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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $1,94 trillion.
• Bitcoin increased by over 7% to reach around $51,700.
• Ethereum moved up by almost 11% to trade at around $2,800.
• XRP gained almost 5% in value this week, reaching around $0.55.
• Almost all altcoins have been seen trading in the green, with virtually no exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $73 billion.

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

The cryptocurrency market has been on fire lately, pushing most assets well and above their comfort trading zones. The past seven days have seen the bulls going on a spectacular run.

As a result, most cryptocurrencies have enjoyed double-digit value boosts, and the overall market capitalization increased by almost $400 billion. The market cap hovered around the $2 trillion mark for several days. However, it looks set to close the week a little under that threshold, at $1,94 trillion.

Bitcoin attempted to breach past the $50,000 level last week, but it did not succeed. However, over the past few days, the king of cryptocurrencies surged past it and even touched the $52,000 level briefly. That’s $12,000 less than its all-time high, with only two months before the halving. Recently, BTC has been seen trading at around $51,700.

Ethereum has also been aiming high after a spectacular increase in value of over 11%. The second crypto in command has been attacking the much coveted $3,000 level, pushed by the market’s revival. At the time of writing, ETH was recently seen trading at around $2,800.

Altcoins & DeFi

Most altcoins have been trading in the green, with virtually no exceptions. For example, XRP moved up by almost 5%, BNB by 10%, Solana by 3%, Cardano by 14%, TRON by 9%, Polkadot by 8%, and Polygon by 12%. Elsewhere, only a handful of altcoins have been seen trading in the red, including Litecoin, down by 3%, and Chainlink, down by 1%.

The Metaverse sector has shared the same sentiment as the rest of the crypto market, with most projects seen trading in the green. For instance, Axie Infinity moved up by 9%, Theta Network by 15%, MultiverseX by 4%, and The Sandbox by 8%. Meanwhile, ICP increased by 2%, Stacks by 35%, and Render by 18%.

The DeFi sector added almost $6 billion to the total value of locked protocols (TVL), now at $72.98 billion.

What’s in the News?

• Uniswap announced the launch of its much-expected V4 upgrade.
• Coinbase announced that its most recent financial quarter has been the first profitable in over two years.

Next Week’s Crypto Market Forecast

The cryptocurrency market has been exceeding all expectations in what should be one of the most eventful years in its history. Most assets have been bulking up rapidly. However, few expected them to flourish at this rate. Hopefully, this positive trend will continue in the coming weeks and months.

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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