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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $2,58 trillion.
• Bitcoin moved down by over 2% to trade at around $68,000.
• Ethereum decreased by almost 8% to trade at around $3,600.
• BNB moved up by 11%, Solana by 33%, and XRP by 1%.
• Almost all altcoins have been seen trading in the green, with a few notable exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $100 billion.

Crypto Trends for the Week of March 11-17, 2024: Market Analysis and Performance

The cryptocurrency market took a step back after two weeks of seeing a spectacular surge. Most assets lost important value points this week. Fortunately, their withering did not result in losing all the gains they made recently. This is visible in the overall market capitalization, down by only $30 billion after a roller-coaster of a week.

Speaking of roller-coasters, Bitcoin saw its share of remarkable ups and downs throughout a thrilling week. The king of cryptocurrencies was on the rise for most of this period. In fact, it established a new all-time high trading value at $73,750 on March 14. However, that was the last “hoorah” of this week as BTC slumped by over $8,000. It recovered briefly over the weekend to trade just a little under $68,000.

Ethereum surpassed the daunting $4,000 level twice this week before dropping below on the weekend. The second crypto in command almost touched $4,100 on Tuesday. However, it lacked the power to push further and establish a safe position. Following a nearly $500 loss, ETH slipped to its recent trading value of around $3,600.

Altcoins & DeFi

Most altcoins have been seen trading in the green, albeit some big names were seen slumping into the red. This week’s winners included BNB, up by 11%, and Solana, up by 33%. Furthermore, Avalanche rose by 31%, Toncoin by 39%, NEAR Protocol by 36%, and XRP by 1%.

On the other hand, Cardano moved down by 6%, Dogecoin by 12%, Shiba Inu by 14%, Polkadot by 2%, TRON by 7%, and Polygon by 12%.

The Metaverse sector also witnessed some notable movements over the past week. For instance, Axie Infinity moved down by 18%, ICP by 12%, Decentraland by 20%, ApeCoin by 8%, Theta Network by 1%, and The Sandbox by over 20%. Only Render was seen smiling on the back of a 16% value boost.

The DeFi sector lost almost $5 billion from the total value in locked protocols (TVL), now at $95.83 billion.

What’s in the News?

• A UK judge ruled that Craig Wright is not Satoshi Nakamoto, rebutting a 10-year-old claim, now deemed false officially.
• MicroStrategy bought $800 million worth of Bitcoin, consolidating its position as the largest corporate holder of BTC.

Next Week’s Crypto Market Forecast

The cryptocurrency market reduced its momentum as the bulls took the backseat for a few days. This was a perfectly normal phenomenon of a financial sector that bit more than it could chew in recent weeks. Still, with the Bitcoin halving only a month away, we can expect to see other bullish movements in the weeks to come.

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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