Crypto Trends 19 – 25 June 2023: Market Analysis and Performance

The crypto market is enjoying an unexpected yet much-welcome bull run. This week saw most of its assets leave the bloodbath behind and record impressive gains. Not even the SEC and its crackdown on cryptocurrencies could prevent them from soaring this high. Market capitalization increased by over $123 billion this week to nearly $1.2 trillion.

Bitcoin is trading comfortably above $30,000 for the first time in over a year. In fact, the last time 1 BTC sold for over $30k was in May 2022. The king of cryptocurrencies benefitted greatly from BlackRock’s filing for a spot Bitcoin ETF in the United States. This event rejuvenated BTC’s credibility, and a horde of traders helped it gain over 16% in value.

Ethereum is also flying high following a nearly 10% increase this week. The second crypto in command is getting closer to the much coveted $2,000 level. Hopefully, it will continue its rise without the usual fluctuations that many regard as ETH’s second nature.

Altcoins & DeFi

Most altcoins are trading in the green, with some registering substantial gains. For example, Cardano is up by nearly 11%, Polkadot by 12%, and Litecoin by almost 16%. Elsewhere, XRP increased by nearly 2%, Dogecoin by 6%, Solana by 8%, TRON by 4%, and Polygon by 9%.

Only a handful of cryptocurrencies did not join the bull run. It is the case of BNB, down by 3% and still reeling from the SEC’s lawsuit against it.

The Metaverse sector shares the same sentiment as the rest of the crypto market. For instance, ICP is up by 10%, ApeCoin by 9%, Stacks by 30%, The Sandbox by 14%, Theta Network by 19%, Decentraland by 17%, and Axie Infinity by 20%.

The DeFi sector added nearly $3.3 billion to the total value of locked protocols (TVL), now at $47.58 billion.

Crypto Market Analysis – What’s in the News?

• This week, new memecoin PEPE increased by over 70%, leading the meme coin sector.
• Binance refutes the SEC’s claims in the recent lawsuit against the popular crypto exchange.
• Amazon decided to increase its investments in Artificial Intelligence (AI) technology by $100 million.

Next Week’s Crypto Market Forecast

The crypto market is ripe for making a sensational return to the headlines in the financial world. Recent events helped most of its assets, notably Bitcoin, obtain considerable value boosts. Hopefully, this trend will continue as crypto re-emerges from a long and dreary winter.

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