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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $1,194 trillion.
• Bitcoin decreased by nearly 0.5% to around $30,400.
• Ethereum moved up by nearly 2%, remaining above $1,900.
• XRP lost over 1% in value this week.
• Almost all altcoins have been trading in the green, with very few exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $48 billion.

Cryptocurrency Trends for the Week of June 26 - July 2, 2023: Market Analysis and Performance

The cryptocurrency market has maintained the uptrend it started ten days ago. Most assets have either held their gains or added a bit more on top this week. Only a handful of cryptocurrencies and digital assets dropped in value. Meanwhile, the market capitalization increased by over $3 billion, closing down on the $1.2 trillion mark.

Bitcoin continued to trade comfortably above $30,000 following BlackRock’s filing for a BTC ETF in the US. The event caused a bull run that benefited almost everyone in the market. However, recent rumors point toward the SEC’s rejection of a BTC ETF. This could spell problems and reverse the current trend.

Ethereum added more value this week to get closer to the $2,000 level. However, a 2% increase does very little for its efforts to overcome the psychologically daunting level. It’s worth seeing whether the second crypto in command will finally make the leap next week.

Altcoins & DeFi

Most altcoins have been trading in the green, with some registering substantial gains. For example, Litecoin moved up by 27% and Solana by 13%. Meanwhile, the “best climber” award goes to Bitcoin Cash, which rose by 57% this week. Elsewhere, BNB moved up by over 3%, like TRON, Chainlink, and Polkadot.

Unfortunately, not all the altcoins were rejoicing this week. XRP moved down by over 1%, similar to Cardano, Avalanche, and Dogecoin.

The Metaverse sector has been in the same boat as the rest of the crypto market, with winners and losers on both sides. For instance, ICP moved down by 6%, but Decentraland moved up by 2%. Meanwhile, Axie Infinity moved up by 6% and The Sandbox by 1%. However, ApeCoin moved down by 9% and Stacks by 6%.

The DeFi sector added nearly $1 billion to the total value of locked protocols (TVL), now at $48.35 billion.

What’s in the News?

• MicroStrategy bought 12,333 BTC for $350 million at $28,000 per Bitcoin.
• Robinhood continues to lose community support, leading to new personnel firings.
• The Swiss prosecutors froze $26 million worth of Do Kwon’s assets following his four-month prison sentence in Montenegro.

Next Week’s Crypto Market Forecast

The cryptocurrency market maintained most of its gains from the unexpected bull run. Bad rumors have yet to destabilize it. However, a rebuttal from the SEC regarding BlackRock’s filing of a BTC ETF could bring the bears back in command. Hopefully, that won’t be the case, and this uptrend will also continue next week.

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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