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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $1,16 trillion.
• Bitcoin dropped by nearly 1% to around $28,900.
• Ethereum moved down by almost 3% to reach around $1,820.
• XRP lost nearly 13% in value this week.
• Almost all altcoins have been trading in the red, with very few exceptions.
• The DeFi sector decreased the total value of protocols (TVL) to around $48 billion.

Cryptocurrency Trends for the Week of July 31 - Aug. 6, 2023: Market Analysis and Performance

The cryptocurrency market looks set to end a largely disappointing week with very few things to celebrate. Most assets have lost substantial gains, with some recording double-digit losses. Most cryptocurrencies have reverted to pre-summer values and are looking at an uphill mid-Q3 battle. Even the market capitalization decreased by around $30 billion.

Bitcoin was, for once, consistent in its trajectory, albeit a slow descending one. The king of cryptocurrencies spent another week below the $30,000 level. Moreover, it seemed to have lost the necessary drive to overcome the market’s volatility and climb above $30,000.

Ethereum has also been down-trending, although this is unsurprising for the second crypto in command. ETH had struggled for weeks to climb above $2,000. Its recent losses point toward a prolongation of this dire state.

Altcoins & DeFi

Most altcoins have been trading in the red, although a few memecoins were seen recording considerable gains. For example, Shiba Inu moved up by 11% and recorded another good week following last Sunday’s 7% value boost.

Elsewhere, XRP continued to bleed on the back of a 13% loss. Cardano and Solana moved down by 7%. TRON and Polkadot have decreased by 5%. Also, Polygon moved down by 6%, and Avalanche by 5%.

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 4%, and Axie Infinity by 6%. Meanwhile, Decentraland decreased by 5%, Render by 8%, and The Sandbox by 7%. Even ICP could not break out of the bloodbath this time around, with it moving down by 5%.

The DeFi sector lost nearly $2.5 billion to the total value in locked protocols (TVL), now at $45.44 billion.

What’s in the News?

• Coinbase will use Ripple’s legal win over the SEC to defend against the American institution’s lawsuit against it.
• Australia’s Securities and Investments Commission (ASIC) has filed a lawsuit against eToro for alleged harmful actions against investors.

Next Week’s Crypto Market Forecast

The cryptocurrency market has been far from its glory days. However, things may not be as bleak as they seem at first glance. Most crypto assets were on a downtrend, but their losses were not alarming. We could soon see price corrections for many of them, albeit in the same minimal amount as their recent dips.

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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