Image Source: Pixabay

This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $1,172 trillion.
• Bitcoin moved up by over 1% after an eventful week.
• Ethereum increased by almost 2% over the past seven days.
• XRP gained more than 16% 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 March 27 - April 2, 2023: Market Analysis and Performance

The cryptocurrency market maintained its surprising resilience to bad news and events circulating in the financial world. This week, the United States Commodities and Futures Trading Commission (CFTC) announced a lawsuit against Binance. The CFTC claims the leading crypto exchange neglected measures that would help prevent illicit financing.

Consequently, most crypto assets took a dive, albeit a short-lived one. Before the weekend kicked in, most were already trading back in the green. Even the market capitalization recovered, adding around $7 billion to get closer to the $1.2 trillion level.

Bitcoin dropped below $26,000 when news of the CFTC-Binance lawsuit broke out. However, the crypto king did not waste too much time there. In fact, it steadily recovered and climbed back above $28,000 by the week’s end. BTC has retained that level, although its 24-hour performance is sub-par with a 1.4% decrease.

Ethereum moved back in the green after failing to impress last week. The second crypto in command boasted a slight but hopeful increase of nearly 2%. This evolution helped it stay close to its perennial target of $2,000. ETH has recently been trading close to $1,800.

Altcoins & DeFi

Almost all the altcoins have been trading in the green. XRP is among the top climbers for the second week, with a 16% increase. Other established performers include Cardano and Dogecoin, both up by 7%. Meanwhile, Polkadot moved up by 5%, Avalanche by 1%, and Shiba Inu and TRON both moved up by 3%.

Elsewhere, some altcoins have been struggling in the red part of the spectrum. For example, BNB moved down by over 4%, Solana by 2%, and Litecoin by 1%.

The Metaverse sector has been in the same boat as the rest of the crypto market. For instance, Theta Network moved up by 2%, while Axie Infinity moved down by the same value. Decentraland moved up by 1%, similar to ICP, while ApeCoin rose by 3%. Meanwhile, Stacks moved down by 12% and The Sandbox by 3%.

The DeFi sector added nearly $0.5 billion to the total value of locked protocols (TVL), now at $50.31 billion.

What’s in the News?

• Silicon Valley Bank is ready to resume operating under the new ownership of First Citizens BancShares.
• SEC Chairman Gary Gensler announced the institution’s commitment to increasing crypto regulations.
• Bittrex, one of the oldest crypto exchanges in the US, will close operations in the US due to legal complications.

Next Week’s Crypto Market Forecast

The cryptocurrency market remained strong in the face of adversity. Increased regulatory pressure from US institutions has disrupted its evolution in the green, but not as bad as it used to in the past. This is a good sign for many assets looking to recover and thrive after an exhausting “crypto winter.” Hopefully, the trend will continue for the rest of April as well.

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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