Image Source: Unsplash

This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $2,3 trillion.
• Bitcoin moved down by nearly 7% to trade at around $64,000.
• Ethereum decreased by almost 12% to trade at around $3,000.
• BNB moved down by 7%, XRP by 20%, and Solana by 25%.
• Almost all altcoins have been seen trading in the red, with virtually no exceptions.
• The DeFi sector decreased the total value of protocols (TVL) to around $85 billion.

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

The cryptocurrency market has been experiencing one of its worst weekends of 2024 so far. That’s because most assets traded slightly in the green for most of the week. However, they plummeted spectacularly in the past 48 hours, with many recording alarming, double-digit losses.

Several factors contributed to this sudden negative turn of events. Firstly, large liquidity dumps started occurring on Friday, especially in the altcoin sector. Next, Saturday saw a military conflict between Iran and Israel escalate, which was enough to destabilize most financial markets.

In this environment, most crypto assets have been facing a troublesome week ahead of the much-anticipated Bitcoin halving. Moreover, the overall market capitalization decreased by $300 billion to $2,3 trillion.

Bitcoin traded safely at around $70,000 for most of the week. However, few expected it to lose almost $10,000 in less than 12 hours. That happened on Friday night as BTC’s value dropped to nearly $60,000. The king of cryptocurrencies recovered in recent hours, and regained almost $4,000 to cement its position above $60,000, at least for now.

Ethereum had a quiet week until recently. Still, the second crypto in command followed Bitcoin’s steps and lost substantial value over the weekend. With over 10% lost in the past 48 hours, ETH was recently seen trading at around $3,000. Moreover, it appeared dangerously close to dropping below the hard-earned $3,000 level.

Altcoins & DeFi

Most altcoins have been seen trading in the red. Notable losers include BNB, down by 7%, and XRP, down by 20%. Also, Solana decreased by 25%, Cardano by 24%, Dogecoin by 25%, Avalanche by 28%, and Shiba Inu by 25%. The few exceptions include Toncoin, which moved up by 20%, and UNUS, which moved up by 2%.

The Metaverse sector also witnessed some notable movements in the past week. For instance, Axie Infinity moved down by 29%, Render by 22%, Theta Network by 25%, Decentraland by 29%, and ApeCoin by 33%. Also, ICP decreased by 29%, the Sandbox by 31%, and Floki by 30%.

The DeFi sector lost almost $14 billion from the total value of locked protocols (TVL), which is now at $85.13 billion.

What’s in the News?

• Crypto assets have lost over $400 billion cumulatively this weekend.
• Coinbase has filed a motion to certify an appeal in the lawsuit that the Securities and Exchange Commission (SEC) brought against the crypto exchange.

Next Week’s Crypto Market Forecast

The cryptocurrency market lost many of its hard-earned gains in just two days. It has not been a pretty sight to see the bloodbath covering the market these days, especially with the Bitcoin halving just around the corner. However, we hope the much-awaited event will overturn the trend and help most cryptocurrencies get back on track.

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!”

More By This Author:

DOGE And SHIB Facing Doubts In Millionaire Potential; Experts Advocate New Coin
Ethereum & Cardano Displaying Acute Weakness Against Bitcoin, Has Altseason 2024 Differed?
Cardano Price Prediction 2024, 2025, 2026- 2030: Will Cardano Reach $10 In The Next Bull Run?