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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $2,22 trillion.
• Bitcoin moved up by over 5% to trade at around $59,800.
• Ethereum increased by almost 8% to trade at around $3,200.
• XRP moved up by 25%, Solana by 6%, and Dogecoin by 5%.
• Almost all altcoins have been seen trading in the green, with a few exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $91 billion.

Crypto Trends for the Week of July 8-14, 2024: Market Analysis and Performance

The cryptocurrency market bounced back after a disappointing start to July that saw it lose considerable value. As the week draws to an end, most cryptocurrencies have been seen trading healthily in the green. Moreover, some have registered double-digit gains, which is encouraging for traders and investors. The overall market capitalization increased by $110 billion to $2,22 trillion.

Bitcoin recovered in style after a sensational dip that saw it reach as low as $53,700 a week ago. Over the past seven days, the king of crypto climbed back above $60,000.

Some would say it did so too slowly to raise any optimism. However, its steadiness points more toward a stable ascent, which is always preferable to the quick seesawing characteristic of extreme market volatility. BTC’s value dropped a little under $60,000 during the last hours of the weekend. However, this is not an alarming drop.

Ethereum also rejoiced after a positive week. The second crypto in command regained the much-coveted $3,000 level. Furthermore, ETH consolidated its position a few hundred dollars above the support at $3,000. Now, it can look toward a steady climb as well, this time toward the $4,000 threshold.

Altcoins & DeFi

Most altcoins have been seen trading in the green, with very few exceptions. XRP appears to be this week’s most spectacular climber, with a 25% value boost. Other overperformers include Cardano, up by 21%, and NEAR Protocol, up by 16%.

Elsewhere, BNB moved up by 8%, Solana by 6%, TRON by 8%, Avalanche by 1%, and Polkadot by 4%. The memecoins have also been faring well. For instance, Dogecoin rose by 5% and Shiba Inu by 11%.

The Metaverse sector also witnessed some notable movements over the past week. For instance, Axie Infinity moved up by 9%, The Sandbox by 8%, and ICP by 24%. Also, Floki increased by 4%, Theta Network by 10%, and Stacks by 22%. The only notable underachiever is Renders, which moved down by 7%.

The DeFi sector gained almost $4.5 billion from the locked protocols (TVL) value, now at $91.57 billion.

What’s in the News?

• The United States Commodities and Futures Trading Commission (CFTC) Chairman, Rostin Benham, confirmed that an Illinois court classified Bitcoin and Ethereum as commodities.
• MicroStrategy, one of the world’s biggest corporate Bitcoin holders, announced it will split its stock in a 10:1 ratio. The news has already caused the company's stock to increase by 3%.

Next Week’s Crypto Market Forecast

The cryptocurrency market made a speedy recovery from what looked like a catastrophic start to July. Fortunately, most assets have regained some losses and consolidated better positions. This all-in-the-green landscape denotes a positive sentiment and an optimistic outlook for the coming 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!”

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