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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $2,6 trillion.
• Bitcoin moved down by about 0.5%, but continued to trade at around $70,000.
• Ethereum decreased by almost 6% to trade at around $3,400.
• BNB moved down by 3%, XRP by 4%, and Solana by 9%.
• Almost all altcoins have been seen trading in the red, with virtually no exceptions.
• The DeFi sector maintains the total value of protocols (TVL) at around $99 billion.

Crypto Trends for the Week of April 1-7, 2024: Market Analysis and Performance

The cryptocurrency market gave traders mixed feelings after a lousy week, which followed one of its best periods in recent months. In fact, almost all notable assets were seen trading in the red, losing some hard-earned gains from the previous month. Meanwhile, the overall market capitalization decreased by $70 billion to reach $2.6 trillion.

Bitcoin was still recently seen trading at $70,000 despite going on a roller-coaster ride for most of the week. The most popular crypto in the world fluctuated heavily, dipping as low as $66,000 at one point. In the last hours of the weekend, it recovered to end the week at above $70,000. Moreover, it only recorded a minor 0.5% drop.

Ethereum went back to its losing ways the past week. The second crypto in command lost over 6% of its value, dropping below $3,500. This trajectory dented ETH supporters’ hopes of seeing their favorite asset trade healthily above $4,000 again. Nevertheless, crypto market experts do not expect it to dip below the $3,000 level anytime soon.

Altcoins & DeFi

Most altcoins have been seen trading in the red. Notable losers include BNB, down by 3%, and XRP, down by 4%. Also, Solana decreased by 9%, Cardano by 8%, Dogecoin by 4%, Avalanche by 8%, and Shiba Inu by 5%. The very few exceptions included Toncoin, which moved up by 3%, and Bitcoin Cash, which moved up by 13%.

The Metaverse sector also witnessed some notable movements in the past week. For instance, Axie Infinity moved down by 10%, Render by 8%, Theta Network by 7%, Decentraland by 9%, and ApeCoin by 14%. Also, ICP decreased by 4%, the Sandbox by 11%, and Floki by 15%.

The DeFi sector lost almost $0.5 billion from the total value in locked protocols (TVL), which is now $99.03 billion.

What’s in the News?

• Bitcoin miners recorded monthly revenues of over $2 billion for March.
• The US DOJ and CFTC charged the crypto exchange KuCoin for several offenses, causing its market share to drop by 50%.

Next Week’s Crypto Market Forecast

The cryptocurrency market began April on the wrong foot as most assets recorded consistent losses. Nevertheless, the fourth Bitcoin halving is just around the corner, sparking a frenzy among crypto enthusiasts. This month will be an exciting period for the cryptocurrency universe due to the various ups and downs and potential surprises.

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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