The Bears Stand Their Ground As Bitcoin And The Altcoins Fail To Recover

Ripple’s XRP is also up by nearly 23% over the week. More so, it registered a 7% increase in the past 24 hours. It’s not a bad comeback, but not enough to push it past the $1 threshold. XRP has been trading at around $0.89.

The rest of the altcoins also dropped massive points throughout the week, only to recover in the last hours of the weekend. For instance, Litecoin (LTC-X) is up by 30%, and Chainlink (LINK-X) gained nearly 60%. Unfortunately, both have exited the Top-10 cryptos by market cap.

On the other hand, Tether (USDT-X) made a surprising return to the Top-3 with a boost to its market cap, which now surpasses Cardano’s cap by over $10 billion. Elsewhere, the DeFi sector added roughly $7 billion to the total value protocols (TVL), which now stand at nearly $59.94 billion.

What’s in the News?

  • One of the largest insurance and banking companies in Belgium, KBC (KBCSY), is planning to release its own cryptocurrency.
  • A chain of convenience stores, Sheetz, announced that it will accept bitcoin as payment.

Next Week’s Market Forecast

Nobody expected the cryptocurrency market to recover with a bang following last week’s depreciation. More so, seasoned investors will remember that the bulls usually take a much-needed rest after every run. Also, the bears being in charge is not necessarily bad, especially for new investors, who can enter the market at a low point.

Next week should see the values continue to wobble back and forth. Current events, news, and Elon Musk tweets, of course, should have relatively small impacts as well. This week, Bitcoin Conference 2021 will occur between June 3 and 5 at the Mana Wynwood Convention Center in Miami, Florida (USA).

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