Bitcoin Drops Below $64,000 As The Bears’ Grip Tightens

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This Week’s Summary

  • The cryptocurrency market looks set to end the week at a total market capitalization of $2,33 trillion.
  • Bitcoin moved down by about 4% to trade at around $63,900.
  • Ethereum decreased by almost 4% to trade at around $3,400.
  • XRP declined by 2%, Cardano by 8%, and Dogecoin by 11%.
  • Almost all altcoins have been seen trading in the red, with a few exceptions.
  • The DeFi sector dropped the total value of protocols (TVL) to around $99 billion.

Cryptocurrency Trends for the Week of June 17-23, 2024: Market Analysis and Performance

After another disappointing week, the crypto market has continued its ordeal through the bears’ territory. Most assets lost substantial gains as Bitcoin and most of the big-shot altcoins dropped steadily. As a result, the overall market capitalization dropped by $110 billion to $2,33 trillion.

Bitcoin lost another 4% this week as its value dipped below $64,000. The king of cryptocurrencies has been facing massive liquidations even as its price drops consistently. This poor form does not affect its dominance, but it does impact the rest of the market.

Ethereum also lost 4% this week. The second crypto in command steadily returned to the support level at $3,000. Unfortunately, this trajectory also delayed an eventual attack on the $4,000 mark by a considerable distance.

Altcoins & DeFi

Most altcoins have been seen trading in the red. The only notable exception was TRON, which moved up by 3%. Many others were recording double-digit losses. For example, Solana moved down by 12%, Dogecoin by 11%, Shiba Inu by 16%, Avalanche by 19%, and Uniswap by 13%. Elsewhere, XRP moved down by 2%, Cardano by 8%, and BNB by 5%.

The Metaverse sector also witnessed some notable movements in the past week. For instance, Axie Infinity moved down by 13%, The Sandbox by 16%, and ICP by 15%. Also, Render dropped by 15%, Theta Network by 12%, and ApeCoin by 14%.

The DeFi sector lost almost $2 billion from the total value of locked protocols (TVL), which is now $99.5 billion.

What’s in the News?

  • MicroStrategy announced the purchase of 11,931 BTC, worth almost $800 million.
  • Fidelity announced they will seed their Ethereum ETF with $4.7 million.

Next Week’s Crypto Market Forecast

The cryptocurrency market has been painted entirely red, as most assets lost many of their gains in the past six months. It is not an alarming situation yet, as recent market movements showed that some can recover briefly. Nevertheless, the sentiment remains negative as we enter the last week of June.xz


About the author: Iulian Lesanu 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. 

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