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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $1,2 trillion.
• Bitcoin dropped by 1.5% and below $30,000.
• Ethereum moved down by over 3% to reach around $1,840.
• 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 17-23, 2023: Market Analysis and Performance

The cryptocurrency market took a few steps back after a few good weeks of much-needed consolidation. Most assets have been trading into the red, albeit not by much. So, while they have lost some precious value points, they are not on the brink of catastrophe. Even the market capitalization decreased by only around $20 billion.

Bitcoin lost over $500 of its value, which caused it to slide a little below $30,000. This is not the end of the world for the king of cryptocurrencies that had been consolidating above $30,000 for weeks. Many were expecting BTC to run for it, but rather in the opposite direction. It has recently been seen trading at around $29,900.

Ethereum lost yet another good chance to climb above $2,000. The second crypto in command lost over $100 this week. This drop has seen it struggle with what is now a 14-month-long battle to regain the $2,000 level.

Altcoins & DeFi

Most altcoins have been trading in the red, although a few recorded considerable gains. Last week’s top climber, XRP, was seen coming down from an unexpected high. Its parent company may have won a lengthy legal battle with the SEC. However, rumors of the American institution preparing a strong appeal have quenched traders’ optimism. As a result, XRP has been seen trading below $0.75.

Elsewhere, BNB moved down by 2%, Cardano by 1%, Solana by 12%, Litecoin by 3%, and Polygon by 4%. Meanwhile, Polkadot moved up by 1%, Dogecoin by 1%, Chainlink by 19%, and Stellar by 18%.

The Metaverse sector has been in the same boat as the rest of the crypto market, with most projects recently seen trading in the green. For instance, ICP moved up by 2%, ApeCoin by 4%, and Axie Infinity by 2%. Meanwhile, Decentraland decreased by 3%, Render by 5%, and Stacks by 4%.

The DeFi sector added nearly $0.1 billion to the total value of locked protocols (TVL), now at $47.91 billion.

What’s in the News?

• According to its financial reports, Tesla has not sold any of its Bitcoins for over a year.
• US Presidential candidate Robert F. Kennedy declared he would back the US dollar with Bitcoin if he won the elections.

Next Week’s Crypto Market Forecast

Despite a minor setback, the cryptocurrency market has maintained a solid position and positive sentiment. While most assets have been bleeding, they are far from a full-on bloodbath. Hopefully, the next period will see them return to their winning ways, and the bears losing control.

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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