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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $2.17 trillion.
• Bitcoin continued to trade at around $62,300.
• Ethereum experienced no changes and has stagnated at around $2,400.
• XRP moved down by 2%, Solana by 1%, and Dogecoin by 3%.
• Almost all altcoins have been seen trading in the red, with very few exceptions.
• The DeFi sector decreased the total value of protocols (TVL) to around $81 billion.

Crypto Trends for the Week of Oct. 7-13, 2024: Market Analysis and Performance

The cryptocurrency market experienced severe volatility throughout the week. Most cryptocurrencies dipped with calamitous speed mid-week, only to recover steadily over the weekend. The tumultuous movements caused massive liquidations across the board as fear, uncertainty, and doubt took over most traders. Fortunately, the weekend recovery helped the market capitalization return to Monday's value of around $2.17 trillion.

Bitcoin started trading in the green during the week with no worrying clouds on the horizon. However, the middle of the week brought most cryptocurrency assets down, and the king of cryptocurrencies was no exception. In fact, BTC took a hard fall, dipping well below $59,000 on Thursday. It was an alarming moment for most investors, but fortunately, it didn’t last long. In the past 48 hours, Bitcoin recovered to trade at around $62,000.

Ethereum followed a similar route to Bitcoin over the past week, albeit at a much lower scale. The second crypto in command took a severe fall mid-week, losing precious gains. However, it recovered as the week came to a close. Recently, it has been seen trading safely at around $2,400.

Altcoins & DeFi

Most altcoins have been trading in the red, with almost no exceptions. The only notable climbers have been TRON, up 5%, and Avalanche, up 7%. This week’s best performer was SUI, which rose by a whopping 22%. On the other hand, XRP moved down by 2%, Solana by 1%, Toncoin by 1%, Cardano by 2%, Chainlink by 5%, Polkadot by 2%, and NEAR by 6%.

The memecoins have also been drowning in the red. Dogecoin moved down by 3%, Shiba Inu by 6%, and Pepecoin by over 7%.

The Metaverse sector also witnessed some notable movements over the past week. For instance, Axie Infinity moved down by 1%, Stacks by 7%, Render by 3%, Floki by 4%, Decentraland by 1%, and ApeCoin by 3%. The only notable improvements included the likes of MultiversX, which rose by 2%, and The Sandbox, which rose by 1%.

The DeFi sector lost almost $2 billion from the total value of locked protocols (TVL), which is now at around $81.22 billion.

What’s in the News?

• A 39-year-old software developer, Peter Todd, dismissed the claims he would be the real Satoshi Nakamoto, made by a recent HBO-produced documentary.
• South Korea announced it is looking into imposing stricter regulations on stablecoins as part of new Forex rules.

Next Week’s Crypto Market Forecast

The cryptocurrency market experienced some considerable volatility at the beginning of this year’s last financial quarter. This confusing period saw many investors sell at the first sign of decline. Many fear the bears’ return and another long cryptocurrency winter, so market sentiment has remained negative.

About the Author

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

Iulian became a content writer in 2011, and he is 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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