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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $2.09 trillion.
• Bitcoin moved up by over 10% to trade at around $60,000.
• Ethereum increased by almost 6% to trade at around $2,410.
• XRP moved up by 11%, Solana by 4%, and Dogecoin by 10%.
• 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 $82 billion.

Crypto Trends for the Week of Sept. 9-15, 2024: Market Analysis and Performance

In an unexpected turn of events, the cryptocurrency market made a sensational recovery this week. The entire sector had been in a depressive state for over three weeks before bouncing back. Most cryptocurrencies have been trading healthily into the green, as some marked impressive gains. As a result, the market capitalization returned above the $2 trillion mark, boasting a $170 billion value boost.

Bitcoin started the week trading at $54,000, nearly falling below the $50,000 level. Following a spectacular surge, the king of cryptocurrencies gained $6,000 to return to greener pastures. The recovery has been impressive, even if BTC had done it several times before and even though most of the gains came within the week’s end. Standing tall on the newly reconquered $60,000 level, Bitcoin may now look to cement its superiority for the upcoming weeks.

Ethereum has also witnessed some better days after a disappointing and bitter month that saw it speedily heading toward the $2,000 threshold. This week, ETH increased by almost 6% to return to trading above $2,400. This has been is a small yet impressive recovery for the second crypto in command. More importantly, this could be a sign that its supporters are not ready to give up on the coin’s chances of success.

Altcoins & DeFi

Most altcoins have been seen trading in the green, with almost no exceptions. For example, XRP moved up by 11%, BNB by 12%, Solana by 4%, Toncoin by 20%, Cardano by 4%, Avalanche by 7%, and Chainlink by 9%. The only few downers have included the likes of TRON, which moved down by 2%, and Monero, which decreased by 1%.

The memecoins have similarly been trading happily in the green. Dogecoin increased by 10%, Shiba Inu by 6%, and Pepecoin by 12%.

The Metaverse sector has also witnessed some notable movements over the past week. For instance, Axie Infinity moved up by 11%, The Sandbox by 4%, and Stacks by 14%. Also, Render increased by 7%, Floki by 1%, and MultiversX by 6%.

The DeFi sector added almost $6 billion to the locked protocols (TVL) value, which is now $81.91 billion.

What’s in the News?

• Donald Trump announced the launch of a digital currency platform called World Liberty Financial, boasting a digital wallet and lending mechanisms for stablecoins.
• MicroStrategy, the world’s largest corporate owner of BTC, has increased its Bitcoin reserves after purchasing $1.1 billion worth of the popular cryptocurrency.

Next Week’s Crypto Market Forecast

The cryptocurrency market seemingly wowed everyone this week. The speed with which it recovered, bringing most assets into the green, has likely convinced other investors to join the sector. Also, increased support from major corporations and US presidential hopefuls seems advantageous to the cryptocurrency industry. Hopefully, this positive trend will continue for many weeks to come.

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!”

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