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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $2,54 trillion.
• Bitcoin moved down by about 1%, but continued trading above $68,000.
• Ethereum decreased by almost 2% and still traded close to $4,000.
• XRP moved down by 3%, BNB by 1%, and Dogecoin by 6%.
• Almost all altcoins have been seen trading in the red, with very few exceptions.
• The DeFi sector maintains the total value of protocols (TVL) at around $107 billion.

Crypto Trends for the Week of May 27 - June 2, 2024: Market Analysis and Performance

The cryptocurrency market looks ready to close a largely uneventful week with insignificant movements. Most assets were seen trading in the red, with a few exceptions. However, their losses were small and generally not alarming. Also, the overall market capitalization decreased by over $35 billion to reach $2,54 trillion.

Bitcoin started the week trading at $70,000, even over that level. However, the most popular cryptocurrency worldwide entered a steady decline, amounting to $3,000 in losses before the weekend. A last-gasp surge took it above $68,000, where it has recently been seen trading at. The news of substantial outflows from Grayscale and BlackRock’s BTC ETFs helped Bitcoin increase its value and establish a good starting position for next week.

Ethereum lost nearly 2% of its value this week. Still, it’s a minor loss considering the coin’s remarkable surge from a week ago when the SEC approved the creation of ETH ETFs. In fact, many expected ETH to lose more than that. Fortunately, the second crypto in command maintained its position close to the much-coveted $4,000 level.

Altcoins & DeFi

Most altcoins have been trading in the red. Notable exceptions include the likes of Solana, up by 1%, and Toncoin, up by 3%. Also, Chainlink increased by 6%, Shiba Inu by 2%, and TRON by 1%. On the other hand, XRP moved down by 3%, BNB by 1%, Dogecoin by 6%, Cardano by 2%, Avalanche by 3%, and Polkadot by 7%.

The Metaverse sector also witnessed some notable movements in the past week. For instance, Axie Infinity moved up by 2%, The Sandbox by 1%, and Floki by 10%. Elsewhere, Theta Network moved down by 7%, Stacks by 6%, ICP by 1%, and Render by 1%.

The DeFi sector gained almost $10 million to the total value in locked protocols (TVL), now at $107.35 billion.

What’s in the News?

• Caitlyn Jenner launched several memecoins on the Solana blockchain to match a resurging interest in celebrity-themed coins.
• The sentences in the FTX lawsuit continued with one of the former exchange’s executives, Ryan Salame, receiving seven and a half years in prison.

Next Week’s Crypto Market Forecast

The cryptocurrency market stagnated this week, but that shouldn’t worry investors and traders too much. In fact, the crypto space has followed a similar pattern since the start of the year. It surges spectacularly, only to contract and stall for a short period afterward.

This differs significantly from its trajectory four years ago, when the bull run was on a steady ascent for most of the year. As a result, the assets may see-saw occasionally, but the sentiment remains primarily positive.

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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