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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $1,64 trillion.
• Bitcoin increased by over 1% to reach around $43,000.
• Ethereum moved up by almost 2% to trade at around $2,300.
• XRP lost almost 3% in value this week, reaching around $0.51.
• Almost all altcoins have been seen trading in the red, with a few exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $57 billion.

Crypto Trends for the Week of Jan. 29 - Feb. 4, 2024: Market Analysis and Performance

The cryptocurrency market limped into February, as it was still trying to recover the losses it sustained two weeks ago. Most assets seemed to have a hard time regaining the lost ground, with only a few seen trading healthily into the green. Meanwhile, the overall market capitalization increased by almost $10 billion.

Bitcoin appeared to be back on track, as it reported a steady increase following a tumultuous two-week period of ups and downs. The king of cryptocurrencies started the week dipping as low as $41,000. The bulls pushed it back up for a couple of days with a $2,000 boost.

However, BTC dropped those gains mid-week, spurring concerns across the market. Fortunately, the dip was not long-lived, and the most popular crypto returned to the green. Recently, it was seen trading at around $43,000.

Ethereum has been killing time, waiting for a favorable verdict from the Securities and Exchange Commission regarding its ETH ETF. Meanwhile, it scored a nearly 2% increase to continue trading above $2,000. Its supporters will be pleased with this consistent trend despite ETH losing over $400 in recent weeks.

Altcoins & DeFi

Most altcoins have been trading in red, but a few assets made headlines with value surges. The latter included Chainlink, as it moved up by 25%, and TRON, as it moved up by 6%. Other climbers included Cardano (3%), Avalanche (1%), and Solana (1%).

Elsewhere, XRP continued its poor streak with a 3% drop. Also, BNB moved down by 2%, Dogecoin by 1%, Polygon by 2%, and Toncoin by 4%.

The Metaverse sector has not shared the same sentiment as the rest of the crypto market, with most projects seen trading in the green. For instance, ICP rose by 2%, MultiverseX by 1%, and Render by 21%. Meanwhile, Axie Infinity moved down by 3%, The Sandbox by 5%, Decentraland by 4%, and Theta Network by 3%.

The DeFi sector added almost $1 billion from the total value of locked protocols (TVL), now at $57.74 billion.

What’s in the News?

• One of the Ripple co-founders, Chris Larsen, confirmed that a security breach affected the company’s wallets, losing $100 million worth of XRP.
• El Salvador, one of the two countries using Bitcoin as legal tender, announced it will continue its Bitcoin-backed bonds.

Next Week’s Crypto Market Forecast

The cryptocurrency market has seemingly been hard at work recovering from its recent losses. Despite the seesawing movements we’ve seen lately, it has been a reasonable period for most assets. Many regained their dip faster than last year when the slightest movement from the bears would lead to a month-long of losses. Overall, the market sentiment appears to be good going into the following week.

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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