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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $1,09 trillion.
• Bitcoin increased by nearly 3% to reach around $28,000.
• Ethereum dropped by almost 3% to reach $1,630.
• XRP gained almost 1% in value during a highly volatile week.
• Almost all altcoins have been seen trading in the red, with very few exceptions.
• The DeFi sector maintains the total value of protocols (TVL) at around $38 billion.

Cryptocurrency Trends for the Week of Oct. 2-8, 2023: Market Analysis and Performance

The cryptocurrency market looks set to close one of the most exciting weeks in recent history. Most assets started on a highly optimistic trend, with some recording significant double-digit value increases. However, almost all reversed the trajectory by Sunday, and they have recently been seen trading into the red. Even the market capitalization went on a roller-coaster, increasing by nearly $50 billion before reverting to $1,09 trillion.

Bitcoin was among the few assets still trading healthily into the green. The king of cryptocurrencies left the comfort zone at around $26,000 to reach as high as $28,500 mid-week. Unfortunately, its surge did not last, and a quick correction from the bears toned down the excitement around BTC. Recently, Bitcoin has been seen trading only a little below $28,000.

Ethereum did not benefit from the market’s recovery the past week. The second crypto in command lost everything it had gained a week before. Moreover, its value has been dripping by the hour, getting farther from the $1,700 level. At the time of writing, ETH was recently seen trading at around $1,630.

Altcoins & DeFi

Most of the altcoins have been trading in the red. For example, BNB moved down by 2%, like Dogecoin, Shiba Inu, and Litecoin. Meanwhile, Cardano, TRON, and Chainlink each moved down by 1% despite enjoying an excellent start to the week.

The biggest story in the altcoin sector came from Ripple this week. The company behind XRP gained another battle in the long legal war with the United States Securities and Exchange Commission (SEC). This time, the judge rejected the SEC’s request for an interlocutory appeal to one of the court’s previous decisions.

As it stands, the judge maintained that secondary sales of XRP do not constitute an investment contract. This decision favors XRP and crypto transactions in general. As a result, XRP’s value skyrocketed by over 10% as soon as the decision hit the news. Unfortunately, the investors’ enthusiasm did not last, and XRP returned to trading in the red.

The Metaverse sector has been experiencing 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 5%, The Sandbox by 6%, Decentraland by 5%, and ApeCoin by 13%. Elsewhere, Stacks moved up by 2% and Render by a whopping 14%.

The DeFi sector lost nearly $0.5 billion from the total value in locked protocols (TVL), now at $38.26 billion.

What’s in the News?

• Australian Police have seized crypto assets worth $1.5 million from an alleged drug dealer.
• Kraken continues its foray into the European market after acquiring Netherlands-based crypto broker Coin Meester.

Next Week’s Crypto Market Forecast

The cryptocurrency market experienced its usual high volatility this past week. Many traders were taken by surprise when Bitcoin and other assets surged mid-week. While some may be disappointed for not acting on the quick bull run, others may hope the uptrend will return next week. For now, the sentiment in the market remains positive.

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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