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This Week’s Summary

• The crypto market looks set to end the week at a total market capitalization of $2,27 trillion.
• Bitcoin moved down by over 4% to trade at around $61,400.
• Ethereum decreased by almost 3% to trade at around $3,300.
• XRP moved down by 3%, Cardano by 1%, and Dogecoin by 2%.
• 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 $94 billion.

Crypto Trends for the Week of June 24-30, 2024: Market Analysis and Performance

The cryptocurrency market looks ready to close June on a steep decline, attracting more bad press than good. Most assets have plummeted spectacularly, especially in the past two weeks. Even big-shot altcoins took a turn for the worse amid considerable market volatility. As a result, the overall market capitalization dropped by $60 billion to $2,27 trillion.

Bitcoin had one of the worst weeks in recent history. The king of cryptocurrencies has been bleeding throughout June. However, it lost substantial support over the past seven days. This was visible in the coin’s value, which reached $61,000 after flirting with the $70,000 level for most of the spring.

Moreover, the most popular crypto in the world appears close to exiting the comfort zone above $60,000. For now, it cements its position just above that support level as high-scale liquidations continue.

Ethereum has also been on a downturn, albeit its losses are not that impressive. The second crypto in command loses between 3% and 5% weekly. Its value remains constant above $3,000, but this doesn’t inspire much optimism in its supporters.

Altcoins & DeFi

Most altcoins have been seen trading in the red, with very few exceptions. For instance, Solana, Polkadot, and TRON moved up by over 5%. Also, Avalanche is among this week’s top climbers, with an 11% increase. However, most of the other big-brand cryptocurrencies have been dipping in the red.

XRP moved down by 3%, Cardano by 1%, Dogecoin by 2%, and BNB by 3%. Meanwhile, Shiba Inu dropped by 6% and NEAR by 8%. One of the biggest losers is Uniswap, with an 11% decrease.

The Metaverse sector has also witnessed some notable movements in the past week. For instance, Axie Infinity moved down by 1%, The Sandbox by 3%, and ICP by 2%. Also, Render dropped by 1%, Theta Network by 3%, and Stacks by 1%. Elsewhere, ApeCoin moved up by 3%, and Wemix increased by a whopping 39%.

The DeFi sector lost almost $5.5 billion from the total value in locked protocols (TVL), which is now $94 billion.

What’s in the News?

• The US Securities and Exchange Commission (SEC) seeks to approve the much-awaited spot Ethereum ETFs in the first week of July.
• VanEck, an American investment management firm, filed for a Solana exchange-traded fund, which caused SOL’s price to surge.

Next Week’s Crypto Market Forecast

The cryptocurrency market looks set to close this year’s second financial quarter on a losing trend. This is a disappointing sight for many crypto enthusiasts who were hoping for 2024 to be a historical streak of all-time highs across the board.

Nevertheless, we are only halfway through the year, and there’s enough time left for things to turn around. While the sentiment remains negative, the market should recover in the coming weeks.

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!”

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