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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $1,068 trillion.
• Bitcoin increased by over 3% to around $26,550.
• Ethereum decreased by nearly 1% to $1,735.
• XRP lost nearly 4% in value this week.
• Almost all altcoins have been trading in the red, with virtually no exceptions.
• The DeFi sector decreased the total value of protocols (TVL) to around $44 billion.

Cryptocurrency Trends for the Week of June 12-18, 2023: Market Analysis and Performance

The cryptocurrency market has still been reeling following last week’s bloodbath, with very few assets recovering slightly. It seems that SEC’s crackdown on the giant crypto exchanges, Binance and Coinbase, will continue to haunt the industry. Nevertheless, the crypto community remains strong, and it offered enough support to increase the market capitalization by $20 billion this week.

Bitcoin has been among the very few assets rejoicing after the recent events. However, the king of cryptocurrencies owes very little of its revival to its supporters.

Notably, the world’s largest asset manager, BlackRock, saved its skin shortly after BTC had fallen below $25,000 for the first time in three months. The company announced filed documents to launch a spot Bitcoin ETF in the United States. As a result, BTC’s value recovered to its recent value of $26,550.

Ethereum cannot take pride in a similar feat to Bitcoin’s recovery. On the contrary, the second crypto in command has been continuously dropping, and it recorded a 1% loss this week. Its price has been slowly but steadily heading south and far from its long-time goal of $2,000.

Altcoins & DeFi

Most altcoins have been trading in the red, but not as badly as they did last week. This has been the case for Cardano, Litecoin, and Avalanche, all down by less than 1%. Elsewhere, XRP dropped by another 4% this week and lost important gains.

The Metaverse sector has been in the same boat as the rest of the crypto market. For instance, some projects like ApeCoin (-8%), Theta Network (-2%), and Decentraland (-1%) have been bleeding. Meanwhile, others have been thriving. This has been the case for Axie Infinity, up by 1%; ICP, up by 8%; and Render Token, up by 5%.

The DeFi sector lost nearly $0.8 billion from the total value in locked protocols (TVL), now at $44 billion.

What’s in the News?

• Brazil’s president, Luiz Inácio Lula da Silva, empowered the nation’s Central Bank to supervise the digital asset space.
• A US judge refused SEC’s claim to freeze Binance.US’s assets.
• Binance launched a new feature, the Bitcoin Transaction Accelerator.

Next Week’s Crypto Market Forecast

The cryptocurrency market may not have been having the best of days, but this is still far from any tragic scenario. While the US authorities are cracking down on the industry, other companies, including financial giants, support its development. This only goes to show that the crypto assets continue to attract support even when the going gets tough.

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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