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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $1,17 trillion.
• Bitcoin increased by over 1% to around $29,400.
• Ethereum moved up by almost 1% to reach around $1,850.
• XRP lost nearly 1% in value this week.
• Almost all altcoins have been seen trading in the green, with very few exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $47 billion.

Cryptocurrency Trends for the Week of Aug. 7-13, 2023: Market Analysis and Performance

The cryptocurrency market looks set to close a largely uneventful and somewhat positive week. August started sluggishly for most assets as they tried to overcome their recent losses. Most cryptocurrencies appeared to be back trading in the green, albeit not by much. The market capitalization increased by around $10 billion.

Bitcoin has been on a slippery slope for several weeks, taking it below the $29,000 level. However, the king of cryptocurrencies made a much-anticipated recovery this week, going as far as challenging $30,000 again. Unfortunately, BTC could not climb above the much-coveted level and fell short of its ambitions. Recently, Bitcoin has been seen trading at around $29,400.

Ethereum also returned to its gaining ways by increasing slightly over the week. Still, its 1% value boost has not been enough to rekindle optimism for the second crypto in command. On the contrary, it only confirmed the coin’s seesawing trajectory, which is unlikely to help its efforts of reaching $2,000 soon.

Altcoins & DeFi

Most altcoins have been seen trading in the green, although only a few recorded considerable growth. For example, Shiba Inu moved up by 9% and recorded a third consecutive week of solid gains.

Elsewhere, XRP continued to bleed on the back of a 1% loss, similar to Cardano. Solana moved up by 7% and Toncoin by a whopping 19%. Meanwhile, Dogecoin, Polygon, TRON, and Polkadot each moved up by around 1%.

The Metaverse sector has been in the same boat as the rest of the crypto market. For instance, The Sandbox and Decentraland moved down by over 1%. However, ApeCoin moved up by 3%, and Axie Infinity by 2%. Meanwhile, ICP, Render, and Theta Network moved up by 1%.

The DeFi sector added nearly $2 billion to the total value of locked protocols (TVL), now at $47.47 billion.

What’s in the News?

• According to Donald Trump’s 2023 OGE financial disclosure documents, the former US President owns between $250,000 and $500,000 worth of ETH.
• El Salvador has recently provided regulatory approval for the world’s leading cryptocurrency exchange, Binance.

Next Week’s Crypto Market Forecast

The cryptocurrency market has been in limbo between a ruinous crypto winter and a long overdue bull run. Most assets have been seesawing in their comfort zones. When surging, they gain very little, which they lose as soon as the market goes into the red. This trend will likely continue next week, with hope for better times on the horizon.

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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