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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $1,220 trillion.
• Bitcoin has maintained its value at around $30,300.
• Ethereum moved up by nearly 4% to reach around $1,940.
• XRP gained a whopping 60% in value this week.
• Almost all altcoins have been trading in the green, with very few exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $48 billion.

Cryptocurrency Trends for the Week of July 10-16, 2023: Market Analysis and Performance

The cryptocurrency market appeared to be on the brink of a promising bull run following an eventful week. In a historic decision, a court ruled that most XRP sales are not classified as securities transactions. The verdict means Ripple won the three-year legal battle with the US Securities and Exchange Commission (SEC).

For too long, the lawsuit had cast a long shadow over Ripple and the future of cryptocurrencies. However, XRP’s win means that other cryptos facing similar allegations stand a chance against the SEC and its vicious crackdown on digital assets. The news had a positive impact on the crypto market and most cryptocurrencies. As a result, the market capitalization increased by around $40 billion.

Bitcoin and its value didn't seem to care much about Ripple’s win over SEC. In fact, the king of crypto maintained a similar value to last Sunday’s $30,300. It may not seem like much, but BTC staying above $30,000 is a win, considering its usual tendency to succumb to extreme fluctuations.

Ethereum appeared to be on its way back toward the much coveted $2,000 level. The second crypto in command moved up 3% this period, timidly joining the general uptrend of the market. ETH will require more consistency than it has shown lately to reach its goal. However, traders believe the upcoming bull run could finally take it there.

Altcoins & DeFi

Most altcoins have been seen trading in the green, with some scoring impressive gains. This week’s winner was undoubtedly XRP, boasting a triumphant 60% increase. More and more supporters are filling its ranks now that victory over the SEC has become clear. XRP has recently been seen trading at around $0.75.

Elsewhere, BNB moved up by 6%, Cardano by 12%, Solana by 30%, Dogecoin by 8%, and Polygon by 14%. Meanwhile, Polkadot moved up by 6% and Avalanche by 5%, similar to Shiba Inu and UNUS.

The Metaverse sector has been in the same boat as the rest of the crypto market, with most projects seen trading in the green. For instance, ICP moved up by 2%, Decentraland by 9%, and Axie Infinity by 8%. Meanwhile, ApeCoin increased by 3%, Theta Network by 9%, and The Sandbox by 8%.

The DeFi sector added nearly $1 billion to the total value of locked protocols (TVL), now at $47.9 billion.

What’s in the News?

• “Rich Dad, Poor Dad” author, Robert Kiyosaki, sticks with investments in BTC, gold, and silver, amid the US removing debt ceiling.
• The SEC still gets a win this week after ex-Celsius CEO Alex Mashinsky was arrested. The two parties are engaged in a long and arduous legal battle.

Next Week’s Crypto Market Forecast

The cryptocurrency market has been flying high following Ripple’s win over the SEC. It didn’t take long for investors to increase their support for cryptocurrencies. This was visible in the growth of assets like Solana, Cardano, and Polygon. XRP’s stamped and sealed triumph could have long-term positive effects on the market, possibly sparking a new bull run.

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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