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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $1,05 trillion.
• Bitcoin maintained its value at around $26,100.
• Ethereum continued to trend at around $1,660.
• XRP lost nearly 2% in value this week.
• Almost all altcoins have been trading in the green, with a few exceptions.
• The DeFi sector decreased the total value of protocols (TVL) to around $49 billion.

Cryptocurrency Trends for the Week of Aug. 21-27, 2023: Market Analysis and Performance

The cryptocurrency market ended a period of contraction following the bloodbath witnessed nearly 10 days ago. These have not been the best days for cryptocurrencies, as most struggled to remain afloat. Meanwhile, the market capitalization dropped again, albeit not by much, to stay above the $1 trillion mark.

Bitcoin was the object of intense market speculation this week. As its price dropped by almost $4,000, the whales rushed to grab the spoils. Some estimate that the biggest Bitcoin holders added more than $300 million worth of BTC. For now, the king of crypto has recently been seen trading just a little above $26,000.

Ethereum followed in Bitcoin’s steps by ending a largely uneventful week. The second crypto in command dropped by only 0.5%. Therefore, it maintained its trading value at around $1,600, far from the much-coveted $2,000 level.

Altcoins & DeFi

The altcoin sector has been seeing relatively better days than last week. For example, BNB moved up by 1%, TRON by 2%, Toncoin by 6%, and Litecoin by around 2%. Nevertheless, most altcoins have been struggling to get back into the green. For instance, XRP moved down by 2%, like Cardano, Polygon, and Shiba Inu. Solana fell by 5%, like Avalanche and Stellar.

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 1%, The Sandbox by 2%, Decentraland by 1%, and ApeCoin by 11%. Only ICP moved up by 1%, like Theta Network.

The DeFi sector lost nearly $1.5 billion from the total value in locked protocols (TVL), now at $49.27 billion.

What’s in the News?

• The Bitcoin whales’ activity took BTC mining difficulty to an all-time high.
• A class action lawsuit has been filed against Atomic Wallet after a $12 million loss.

Next Week’s Crypto Market Forecast

The cryptocurrency market remained in bear territory for another week as the assets struggled to recover quickly. The significant cryptocurrencies could take a while to recover from the strongest blow yet this year. Therefore, crypto enthusiasts may have to wait more for a proper bull run to bring their hopes to fruition.

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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