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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $1,19 trillion.
• Bitcoin dropped by nearly 3% to around $29,300.
• Ethereum moved down by almost 1% to reach around $1,870.
• XRP lost nearly 4% in value this week.
• Almost all altcoins have been trading in the red, with very few exceptions.
• The DeFi sector maintains the total value of protocols (TVL) at around $48 billion.

Cryptocurrency Trends for the Week of July 24-30, 2023: Market Analysis and Performance

The cryptocurrency market looks set to close the month of July on a visible downtrend following another disappointing week. As the SEC vs. crypto war continues, most assets have performed poorly for the second week in a row.

Firstly, the Commission maintains its crackdown approach towards digital assets. On the other hand, the US politicians criticized it for being too rough on a yet emerging financial sector. This back-and-forth led to an underwhelming performance across the board. Fortunately, the market capitalization decreased by only around $10 billion.

Bitcoin failed to reconquer the $30,000 level this period, too. On the contrary, the king of cryptocurrencies dropped more points and appears close to falling below $29,000 again. Following a nearly 3% drop, BTC has struggled to retain its summer gains.

Ethereum has not been faring any better, either. The second crypto in command has resigned with the idea that it will be extended until it climbs above $2,000 again. In fact, ETH appears to have been getting closer to the $1,700 mark, which is a more comfortable zone for the first of the altcoins.

Altcoins & DeFi

Most altcoins have been trading in the red, although a few have recorded considerable gains. That is the case of the memecoins, which have seen an unexpected rejuvenation this week. For example, Dogecoin moved up by 10% and Shiba Inu by 7%. Meanwhile, Dogechain moved up by a whopping 175%.

Elsewhere, XRP continued to bleed on the back of a 4% loss. Cardano and Solana moved down by 1%. TRON and Polkadot have decreased by 3%. Also, Polygon moved down by 7%, and Avalanche by 3%.

The Metaverse sector has been in the same boat as the rest of the crypto market, with most projects seen trading in the red. For instance, ApeCoin moved down by 8%, and Axie Infinity by 5%. Meanwhile, Decentraland decreased by 3%, Render by 4%, and The Sandbox by 5%. The only winner in this category is ICP, up by 2%.

The DeFi sector lost nearly $0.1 billion to the total value in locked protocols (TVL), now at $47.84 billion.

What’s in the News?

• Elon Musk announced his rebranding of the Twitter logo to “X” and a potential integration of Dogecoin with the social media giant.
• The KuCoin CEO clarified that the recent mass layoffs within the company are due to performance reviews and not internal issues.
• The US Federal Reserve resumed its monetary policy of increasing interest rates by 0.25%.

Next Week’s Crypto Market Forecast

The cryptocurrency market has remained in a strong position despite the recent hiccups. Most of its assets have lost value points. However, the losses have been far from alarming and do not appear to be pointing toward the bears’ revival. Hopefully, the trend will see greener pastures starting next week.

About the Author

Born and raised in Romania, and currently living in Spain, the author 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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