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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $1,149 trillion.
• Bitcoin has been seen trading at a similar value to last week’s $27,200.
• Ethereum moved up by almost 4% after a favorable period.
• XRP gained nearly 12% in value this week.
• Almost all altcoins have been trading in the green, with only a few exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $49 billion.

Cryptocurrency Trends for the Week of May 29-June 4, 2023: Market Analysis and Performance

The cryptocurrency market stagnated for another week, with most assets having moved only slightly around the same values. Moreover, very few cryptocurrencies have been eye-catching with spectacular rises. Even the market capitalization remained essentially at the same value, increasing by only $13 billion.

Bitcoin has been seen trading comfortably, only slightly above the $27,000 level. The king of crypto settled in this region weeks ago, and it doesn’t seem like it will move any time soon. Nevertheless, its dominance across the crypto board has remained intact.

Ethereum continued its assault on the $2,000 level, albeit its efforts have been far from jaw-dropping. This week, the second crypto in command has gained nearly 4% in value. Recently, ETH has been seen trading a little above $1,900.

Altcoins & DeFi

Most altcoins have been trading in the green, even if their gains have been far from astounding. For example, XRP moved up by nearly 12%, cementing its position above $0.5. Elsewhere, Cardano rose by 2%, Dogecoin by 1%, Solana by 8, TRON by 6%, and Litecoin by 7%. Meanwhile, BNB dropped by 1%, Polygon by 2%, and Shiba Inu by 1%.

The Metaverse sector has been in the same boat as the rest of the crypto market. For instance, The Sandbox moved up by 4%, and Render Token has been trading at around $2.6, just like last week. Also, Axie Infinity increased by 2% and Decentraland by 3%. On the other hand, ApeCoin moved down by 3% and ICP by almost 2%.

The DeFi sector added nearly $0.6 billion to the total value of locked protocols (TVL), now at $49 billion.

What’s in the News?

• Another popular crypto storage solution, Atomic Wallet, was subject to a hacker attack which drained several accounts of substantial crypto funds.
• Tether plans to launch sustainable Bitcoin mining operations in Uruguay.
• Gemini is considering expanding to the UAE to escape the increasing regulatory restrictions in the US.

Next Week’s Crypto Market Forecast

The cryptocurrency market has maintained the positive trend that started in January. Despite pessimistic rumors, most crypto assets have reached stability and continuity, which should help them as soon as the next bull run begins. Hopefully, this situation will go on as we reach this year’s midpoint.

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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