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This Week’s Summary

• The crypto market ends the week at a total market capitalization of $1.98 trillion.
• Bitcoin stagnates at around $51,700.
• Ethereum is up by almost 8% to trade at around $3,100.
• XRP lost almost 3% in value this week, reaching around $0.54.
• Almost all altcoins are trading in the red, with some exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $81 billion.

Crypto Trends February 19 – 25, 2024: Market Analysis and Performance

The crypto market stabilized this week, with most assets consolidating their recently-gained positions. Some cryptocurrencies are still punching above their weight, trading healthily into the green. Meanwhile, some contracted slightly to dip into the red. Nevertheless, most crypto sectors are still thriving, and the overall market capitalization increased by almost $40 billion for the second week.

Bitcoin (BITCOMP) continues to flirt with the $52,000 level but without notable improvements. For now, the king of cryptocurrencies is taking its time while hovering above $51,000. This week witnessed BTC move up and down in tiny percentages, dictating the rhythm for the rest of the market.

Ethereum (ETH-X) takes center stage with an impressive run that sees it climb above the once-daunting $3,000 level. It is a remarkable feat for the second crypto in command, now only $1,800 away from its all-time high. For now, ETH is trading only a few dollars above $3,000, but it’s enough to inspire optimism for its supporters.

Altcoins & DeFi

Most altcoins are trading in the red, albeit not by much. For example, XRP  is down by almost 3%, Solana by 8%, Cardano by 7%, Avalanche by 9%, Polkadot by 1%, and Chainlink by 7%. On the other hand, BNB is up by 8%, Dogecoin by 3%, TRON by 2%, and Uniswap by a whopping 39%.

The Metaverse sector has also seen notable movements in the past week. For instance, Axie Infinity (AXS-X) is down by 3%, ICP by 8%, Decentraland by 1%, and MultiverseX by 2%. However, Render is up by 33%, Theta Network by 10%, and The Sandbox by over 1%.

The DeFi sector added almost $9 billion to the total value of locked protocols (TVL), now at $81.21 billion.

Crypto Market Analysis – What’s in the News?

• Brad Garlinghouse – the CEO of Ripple – said the company is open to filing for a Spot XRP ETF.

• A US judge approved Binance’s $4.3 Billion settlement deal with the US authorities for violating anti-money laundering laws through its crypto exchange.

Next Week’s Crypto Market Forecast
The crypto market is going through a natural contraction following an intense climb. Most crypto enthusiasts and investors are glad that most assets retain their hard-earned gains. This contributes to the generally positive sentiment in the market and rewards its supporters. As a result, the trend should also continue for the last days of February.

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