Image Source: Pexels

This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $1,173 trillion.
• Bitcoin moved down by over 1% after an unremarkable week.
• Ethereum increased by almost 2% over the past seven days.
• XRP lost more than 4% in value this week.
• Almost all altcoins have been trading in the red, with a few exceptions.
• The DeFi sector maintains the total value of protocols (TVL) at around $50 billion.

Cryptocurrency Trends for the Week of April 3-9, 2023: Market Analysis and Performance

The crypto market looks set to close a largely uneventful week as the bulls soft-pedal their recent run. Most assets seesawed slightly in and around the same values they had last week. Moreover, the cooldown is visible in the market capitalization, up by only $1 billion this week.

Bitcoin did not manage to maintain the $28,000 level this week. However, the king crypto has not been trading too far from it and has maintained market dominance despite a 0.5% drop. BTC has recently been seen trading at around $27,900.

Ethereum continued to grow for the second week in a row. The second crypto in command has steadily increased its value by 1 or 2 percentage points weekly. It may not seem like much, but it’s enough to confirm its increasingly popular status. Recently, ETH has been seen trading at around $1,850.

Altcoins & DeFi

The altcoin sector experienced mixed performances this week. Firstly, XRP seems to have finished its surprising and meteoric rise. After climbing above $0.5 for the first time in months, the coin slowly returned to more familiar support levels. Recently, it appeared close to going under $0.5 on the back of a 4% drop.

Elsewhere, BNB, Avalanche, Shiba Inu, and Polygon fell down by more than 1% each. Also, Solana, Polkadot, and Litecoin all dropped by over 3%. Meanwhile, Cardano moved up by 1% and Dogecoin by around 2%.

The Metaverse sector has been in the same boat as the rest of the crypto market. For instance, Theta Network moved down by 2%, while Axie Infinity moved down by 1%. Decentraland decreased by 3%, similar to ICP and ApeCoin. Meanwhile, Stacks fell by 8%, and The Sandbox rose by 1%.

The DeFi sector lost nearly $0.5 billion from the total value in locked protocols (TVL), now at $49.94 billion.

What’s in the News?

• MicroStrategy, the largest corporate holder of Bitcoin, purchased BTC worth almost $30 million.
• BlackRock seeks to sell over $114 billion worth of defunct bank securities.
• The United States Treasury Department considers decentralized finance a national security threat.

Next Week’s Crypto Market Forecast

The crypto market entered a period of stagnation after a remarkable bull run. However, the red figures across the crypto board do not signal the bears’ return. On the contrary, the market seems to have followed suit, with other financial sectors wobbling between highs and lows in an economically uncertain environment. The next few weeks should follow the same pattern.

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!”

More By This Author: