Bitcoin And Most Altcoins Show Small Signs Of Recovery

gold-colored Bitcoin

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This Week’s Summary

  • The cryptocurrency market looks to end the week at a total market capitalization of $1,471 trillion.
  • Bitcoin (BITCOMP) is up by more than 7% after a promising week.
  • Ethereum (ETH-X) has increased by over 25% over the past seven days.
  • XRP (XRP-X) records a nearly 13% increase in value over the week.
  • Binance Coin (BNB-X), Polkadot, and Cardano (ADA-X) have registered significant gains this week.
  • The DeFi sector gained almost $6 billion in total value protocols (TVL).

Cryptocurrency Trends for the Week of June 28 - July 4, 2021: Performance and Analysis

The cryptocurrency market had a surprisingly positive week after two months of going mostly downhill. First off, the market capitalization increased by $167 billion. Secondly, most cryptocurrencies registered substantial gains to make up for their recently consistent losses.

Bitcoin started the week trading as low as $32,000. However, it quickly rebounded, and by Tuesday, it was already selling for $36,400 a piece. The rest of the week was marked by intense volatility and crab-like movements. Bitcoin has been recently trading at around $35,528 and ending the week with a promising 24-hour value boost of around 2.5%.

Despite the promising recovery, Bitcoin’s situation is not that rosy. Its volume has diminished considerably over the past few months as it dropped by more than $400 billion. As a result, Bitcoin closed its worst quarter since 2018 with a total of 40% decline. Additionally, the Bitcoin mining difficulty has dropped by 28%. For history buffs, this is the biggest correction in BTC’s entire existence.

Elsewhere, Ethereum registered an even more spectacular surge over the week. Following a 25% increase in value, the second crypto in command has returned above the $2,000 trading level. Ethereum has recently been trading at around $2,363 and has a promising position heading into the first full week of July.

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