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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $1,645 trillion.
• Bitcoin (BITCOMP) is trading more or less at the same price as last week after a 0.5% increase.
• Ethereum (ETH-X) is up by more than 11% in the past seven days.
• XRP (XRP-X) has increased by more than 6% over the week.
• Binance Coin (BNB-X), Polkadot, and Solana have recorded important gains throughout the week.
• The DeFi sector gained almost $7 billion in total value protocols (TVL).

Crypto Trends for the Week of May 31 - June 6: Performance and Analysis

The cryptocurrency market comes out slightly on top after a so-and-so week. While most of the altcoins registered decent gains, Bitcoin had to witness its $4,000 surge fly out the window due to another cryptic tweet from Elon Musk. Above all, as the weekend is approaching its end, most cryptocurrencies have started bleeding heavily.

The market managed to add only around $125 billion to take the market cap to $1,645 trillion. Bitcoin started the week on a positive note and continued in the same rhythm for the next five days. This way, it increased from $36,000 to almost $40,000. And, as everyone was eagerly waiting for its revival, the notorious Elon Musk decided to spoil everyone’s hopes.

On Friday, Musk tweeted a meme and a “broken-heart” emoji. While this random message wouldn’t normally mean much, it was enough to wreak havoc on the crypto market. And, it was all because it came from one of the most popular figures associated with it. Unsurprisingly, Bitcoin’s price dropped by $4,000.

Bitcoin has been trading at around $36,000 again. Things don’t look so promising for the week ahead, though, with a 4% drop over the past 24 hours. However, the crypto community has gotten sick and tired of Musk’s persistent poking at BTC. More so, it appears that the famous hacker group Anonymous has made its mission to discredit Musk and reveal his best-kept secrets should he continue to badger the most famous cryptocurrency in the world.

Moving on from the drama, it’s been a surprisingly good week for the altcoins. Ethereum is up by almost 13%, even if, like most altcoins, it has lost precious points over the weekend. Despite the market taking a dip, Ethereum continues its solid form. And, it is more likely to see it reach for the $4,000 threshold sooner than falling below $2,000 again. Ethereum has been recently trading at around $2,717.

Ripple’s XRP has increased by nearly 7% over the week. Thus, it’s been a good weekly run for XRP. However, it has lost almost 5% of its value in the last 24 hours. Therefore, it didn’t manage to stay above the $1 mark. XRP has been trading at around $0.93.

Most of the other altcoins have traded in the green over the week and lost some of their gains over the weekend. Compared to last week, Binance Coin is up by 19%, Dogecoin (DOGE-X) is up by 21%, Polkadot increased by 16%, and Solana is up by more than 39%. Elsewhere, the DeFi sector added roughly $7 billion to the total value protocols (TVL), which now stands at nearly $66.06 billion.

What’s in the News?

• El Salvador may become the first country in the world to accept Bitcoin as both a reserve asset and a legal tender if the bill legalizing it passes Congress’s vote next week.
• Skateboard legend, Tony Hawk, admits to being a BTC Hodler since 2012 at the 2021 Bitcoin conference.

Next Week’s Market Forecast

This weekend, the 2021 Bitcoin conference is taking place in Miami. Many of the big names in the cryptocurrency industry, including the Winklevoss brothers and Jack Dorsey, have already taken the stage to talk about the present and future of the crypto space.

Depending on the news and rumors coming out of the BTC conference, we might see a slight price recovery across the board at the beginning of next week. Also, El Salvador could open the door to complete Bitcoin state-endorsement and adoption in the upcoming days. So, we could witness a bullish surge strong enough to repel even the most defamatory tweets from Elon Musk.