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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $1,81 trillion.
• Bitcoin increased by over 12% to reach around $48,300.
• Ethereum moved up by almost 10% to trade at around $2,500.
• XRP gained almost 3% in value this week, reaching around $0.52.
• Almost all altcoins have been seen trading in the green, with virtually no exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $67 billion.

Crypto Trends for the Week of Feb. 5-11, 2024: Market Analysis and Performance

The cryptocurrency market has been on a good roll, with most assets seen trading healthily in the green. Many expected this resurgence after a few disappointing weeks of ups and downs. The increase in liquidity is visible in the overall market capitalization, which increased by almost $170 billion.

Bitcoin led the pack, as always, with a whopping 12% value boost. The king of cryptocurrencies didn’t lose any time and steadily climbed from the week’s early hours. Rumors of Bitcoin miners hodling onto their gains in anticipation of the upcoming halving increased demand across the market. At the time of writing, BTC was recently seen trading at well over $48,000 and eyeing the daunting resistance at $50,000.

Ethereum was also on the rise, boasting a 10% increase after a successful week. The second crypto in command seemingly put all worries of dropping below $2,000 behind it. Moreover, it has recently been seen trading at around $2,500 and aiming for the $3,000 level.

Altcoins & DeFi

Most altcoins have been seen trading in the green, with virtually no exceptions. In fact, Monero’s drop of over 26% was the only notable decrease of the week. Elsewhere, XRP was back to its winning ways, with a 3% increase. So were BNB, up by 6%, and Solana, up by 12%. Meanwhile, Cardano moved up by 9%, Avalanche by 13%, Chainlink by 10%, and Dogecoin by 3%.

The Metaverse sector has seemingly shared the same sentiment as the rest of the crypto market, as most projects have been seen trading in the green. For instance, Axie Infinity moved up by 9%, Theta Network by 6%, MultiverseX by 3%, and The Sandbox by 10%. After a few good weeks, ICP appeared to be on the wrong side of the general trend, with a 1% drop. Also, Render moved down by almost 4%.

The DeFi sector added almost $9 billion to the total value of locked protocols (TVL), now at $66.86 billion.

What’s in the News?

• Terraform Labs co-founder Do Kwon gained some legal battles during his prolonged captivity in Montenegro. Nevertheless, the lawsuit is far from over, and the decision to uphold extradition requests from the US and South Korea was confirmed.
• The US Securities and Exchange Commission (SEC) delayed a decision on another ETH ETF proposal, this time from Invesco-Galaxy.

Next Week’s Crypto Market Forecast

The cryptocurrency market has been on a terrific run, as most assets steadily increased their gains. Getting closer to the Bitcoin halving and the general optimism in the industry may help fuel this positive trend. Hopefully, most cryptocurrencies will maintain this trajectory 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!”

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