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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $2,320 trillion.
• Bitcoin (BITCOMP) is up by nearly 16% after a rejuvenating week.
• Ethereum (ETH-X) gained more than 4% in value over the week.
• XRP (XRP-X) has increased by roughly 12% over the past seven days.
• Shiba Inu (SHIB-X) follows in Dogecoin’s (DOGE-X) steps with a spectacular 220% surge.
• Almost all altcoins have registered significant gains this week.
• The DeFi sector gained almost $1.6 billion in total value protocols (TVL).

Cryptocurrency Trends for the Week of Oct. 4-10, 2021: Market Analysis and Performance

The cryptocurrency market ends another week with full smiles across the board. After a disappointing end to the summer, Bitcoin and most altcoins are visibly on the rise. Furthermore, the overall market capitalization is thriving after another weekly increase of over $200 billion. At the moment, it stands well above the $2 trillion marking.

Undoubtedly, the most praise this week went to Bitcoin. The most popular crypto in the world is gathering pace and approaching the $60,000 level with bold steps. Only this week, it added more than $7,500 to its value. That’s impressive, especially for how close it was to falling beneath $30,000 only a few weeks ago.

Several reasons could be behind Bitcoin’s somewhat surprising ascent. Firstly, someone bought up $1.6 billion's worth of BTC via market orders in only five minutes last week.

Secondly, the U.S. recently backed cryptocurrencies and Bitcoin through illustrious figures, such as the Federal Reserve chairman, Jerome Powell. Even if this backing was primarily indirect and involuntary, it was enough to help boost BTC’s rise. The market’s positive sentiment, together with these events, helped the king coin surge. Bitcoin has been recently trading at around $55,234.

Ethereum is also rising at a remarkable speed. The second crypto in command shows clear signs of rejuvenation after a bleak period. After a roughly 4% increase, Ethereum has been recently trading at around $3,523.

Ripple’s XRP has steadily risen above the $1 marking, and it looks like it has found its comfort zone. For instance, XRP has been recently trading at around $1.17. Unfortunately, Cardano (ADA-X) doesn’t seem to follow the market trend. After another disappointing week, ADA has been trading at around $2.23 and it has been struggling to hold its position.

Altcoins & DeFi

Elsewhere, Polkadot is up by roughly 13%, and Binance Coin (BNB-X) lost almost 2% of its value. And Dogecoin is up by approximately 10%. One of the market’s worst performers is Solana (SOL-X), with a dismal 11% drop in value.

Nevertheless, the surprise this week came from Shiba Inu. The Doge-like token surged by no less than 220% after one of the best weeks in its history. The DeFi sector gained roughly $1.6 billion in total value protocols (TVL), which now stands at nearly $90.92 billion.

What’s in the News?

• The White House considers executive order to investigate cryptocurrencies.
• Bitcoin lending platform BlockFi files for Bitcoin ETF.

Next Week’s Market Forecast

So far, so good for the crypto market as October proves to be one of its best periods in months. For instance, Bitcoin is back on track towards its all-time high at $64,000. Also, Ethereum and other altcoins are looking to take serious steps ahead. We can only hope that this momentum will continue for as long as possible.