Image Source: Pexels

This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $2,26 trillion.
• Bitcoin moved up by over 7% to trade at around $64,250.
• Ethereum increased by almost 4% to trade at around $2,800.
• XRP moved up by 6%, BNB by 7%, and Dogecoin by 6%.
• Almost all altcoins have recently been seen trading in the green, with some exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $89 billion.

Crypto Trends for the Week of Aug. 19-25, 2024: Market Analysis and Performance

The cryptocurrency market appears to be back in action after witnessing considerable improvements for many assets. After a long period of extreme volatility and spectacular dips, most cryptocurrencies have been trading healthily in the green again. As a result, the market capitalization increased by over $150 billion to cement its position above the $2 trillion mark.

This positive trend could boil down to the surge in political support coming from the United States. Both of the camps that are challenging for the presidential elections moved towards endorsing the crypto market.

On one hand, Kamala Harris announced support for the industry’s growth. Meanwhile, crypto-friendly Robert Kennedy Jr. announced his resignation from the presidential race and pledged full support for another crypto-backing candidate, Donald Trump. These two developments increased the investors’ trust in the crypto market and led to a surge in crypto buys across the board.

Bitcoin increased by over 7% this week to return trading above the $64,000 mark. This is an important movement for the king of cryptocurrencies, which risked remaining stuck below the daunting $60,000 level. As always, its dominance over the rest of the market increased substantially. Moreover, its surge also helped build credibility for the rest of the assets.

Ethereum has been trading in the green for the second week in a row. The second-most popular cryptocurrency moved up by over 3% again to consolidate its position above $2,500. ETH may be waiting for the proper support to attack the $3,000 level again.

Altcoins & DeFi

Most altcoins have recently been seen trading in the green, with some notable exceptions. XRP moved up by 6%, BNB by 7%, Solana by 9%, TRON by 23%, Chainlink by 18%, Polygon by 28%, and NEAR by 22%. Meanwhile, only a few assets have been seen trading in the red. For example, Toncoin moved down by 13% and Litecoin by 3%.

The memecoins have also been faring better compared to last week. Dogecoin increased by 6%, Shiba Inu by 12%, and Pepecoin by 20%.

The Metaverse sector has also witnessed some notable movements over the past week. For instance, Axie Infinity moved up by 11%, The Sandbox by 15%, and Stacks by 22%. Also, Render increased by 38%, Floki by 26%, and MultiversX by 21%.

The DeFi sector added almost $4.5 billion to the total value of locked protocols (TVL), which is now $89.63 billion.

What’s in the News?

• One reason for Toncoin’s downfall is the surprising arrest of Telegram CEO Pavel Durov, who is also the coin’s co-founder.
• Binance announced plans to hire 200 new members to its Compliance Team, which already boasts 500 members. This move should help improve its efforts to expand its business in jurisdictions where attaining compliance has proven difficult so far.

Next Week’s Crypto Market Forecast

The cryptocurrency market has been on a roll following a bleak period. The industry will still rely on the political tide changing in the US. Therefore, new developments will likely be seen as the battle for the presidential seat fires up in the “land of opportunity.” It will be interesting to see how the recent positive sentiment will impact the market next week.

About the Author

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

Iulian became a content writer in 2011, and he's 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:

XRP Price Extends Consolidation: Is It Preparing For A 20% Surge Or A 25% Pullback?
BNB Coin Price Prediction 2024-2030: Will BNB Hit $1000 In 2024?
Bitcoin Price Surges Towards $62k As Fed Chair Jerome Powell Declares ‘Time For Policy Adjustment’