This Week’s Summary

• The crypto market ends the week at a total market capitalization of $2,44 trillion.
• Bitcoin (BITCOMP) is up by over 11% to trade at around $67,000.
• Ethereum (ETH-X) increased by almost 9% to trade at around $3,500.
• Ripple (XRP-X) is up by 12%, Solana (SOL-X) by 18%, and Dogecoin (DOGE-X) by 16%.
• Almost all altcoins are trading in the green, with only a few exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $100 billion.

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Crypto Trends 15 – 21 Jul 2024: Market Analysis and Performance

The crypto market closes a highly positive week. Most cryptocurrencies record double-digit value boosts, with some regaining recent losses. The overall market capitalization increased by $220 billion to $2,44 trillion.

Some experts attribute this revival to the failed assassination of former US President Donald Trump. This year’s returning candidate to the Oval Office has often declared his support for the crypto industry. Following last week’s news-breaking event, Trump is in a leading position to reclaim the US Presidency, which many see as a boost for the crypto market. Nevertheless, it is still early to determine whether that was the cause behind the markets’ newfound surge.

Bitcoin is back attacking the $70,000 level. This time, it does so from a more comfortable position at $67,000. Notably, a 12% value boost took the king of cryptocurrencies to its current value. Moreover, it seems the bears had very little to say this time as the bulls took BTC from its desperate position.

Ethereum is also considering an attack but on the $4,000 level. The second crypto in command solidified its position above $3,500 with an impressive 9% rise. This turn of events pleases the Ethereum community, which has been hoping for sustainable growth for years.

Altcoins & DeFi

Most altcoins are trading in the green, with very few exceptions. XRP is up by 12%, Solana by 18%, BNB by 11%, Avalanche by 12%, and Chainlink by 9%. Only a handful of coins are underperforming. For instance, Cardano is down by 1%, Toncoin by 2%, and TRON by 3%.

The memecoins are also faring well. For instance, Dogecoin is up by 16% and Shiba Inu by 3%. Meanwhile, Pepecoin is among this week’s best climbers, with a 34% value increase.

The Metaverse sector has also seen notable movements in the past week. For instance, Axie Infinity is up by 14%, The Sandbox by 8%, and ICP by 14%. Also, Floki increased by 34%, Theta Network by 14%, and Stacks by 13%. The only notable underachiever is Wemix, which is down by 4%.

The DeFi sector gained almost $9 billion from the total value of locked protocols (TVL), now $100.07 billion.

Crypto Market Analysis – What’s in the News?

• Ethereum’s founder, Vitalik Buterin, believes the cryptocurrency community should look beyond politicians’ pro-crypto stances and minimize their influence on market oscillations.
• Polygon will undergo a main net upgrade on the 4th of September to transition from the native MATIC token to the POL token.

Next Week’s Crypto Market Forecast

The crypto market is back with a bang, to the joy of investors and traders. Regardless of the reason behind this spectacular surge, it is refreshing to see most cryptocurrencies trading healthily in the green. The sentiment remains positive, and hopefully, it will continue this way for weeks to come.

More By This Author:

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