Bitcoin Keeps Dropping As The Bears Maintain Market Control
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This Week’s Summary
- The cryptocurrency market looks set to end the week at a total market capitalization of around $3.15 trillion.
- Bitcoin dropped by 3% to trade at around $96,000.
- Ethereum fell down by over 13% to trade at around $2,600.
- XRP moved down by 14%, Solana by 5%, and Dogecoin by 15%.
- Almost all altcoins have been seen trading in the red, with very few exceptions.
- The DeFi sector decreased the total value of protocols (TVL) to around $105 billion.
Crypto Trends for the Week of Feb. 3-9, 2025: Market Analysis and Performance
The cryptocurrency market looks set to close a terrible week, maybe the worst so far in 2025. Most cryptocurrencies lost precious value points, as some recorded double-digit drops.
Again, political developments, mainly in the United States, drove fear, uncertainty, and doubt throughout the market. While the last 24 hours have brought a much-needed positive turn, the situation remains dire. As a result, the market capitalization dropped by nearly $180 billion, reaching $3.15 trillion.
Bitcoin started trading in the red during the week and continued until it reached the $91,000 mark. Fortunately, the liquidations stopped, and a bullish movement helped BTC regain some terrain. In fact, Bitcoin was close to challenging the $100,000 threshold mid-week.
However, that hope was soon vanquished as the bears regained the market. Following this back-and-forth, the king of crypto took a 3% drop, taking its value to around $96,000.
Ethereum lost over 13% of its value, confirming that it has been on a severe downward ride. The second crypto in command took blow after blow in recent weeks. Unsurprisingly, this disappointing trajectory brought its value way below $3,000. Instead of attacking the $4,000 level, ETH must keep it together to remain above $2,000.
Altcoins & DeFi
Most altcoins have been seen trading in the red, with very few exceptions. For example, XRP fell down by 14%, taking its value to $2.42. Elsewhere, Solana moved down by 5%, BNB by 3%, Cardano by 20%, Avalanche by 18%, Stellar by 15%, and Sui by 16%.
The memecoins have not fared any better, either. For instance, Dogecoin moved down by 15%, Shiba Inu by 7%, and Pepecoin by 23%.
The Metaverse sector also witnessed some notable movements over the past week. For instance, Axie Infinity fell down by 12%, Floki by 16%, Render by 15%, and Stacks by 21%. Moreover, Virtuals decreased by 28%, The Sandbox by 17%, Decentraland by 19%, and MultiversX by 15%.
The DeFi sector lost over $9 billion from the total value of locked protocols (TVL), which is now at around $105.52 billion.
What’s in the News?
- MicroStrategy, the most prominent corporate Bitcoin holder, rebranded to Strategy.
- BlackRock aims to launch a BTC-linked exchange-traded product in Europe, which would be a premiere for European cryptocurrency enthusiasts.
Next Week’s Crypto Market Forecast
The cryptocurrency market experienced a disappointing start to February, allowing fear, uncertainty, and doubt to rule across the board. The financial crackdown policies on foreign partners imposed by the newly appointed US administration have affected most financial sectors. Nevertheless, things should improve soon, considering that the same US administration has frequently admitted its pro-cryptocurrency stance.
About the Author
Born and raised in Romania and currently living in Spain, Iulian 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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