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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $1,04 trillion.
• Bitcoin maintained its value at around $26,000.
• Ethereum dropped by 1% to reach around $1,630.
• XRP lost nearly 5% in value this week.
• Almost all altcoins have been seen trading in the red, with a few exceptions.
• The DeFi sector decreased the total value of protocols (TVL) to around $49 billion.

Cryptocurrency Trends for the Week of Aug. 28 - Sept. 3, 2023: Market Analysis and Performance

The cryptocurrency market closed in August with very little to show for and significant losses across the board. The bears seemed to have a tighter grip than usual, and very few assets struggled to remain in the green. This has also been visible in the slow but steady depreciation of the overall market capitalization, down by $100 billion this week.

Bitcoin had a hard time recovering from recent hits. The king of cryptocurrencies continued to lose value, albeit not alarmingly. This week, BTC only bled around 0.5% of its value, which helped it remain in and around the $26,000 threshold. Hopefully, the trend will reverse next week to see it overcome its most recent comfort zone.

Ethereum has been straying farther from the much coveted $2,000 level with every passing week. The second crypto in command began September on a downtrend, leaving very few of its supporters optimistic. Currently, a bullish push seems far for ETH and its ambitions.

Altcoins & DeFi

The altcoin sector was back to drowning in the red, with very few assets seen running against the wind. For example, Toncoin moved up by 26%, Bitcoin Cash by 2%, and UNUS by 1%. Unfortunately, the list of prominent climbers ends here. At the other end of the spectrum, XRP moved down by 5%, BNB by 1%, Cardano by 3%, Solana by 6%, and Polkadot by 5%.

The Metaverse sector shared 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 8%, The Sandbox by 6%, Decentraland by 2%, and ApeCoin by 3%. Even ICP was down by 9% after a dreadful week.

The DeFi sector lost nearly $0.4 billion from the total value in locked protocols (TVL), now at $48.96 billion.

What’s in the News?

• August saw a 92% drop in crypto losses due to hacks, according to security provider Immunefi.
• The SEC chose to delay deciding on Blackrock’s filing for a Bitcoin ETF and other such applications.

Next Week’s Crypto Market Forecast

The cryptocurrency market has been far from an attractive investment space for industry veterans these days. However, it could be a good entry point for beginners and those seeking low-priced, popular assets. Hopefully, this trend will reverse before the year’s last financial quarter begins.

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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