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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $1,03 trillion.
• Bitcoin maintained its value at around $25,750.
• Ethereum dropped by 1% to reach around $1,615.
• XRP lost nearly 2% in value this week.
• Almost all altcoins have been seen trading in the red, with very few exceptions.
• The DeFi sector maintained the total value of protocols (TVL) at around $49 billion.

Cryptocurrency Trends for the week of Sept. 4-10, 2023: Market Analysis and Performance

The cryptocurrency market has been slowly but steadily weakening with every passing week under the bears’ heavy claw. While the value drops are generally insignificant, they have maintained most assets in the red. For some, losing 1-2% of their value is only a nuisance. However, for others, it represents the entire summer gain. Meanwhile, the market capitalization dropped by another $10 billion.

Bitcoin has recently been trading at the same value as last week. Still, a 0.4% drop prevented it from keeping the $26,000 level. The king of cryptocurrencies seemed to struggle to regain control and push for higher values. Recently, BTC has been seen trading at around $25,750.

Ethereum has been dropping around 1% weekly. It may not seem like much, but to long-time coin supporters, this slope could quickly become a steep drop. The second crypto in command has been gradually heading toward the wrong side of the $1,600 level.

Altcoins & DeFi

Most of the altcoins have been trading in the red. For example, XRP moved down by 2%, Solana by 7%, and Cardano and Dogecoin by 3%. Moreover, Polkadot, Litecoin, Shiba Inu, and Polygon each dropped down by over 4%.

Only a handful of altcoins have been thriving this week. This has been the case for TRON, up by 2%, Stellar, up by 10%, and UNUS, up by 3%.

The Metaverse sector shared the same sentiment as the rest of the crypto market, with most projects seen trading in the red. For instance, Axie Infinity moved down by 2%, The Sandbox by 3%, Decentraland by 2%, and ApeCoin by 8%. Even ICP moved down by 4% after a dreadful week. Only Render, up by 9%, and Enjin, up by 3%, have been enjoying a better period.

The DeFi sector added nearly $0.3 billion to the total value of locked protocols (TVL), now at $49.25 billion.

What’s in the News?

• Linus Financial, a Nashville-based crypto initiative, has settled its legal dispute with the SEC out of court.
• FTX, the bankrupt crypto exchange, still hopes it can retrieve some of the money it paid celebrities for their public endorsement of the platform.

Next Week’s Crypto Market Forecast

The cryptocurrency market has been going through a considerable period of contraction. Following a positive first half of 2023, most assets have recently been taking a few steps back. Unfortunately, for some, this means losing all their hard-earned gains. Hopefully, the trend will turn soon to save them from another disastrous year.

About the Author

Born and raised in Romania, and currently living in Spain, the author discovered a knack for writing from a tender age, and even won some minor awards for fiction that didn't pay much.

Iulian became a content writer in 2011, and he is 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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