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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $2.05 trillion.
• Bitcoin moved down by nearly 9% to trade at around $58,200.
• Ethereum decreased by almost 10% to trade at around $2,400.
• XRP moved down by 8%, BNB by 11%, and Dogecoin by 10%.
• Almost all altcoins have been seen trading in the red, with virtually no exceptions.
• The DeFi sector decreased the total value of protocols (TVL) to around $81 billion.

Crypto Trends for the Week of Aug. 26 - Sept. 1, 2024: Market Analysis and Performance

The cryptocurrency market looks set to end another disappointing week, as it failed to continue the positive trend recorded last week. This year, the sector has developed an unhealthy habit of alternating enthusiastic, bullish weeks with depressing periods.

As a result, most assets cannot achieve the necessary stability to hold onto their gains. The recent two weeks followed this trajectory, bringing the market capitalization closer to falling below the $2 trillion mark.

Bitcoin lost almost 9% in value over the past seven days. The king of cryptocurrencies maintained its market dominance, but lost its precious position above $60,000. Even its market cap dropped to $1.185 trillion, mirroring the current distress and 'fear, uncertainty, and doubt' in the market. The bulls have taken ten steps back, and the bears have held complete control over BTC.

Ethereum declined considerably within the last week, losing almost all of its recent gains. The second-most popular cryptocurrency moved down by almost 10% and far from its target of $3,000. Moreover, if this downtrend continues, it is more likely to fall below the $2,000 mark.

Altcoins & DeFi

Most altcoins have recently been seen trading in the red, with almost no exceptions. For example, XRP moved down by 8%, BNB by 11%, Solana by 17%, Toncoin by 5%, Cardano by 12%, Avalanche by 18%, and Polygon by a whopping 26%.

The memecoins have also been drowning in the red. Dogecoin decreased by 10%, Shiba Inu by 11%, and Pepecoin by 20%.

The Metaverse sector also witnessed some notable movements over the past week. For instance, Axie Infinity moved down by 13%, The Sandbox by 17%, and Stacks by 18%. Also, Render decreased by 21%, Floki by 16%, and MultiversX by 11%.

The DeFi sector lost almost $8 billion from the total value of locked protocols (TVL), which is now $81.79 billion.

What’s in the News?

• The US Securities and Exchange Commission (SEC) sent an official Wells Notice against OpenSea, claiming that the NFTs on the platform could be unregistered securities.
• Elon Musk won a lawsuit against a group of investors claiming that the Tesla CEO had manipulated the price of DOGE for personal gain.

Next Week’s Crypto Market Forecast

The cryptocurrency market has been entirely painted in red, as most assets reported double-digit losses. It has been a rough period for most cryptocurrencies as they struggled to gain investors’ support. The overall sentiment has been negative, and it is expected to remain so unless major breakthroughs can overturn it.

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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