Image Source: Pixabay

This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of approximately $3.31 trillion.
• Bitcoin increased by over 7% to trade at around $97,000.
• Ethereum moved up by almost 8% to trade at around $3,300 again.
• XRP rose by 23%, Cardano by 34%, and Dogecoin by 14%.
• Almost all altcoins have been seen trading in the green, with very few exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $117 billion.

Crypto Trends for the Week of Nov. 18-24, 2024: Market Analysis and Performance

The cryptocurrency market has been booming, as most cryptocurrencies have recorded spectacular gains. The US election results brought a breath of fresh air that is now not only blowing, but storming across the cryptocurrency industry.

Plenty of crypto-friendly events and rumors followed to ensure the recent bull run not only continued, but gained incredible speed as well. As a result, the overall market capitalization gained another $300 billion to reach the $3.31 trillion mark.

Bitcoin started trading a little under $90,000 during the week. However, it quickly picked up and surged gradually to a new all-time high. On Friday, it was inches from reaching a historic six-figure value. However, it stopped at $99,655.50, its new all-time high.

Some BTC enthusiasts may be disappointed, but we should remember that Bitcoin was struggling to maintain half of that trading price only a few months ago. At the time of writing, Bitcoin was seen trading at around $97,000. However, we may see it blast past $100,000 soon enough.

Ethereum moved back to trading in the green, as it recorded an 8% value boost. This good news pleased most ETH supporters, who are always looking over the shoulder for Ethereum killers. That’s because, despite the market’s astonishing run, Ethereum failed to impress. Its hot-and-cold form is far from what investors expect from it. Nevertheless, Ethereum has maintained a solid trading value of around $3,300.

Altcoins & DeFi

Most altcoins have been trading in the green, with some impressive results. For example, XRP moved up by 23%, maintaining its value above $1. Elsewhere, Cardano rose by 34%, Solana by 6%, Toncoin by 9%, Avalanche by 8%, Stellar by 133%, and Polkadot by 54%.

The memecoins have also been enjoying some of their best days, with double-digit value boosts witnessed across the board. For instance, Dogecoin moved up by 14% and Shiba Inu by 2%. Meanwhile, Pepecoin fell down by around 8%, following last week’s 80% value boost.

The Metaverse sector has also witnessed some notable movements in the past week. For instance, Axie Infinity moved up by 30%, Stacks by 3%, Render by 7%, MultiversX by 22%, Decentraland by 42%, and The Sandbox by 47%.

The DeFi sector added almost $9 billion to the locked protocols (TVL) value, which is now at around $116.90 billion.

What’s in the News?

• MicroStrategy announced another huge Bitcoin purchase of over $4.5 billion.
• Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC), announced he will soon step down. This news is a big win for the industry, as Gensler has been one of its biggest adversaries in recent years.

Next Week’s Crypto Market Forecast

The cryptocurrency market has been experiencing one of its best periods in history. The enthusiasm could be seen across the board, as veteran investors have begun to heat up their wallets and new traders have started to test them out. It’s been a good period, with the bears away and nowhere to be seen. The market sentiment should remain highly positive throughout next week as well.

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.”

More By This Author:

Bitcoin Rally Benefits From U.S. Buyers – Coinbase Premium Gap Reveals Strong Demand
Ethereum Price Repeats ‘Bullish Megaphone’ Pattern From 2017 – Why $10,000 Is Possible
Solana Price Ready To Go Ballistic As Trading Volume Rises: Will Sol Overtake Ethereum?