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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $2.11 trillion.
• Bitcoin moved down by only 0.5% to trade at around $59,800.
• Ethereum increased by almost 3% to trade at around $2,700.
• XRP moved up by 1%, BNB by 3%, and Toncoin by 5%.
• Almost all altcoins have been seen trading in the green, with some exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $85 billion.

Crypto Trends for the Week of Aug. 12-18, 2024: Market Analysis and Performance

The cryptocurrency market has been experiencing intense volatility amid ongoing fear, uncertainty, and doubt. Over the past seven days, most assets have recovered, albeit not by much. Meanwhile, some cryptocurrencies have continued to trade in the red as they dropped through every support net they touched. The market capitalization dropped by only $10 billion to remain comfortably above the $2 trillion mark.

Bitcoin started the week with a shy attempt to strengthen its position above $60,000. Unfortunately, the market’s negative sentiment knocked the king of crypto off its perch. BTC dropped to $59,000, a value it seesawed around for most of the week. This is also where BTC will most likely start next week, as the bulls are far from gaining the upper hand over the bears.

Ethereum has seen better days after a dire period and multiple weeks of trading in the red. The second crypto in command increased this week by almost 3%. If it continues this trend, it could reach a good attack position for the $3,000 level.

Altcoins & DeFi

Most altcoins have recently been seen trading in the green, with some notable exceptions. XRP moved up by 1%, BNB by 3%, Toncoin by 5%, TRON by 4%, Litecoin by 11%, and Uniswap by 5%.

Meanwhile, some of the assets have still been lingering in the red. For example, Cardano moved down by 1%, like Avalanche and UNUS. Also, Chainlink moved down by 2% and Polkadot by 5%. The memecoins have not been faring as well as other altcoins. Dogecoin decreased by 1%, Shiba Inu by 2%, and Pepecoin by 7%.

The Metaverse sector also witnessed some notable movements over the past week. For instance, Axie Infinity moved up by 2%, The Sandbox by 1%, and Stacks by 2%. However, Render moved down by 3%, Floki by 6%, and MultiversX by 4%.

The DeFi sector added almost $0.7 billion to the locked protocols (TVL) value, which is now at $85.27 billion.

What’s in the News?

• Goldman Sachs and Morgan Stanley revealed they manage a combined $600 million worth of BTC.
• Marathon Digital Holdings (MARA), one of the largest publicly traded BTC mining companies, announced the purchase of $250 million worth of Bitcoin.

Next Week’s Crypto Market Forecast

The cryptocurrency market still appears to be struggling to recover from the economic crash that affected most financial sectors almost two weeks ago. The bears’ increasing control is a natural consequence of that event, especially in today’s uncertain economic and political environments. Hopefully, the trend will change course starting next week.

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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