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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $1,05 trillion.
• Bitcoin decreased by nearly 4% to reach around $26,800.
• Ethereum dropped by almost 5% to reach $1,550.
• XRP lost almost 7% in value during a highly volatile week.
• Almost all altcoins were seen trading in the red, with very few exceptions.
• The DeFi sector decreased the total value of protocols (TVL) to around $36 billion.

Cryptocurrency Trends for the Week of Oct. 9-15, 2023: Market Analysis and Performance

The cryptocurrency market revival lasted less than a week as the industry took another blow to its bull run hopes. Most assets lost important points this week and reverted to more familiar support levels. Meanwhile, the market capitalization dropped by around $40 billion to settle at $1,05 trillion.

Bitcoin was flying high, above $28,000, only a week ago. Unfortunately, the hype was short-lived, and the king of crypto dropped again into its comfort zone at around $26,600. It is disappointing, especially for BTC holders, who now fear the much-expected surge will be postponed until next year.

Ethereum was one of the biggest losers this past week. While it only lost 5% of its value, ETH lost much more in terms of image and potential. The second crypto in command has been fighting a losing battle against BTC for 15 months straight. Bitcoin’s most prominent rival cannot get a win, and it may have to settle for a downtrend from now on.

Altcoins & DeFi

Most altcoins have been trading in the red, with no exceptions in the top 30 cryptocurrencies by market cap. For example, BNB moved down by 3%, like Dogecoin, Shiba Inu, and TRON. Meanwhile, Cardano dropped by 5%, Solana by 6%, Toncoin by 7%, and Polygon by 8%.

Despite getting one over the SEC, Ripple’s XRP failed to profit from the momentum. Instead, it started bleeding considerably, as if its legal battle against the United States Securities and Exchange Commission was going from bad to worse. XRP moved down by almost 7% this week, and its value has lingered at around $0,48.

The Metaverse sector appeared to share the same sentiment as the rest of the crypto market, with most projects seen trading in the red. For instance, Axie Infinity moved down by 5%, The Sandbox by 4%, Decentraland by 5%, and ApeCoin by 4%. Elsewhere, Stacks fell down by 3% and Render by 5%.

The DeFi sector lost nearly $2.5 billion from the total value in locked protocols (TVL), now at $36.66 billion.

What’s in the News?

• Mastercard recently announced new and successfully wrapped CBDC trial results.
• The SEC won’t appeal the court’s decision on Grayscale Bitcoin ETF.
• Caroline Ellison, former CEO of Alameda Research, said she wanted to step down but feared a bank run on FTX.

Next Week’s Crypto Market Forecast

The cryptocurrency market was not a place for the faint of heart this week. The extreme volatility bounced assets from red to green and back again, leaving very little room for predictions. Hopefully, this trend will subside, and increased stability will allow cryptocurrencies to set a steady upward trajectory.

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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