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This Week’s Summary

• The crypto market looks to end the week at a total market capitalization of $1,205 trillion.
• Bitcoin rose by nearly 6% after a roller-coaster of a week.
• Ethereum increased by almost 2% over the past seven days.
• XRP gained more than 2% 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 $50 billion.

Cryptocurrency Trends for the Week of April 24-30, 2023: Market Analysis and Performance

The cryptocurrency market looks set to draw the curtain on an unusual week marked by extreme volatility. Most assets have been trading in the green recently. However, they fluctuated immensely throughout the week, sometimes dipping severely in the red.

Fortunately, the values stabilized during the weekend, bringing most cryptocurrencies back into the green. Even the market capitalization increased in value by almost $40 billion to climb above the $1.2 trillion mark.

Bitcoin regained the $29,000 level after zigzagging for most of the week. The king of crypto started trading on Monday at around $27,000. By Wednesday, it had climbed above $30,000, and many quickly forecasted a bull run toward $40,000. Nevertheless, the market shot its hopes down as BTC quickly reverted to more familiar values. Bitcoin looks set to end the week near the much-coveted resistance level at around $29,300

Ethereum enjoyed a positive end of the week after seesawing for most of it, too. The second crypto in command has recently been trading just below $2,000 after being close to surpassing it twice this week. Still, this is a comfortable position for ETH, as it appears hopeful to get another value boost next week.

Altcoins & DeFi

Most altcoins have been trading in the green, which is a considerable improvement to last week’s situation. For example, XRP moved up by over 2%, similar to Cardano, Avalanche, and Chainlink. Meanwhile, Dogecoin moved up by 1%, Solana by 7%, Polkadot by 1%, Litecoin by 4%, and TRON by 2%. Elsewhere, BNB moved down by over 2%, just like Shiba Inu, Polygon, and Monero.

The Metaverse sector has been in the same boat as the rest of the crypto market. For instance, Theta Network moved down by 2%, like Axie Infinity, The Sandbox, and Decentraland. Meanwhile, ApeCoin increased by 2% and IPC by a whopping 15%. The DeFi sector added over $0.5 billion to the total value in locked protocols (TVL), now at $50.38 billion.

What’s in the News?

• Phantom, a Solana-based wallet, has launched a multichain app for Ethereum and Polygon users.
• FTX is looking to sell the LedgerX exchange for $50 million.
• The First Republic Bank received a $30 billion cash injection from big American banks to avoid bankruptcy.

Next Week’s Crypto Market Forecast

The cryptocurrency market has been holding its ground against extreme volatility in an uncertain economic environment. Most of its assets have recovered faster than usual, with some targeting ambitious levels. This is a hope-giving scenario for all crypto enthusiasts as we dive deeper into Q2.

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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