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This Week’s Summary

• The cryptocurrency market looks set to end the week with a total market capitalization of $1.92 trillion.
• Bitcoin moved down by nearly 7% to trade at around $54,300.
• Ethereum decreased by almost 8% to trade at around $2,300.
• XRP moved down by 6%, Solana by 5%, and Dogecoin by 4%.
• Almost all altcoins have been seen trading in the red, with virtually no exceptions.
• The DeFi sector decreased the total value of protocols (TVL) to around $76 billion.

Crypto Trends for the Week of Sept. 2-8, 2024: Market Analysis and Performance

The cryptocurrency market has continued to fall down the slippery slope it started over a week ago. Most cryptocurrencies have been bleeding, while some lost precious gains throughout the summer. With the bulls far from a speedy recovery, the market capitalization finally dropped below the $2 trillion mark. A $130 billion loss over the past week took it below that important threshold.

Bitcoin lost almost 7% in value over the past seven days. The king of cryptocurrencies lost a crucial position close to the $60,000 level and had its work cut out for it. Massive liquidations brought its price closer to the much-dreaded $50,000 support. Unsurprisingly, its downward trajectory negatively influenced the rest of the market. Moreover, it may continue to do so if it falls below $50,000.

Ethereum has also been far from its former glory. The second crypto in command has been speedily heading toward the $2,000 threshold. If the bears push a bit more, ETH could soon find itself below the hard-earned value that sparked so much hope for its supporters. Recently, Ethereum has been seen trading at around $2,300.

Altcoins & DeFi

Most altcoins have been trading in the red, with almost no exceptions. For example, XRP moved down by 6%, BNB by 6%, Solana by 5%, Toncoin by 13%, Cardano by 4%, Avalanche by 1%, and Chainlink by 8%. The only few climbers have been Uniswap, up by 11%, and Monero, which increased by 4%.

The memecoins have also been drowning in the red. Dogecoin decreased by 4%, Shiba Inu by 6%, and Pepecoin by 10%.

The Metaverse sector has also witnessed some notable movements over the past week. For instance, Axie Infinity moved down by 8%, The Sandbox by 3%, and Stacks by 6%. Also, Render decreased by 4%, Floki by 5%, and MultiversX by 13%.

The DeFi sector lost almost $5 billion from the total value of locked protocols (TVL), which is now at $76.77 billion.

What’s in the News?

• The US Presidential hopefuls began dividing their crypto-friendly supporters. Donald Trump gained Elon Musk on his side, while Kamala Harris has drawn the support of Chris Larsen, the co-founder of Ripple.
• Polygon began the transition from MATIC to POL, causing a 10% value drop for the coin.

Next Week’s Crypto Market Forecast

The cryptocurrency market has been far from its glory days, as most assets recorded considerable losses. Still, several experts have been optimistic for the upcoming months. Many see the absent bulls in a dormant state from which they are likely to recover before entering this year’s last financial quarter. Hopefully, the downtrend will reverse sooner rather than later.

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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