewhere, the DeFi sector recorded one of its most significant increases this year. Over the past few days, it added more than $12 billion to the total value protocols (TVL), which now stands at nearly $67.79 billion.

What’s in the News?

  • VISA (Vannounced that it had become the first major payments network to settle transactions in USDC coins.
  • Uzbekistan is planning to lift the one-year-long ban on domestic trading and using cryptocurrencies.
  • Coinbase (COIN) is looking to enhance its portfolio of analytics companies by acquiring Skew.

Next Week’s Market Forecast

With very few exceptions, 2021 has been a good year for the cryptocurrency market so far. More so, every first week of each of the past four months has been green and positive. With the latest value boosts, it should be safe to say that the first week of May could be a lucrative one for cryptocurrencies across the board.

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