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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $1,27 trillion.
• Bitcoin increased by nearly 16% to reach around $34,500.
• Ethereum moved up by almost 11% to reach $1,800.
• XRP gained over 7% in value this week.
• Almost all altcoins have been seen trading in the green, with very few exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $41 billion.

Cryptocurrency Trends for the Week of Oct. 23-29, 2023: Market Analysis and Performance

The cryptocurrency market continued its unexpected surge with another successful week across the board. Most assets recorded significant gains, some boasting double-digit value points. Meanwhile, the overall market capitalization increased by over $130 billion to comfortably exceed $1.2 trillion.

Bitcoin moved up by a whopping 16%, which placed its value above the $34,000 level. The king of cryptocurrencies has been riding high all week, reaching as high as $35,000 at one point.

Its upward trajectory stemmed from the peculiar listing of a BTC ETF on the Depository Trust website on Monday. The ticker appeared and disappeared on the official page for a few days. However, it was enough to fuel speculations that the SEC greenlighted BlackRock’s ETF. As of the time of writing, the SEC has not provided official statements regarding its decision. Nevertheless, the market has been optimistic enough to keep BTC and other crypto assets flying high.

Ethereum rewarded its supporters with a spectacular rise in value this week. The second crypto in command increased by over 10% to trade only a little under $1,800. This is an encouraging trajectory for ETH, which has been on a losing streak for weeks on end.

Altcoins & DeFi

Most altcoins have been seen trading in the green, with very few exceptions. For example, BNB moved up by 6%, like TRON and Litecoin. Meanwhile, XRP moved up by almost 8%, Solana by 14%, Cardano by 15%, Dogecoin by 14%, and Chainlink by 20%.

The Metaverse sector has been experiencing the same sentiment as the rest of the crypto market, with most projects seen trading comfortably in the green. For instance, Axie Infinity moved up by 29%, The Sandbox by 17%, Decentraland by 28%, and ApeCoin by 26%. Elsewhere, ICP moved up by 22% and Render by 31%.

The DeFi sector added over $3 billion to the total value of locked protocols (TVL), now at $41.62 billion.

What’s in the News?

• Tether has rejected all claims that USDT has been used to fund terrorists.
• Huobi claims it recorded over 14% in profits for the last financial quarter.
• Kraken diminished support for stablecoins after suspending all USDT and WBTC Deposits In Canada.

Next Week’s Crypto Market Forecast

The cryptocurrency market appears to be back on track as investors and traders everywhere rejoiced. It has been a rough year for most crypto assets, and it now appears ready to end 2023 with a bang. If this surge continues, one could say that it’s never too late to hope for a crypto revival.

About the Author

Born and raised in Romania, and currently living in Spain, the author discovered a knack for writing from a tender age, and even won some minor awards for fiction that didn't pay much.

Iulian became a content writer in 2011, and he is still doing it to some degree of success today. He is currently specialized in cryptocurrencies, technology, online marketing, and social media. In his free time, Iulian likes reading, traveling, and watching sports. His dream is to see Bitcoin reach $100,000 just so he can tell his friends “I told you so!”

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