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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $2,61 trillion.
• Bitcoin moved up by over 11% to trade at around $69,400.
• Ethereum increased by almost 14% to trade at around $3,900.
• BNB moved up by 27%, Solana by 11%, and Shiba Inu by a whopping 54%.
• Almost all altcoins have been seen trading in the green, with very few exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $100 billion.

Crypto Trends for the Week of March 4-10, 2024: Market Analysis and Performance

The cryptocurrency market has been on a roll. Many cryptocurrencies have been setting new all-time high values, and others have been attracting new investors, increasing the market’s overall liquidity. Very few assets have failed to take advantage of this spectacular bull run.

Even the DeFi sector has broken through the $100 billion barrier with the total value of protocols (TVL). All these positive events have increased the crypto market capitalization to $2,61 trillion.

Bitcoin recently spearheaded a bull run that most of its optimistic supporters have been expecting for years. On March 8, the king of cryptocurrencies surpassed its former all-time high and set a new one at $70,083. Bitcoin has benefited from the excitement preceding its imminent halving and extremely positive market sentiment.

However, the past week wasn't a smooth ride to the top for BTC. The most famous cryptocurrency set a new all-time high at $69,000 at the beginning of the week, but its feat had the opposite effect as many investors started liquidating their positions. Almost immediately, the market crashed, and BTC’s value reverted to around $60,000.

The roller-coaster ride continued throughout the week as most assets rose and crashed with extreme volatility. The market stabilized toward the week’s end, and Bitcoin rose confidently to its recent all-time high. It has recently been seen trading at around $69,400.

Ethereum aimed for a new all-time high, too. The second crypto in command established its position above $3,000 weeks ago. It gained almost $1,000 more to attack the much-coveted $4,000 level. The past week, ETH traded as close as $3,980, but failed to make the final assault. On the other hand, we could expect it to make that step next week.

Altcoins & DeFi

Most altcoins have been seen trading in the green, as some recorded spectacular gains. For example, BNB moved up by 27%, Solana by 11%, Polkadot by 9%, Polygon by 15%, and Uniswap by 9%. On the other hand, XRP moved down by 1%, TRON by 4%, and Chainlink by 3%. The memecoins have also been prospering. For instance, Shiba Inu moved up by 54%, Dogecoin by 24%, and Pepe by 53%.

The Metaverse sector also witnessed some notable movements in the past week. For instance, Axie Infinity moved up by 25%, ICP by 7%, Decentraland by 22%, Render by 50%, Theta Network by 28%, and The Sandbox by over 21%.

The DeFi sector added almost $8 billion to the total value of locked protocols (TVL), now at $100.35 billion.

What’s in the News?

• BlockFi has settled with FTX and Alameda, with FTX committing to pay up to $874.5 million.
• BlackRock – the world’s largest asset manager – announced it will buy spot Bitcoin ETFs for its Global Allocation Fund.

Next Week’s Crypto Market Forecast

The cryptocurrency market was back in the headlines in the financial world. Most cryptocurrency assets have been thriving on the back of a much-expected and necessary bull run. Nevertheless, we can expect periods of volatility in the coming weeks, which is not surprising considering the market’s long history of instability.

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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