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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $2,15 trillion.
• Bitcoin moved down by nearly 11% to trade at around $60,600.
• Ethereum decreased by almost 11% to trade at around $2,900.
• XRP fell down 10%, Solana 22%, and Dogecoin 19%.
• Almost all altcoins have been seen trading in the red, with nearly no exceptions.
• The DeFi sector decreased the total value of protocols (TVL) to around $88 billion.

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

The cryptocurrency market took a surprising turn for the worse despite an avalanche of positive financial news in the past week. The week started after the Bitcoin Conference in Nashville, Tennessee, where Donald Trump expressed his support for Bitcoin and other digital assets. Meanwhile, several national central banks, such as those of England and Canada, announced they would lower interest rates.

Everything pointed toward the start of a bull run, not only in the crypto market, but in multiple financial sectors. Unfortunately, it all went south, as most assets followed a disappointing downtrend. As a result, the market capitalization dropped by around $280 billion.

Bitcoin started the week on a high, even touching the $70,000 mark at one point. That short moment was the first time BTC climbed above the daunting resistance level in two months, albeit only by a few dollars.

From there on, the king of cryptocurrencies lost much more in value with every passing day. In fact, it dropped by over $10,000 for a brief period to trade at around $59,900. It gained nearly $1,000 since trading above the $60,500 figure. Still, BTC accounted for massive losses this week.

Ethereum also lost around 11% of its value. This placed the second crypto in command a little under the $3,000 level, which it had struggled so much to gain. Things don’t look good for Ethereum despite getting the green light for ETFs from the United States Securities and Exchange Commission (SEC).

Altcoins & DeFi

Most altcoins have been trading in the red, with almost no notable exceptions. XRP moved down by 10%, Solana by 22%, TRON by 7%, and BNB by 9%. Meanwhile, Toncoin moved down by 7%, Cardano by 13%, Avalanche by 18%, and Polkadot by 14%. The memecoins have not been faring as well as other altcoins. Dogecoin decreased by 19%, Shiba Inu by 16%, and Pepecoin by a whopping 28%.

The Metaverse sector also witnessed some notable movements over the past week. For instance, Axie Infinity moved down by 16%, The Sandbox by 17%, and ICP by 18%. Also, Floki decreased by 24%, Theta Network by 19%, and Stacks by 22%.

The DeFi sector lost almost $10 billion from the total value of locked protocols (TVL), which is now at $88.60 billion.

What’s in the News?

• Donald Trump believes Bitcoin will overtake gold, and that the United States will become the crypto capital of the world.
• A US senator, Cynthia Lummis, submitted a bill to the Senate asking it to create a national Bitcoin stockpile.

Next Week’s Crypto Market Forecast

The cryptocurrency market took an unexpected beating this week. Most cryptocurrency assets lost precious gains, with some recording double-digit losses. This situation brought the market cap closer to exiting the $2 trillion zone. It’s not the best of times for crypto enthusiasts, and the overall sentiment remains negative. Hopefully, the trend will reverse starting next 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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