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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $2,26 trillion.
• Bitcoin moved down by 4.5% to trade at around $61,000.
• Ethereum decreased by almost 7% to trade at around $2,900.
• XRP declined by 5%, Solana by 2%, and Dogecoin by 11%.
• Almost all altcoins have been seen trading in the red, with very few exceptions.
• The DeFi sector decreased the total value of protocols (TVL) to around $90 billion.

Crypto Trends for the Week of May 6-12, 2024: Market Analysis and Performance

The cryptocurrency market experienced a terrible week, as most assets dropped in value substantially. Some cryptocurrencies went as far as losing most of the gains they recorded since the year’s start. Even the market capitalization took a severe hit, dropping by over $110 billion in less than seven days.

Bitcoin started the week on a high note and attacked the $66,000 level, but it only reached $65,500. Unfortunately, that was the peak of the week for the king of cryptocurrencies. The digital coin’s value dropped consistently then. Recently, BTC has been seen trading at around $61,000, with serious prospects of falling below the $60,000 level.

Ethereum lost the hard-earned $3,000 level after a disappointing week. The second crypto in command was wobbling around the $3,500 mark for a while. Many of its optimistic supporters hoped for a final push to take it above $4,000. However, ETH disappointed even them after losing value points consistently in the past few weeks.

Altcoins & DeFi

Most altcoins have been seen trading in the red. Notable exceptions include the likes of BNB, up by 1%, and TRON, up by 5%. Also, Litecoin increased by 1%, and Pepecoin claimed the best-performing memecoin title with a 4% value boost.

On the other hand, XRP moved down by 5%, Solana by 2%, Dogecoin by 11%, Cardano by 5%, Shiba Inu by 9%, Avalanche by 10%, and Polkadot by 7%.

The Metaverse sector also witnessed some movements in the past week. For instance, Axie Infinity declined by 7%, ICP by 9%, Floki by 10%, and MultiverseX by 6%. Meanwhile, Stacks lost 15%, and Theta Network dropped by 12%. Render was the only Metaverse project performing, with a 13% increase.

The DeFi sector lost almost $3 billion from the total value in locked protocols (TVL), now at $90.58 billion.

What’s in the News?

• Bitcoin hit a significant milestone in its history after recording over 1 billion transactions.
• Binance has been hit with new restrictive regulations in Nigeria and fines for its lack of anti-money-laundering policies in Canada.

Next Week’s Crypto Market Forecast

The cryptocurrency market seems to be engulfed in extreme volatility these days. Most cryptocurrencies lose several weeks’ gains in only a few hours. Others skyrocket with impressive value boosts, only to drop severely the next day. This environment leaves the overall sentiment pessimistic and the investors cautious. Hopefully, things will turn around starting next week.

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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