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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $2,58 trillion.
• Bitcoin moved up by about 3% to trade just below $69,000.
• Ethereum increased by almost 25% to trade close to $4,000 again.
• XRP increased by 4%, BNB by 4%, and Dogecoin by 11%.
• Almost all altcoins have been seen trading in the green, with very few exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $107 billion.

Crypto Trends for the Week of May 20-26, 2024: Market Analysis and Performance

The cryptocurrency market embarked on an unexpected bull run a few days ago when the U.S. Securities and Exchange Commission (SEC) approved Ethereum spot ETFs. This historical event followed another one of equal importance – the approval of Bitcoin spot ETFs in January.

More importantly, it once again placed the crypto market under the spotlight, attracting new investors and a subsequent value boost. The overall market capitalization increased by over $107 billion to reach $2,58 trillion.

Bitcoin is one of the primary benefactors of the SEC’s latest crypto-favorable decision. Even if the news does not concern it, the king of cryptocurrencies made good use of its popularity to rise in value again. This week, it recorded a nearly 3% increase, making it close to $69,000.

Ethereum was this week’s biggest winner, with a 25% value surge. The second crypto in command appeared to be closer to its much-coveted $4,000 target level. Moreover, the SEC’s decision means that companies, insurance firms, pension funds, and other institutional investors can foray into the crypto market and invest in ETH. As a result, ETH and many other crypto assets will likely gain credibility and support from a broader audience in the financial world and beyond.

Altcoins & DeFi

Most altcoins have been seen trading in the green. Notable exceptions include Toncoin, which moved down by 2%, and TRON, which moved down by 6%. On the other hand, XRP increased by 4%, BNB by 4%, Dogecoin by 11%, Uniswap by 49%, Shiba Inu by 1%, Avalanche by 3%, and Polkadot by 8%.

The Metaverse sector also witnessed some notable movements in the past week. For instance, Axie Infinity moved up by 9%, The Sandbox by 3%, Floki by 15%, and Theta Network by 5%. Meanwhile, Stacks lost 1%, ICP decreased by 6%, and Render dropped by 3%.

The DeFi sector gained almost $13 billion from the total value of locked protocols (TVL), which is now $107.22 billion.

What’s in the News?

• Solana is the next in line to apply for spot ETFs, following the approval of BTC and ETH exchange-traded funds.
• Michael Sonnenshein announced he will step down as CEO of Grayscale, the world’s largest Bitcoin ETF.

Next Week’s Crypto Market Forecast

The cryptocurrency market has benefited from the SEC’s approval of spot ETH ETFs. While the industry had eagerly waited for this moment for over a year, few were optimistic enough to believe in it. As we get closer to the middle of the year, the crypto market can rejoice at winning two of its most anticipated battles for 2024 – the approval of BTC and ETH spot ETFs.

These decisions should help the crypto sector cement its position in the financial world and attract more investors in the long run. Moreover, they should dictate the market’s sentiment for weeks to come.

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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