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Crypto Trends 18 – 24 September 2023: Market Analysis and Performance

The crypto market closes a largely unremarkable week. Most assets recovered some of the recent losses, albeit few made the headlines with substantial gains. Meanwhile, the market capitalization decreased by about $10 billion.

Bitcoin has found a new comfort zone at around $26,500. The king of cryptocurrencies attempted to climb above the $27k mark this week. However, its efforts were inconclusive and disappointing. For some, these seesawing movements may seem disheartening. Still, they paint an image of stability for one of the most volatile crypto assets.

Ethereum finally fulfilled what many have predicted and fell below the $1,600 threshold. The second crypto in command has been on a steady downtrend for several weeks. It was only a matter of time before it lost the hard-gained $1,6k level. Now, it faces an even harder uphill battle toward the $2,000 level.

Altcoins & DeFi

Most of the altcoins are back trading in the green, albeit not by much. For example,  XRP is up by almost 3%. The once-third cryptocurrency by market cap rejoices at being the most traded altcoin in the world. However, this minor title doesn’t bring enough support for a spectacular surge.

Elsewhere, Solana is up by 3%, TRON by 1%, Shiba Inu by 2%, and Chainlink by a whopping 15%. Other altcoins are not faring so well. BNB is down by 2%, Toncoin by 8%, and Polkadot by 3%.

The Metaverse sector shares the same sentiment as the rest of the crypto market, with most projects trading a little in the red. For instance, Axie Infinity is down by 4%, The Sandbox by 1%, Decentraland by 2%, and Render by 4%. Elsewhere, Stacks is up by 2% and Theta Network by 4%.

The DeFi sector lost nearly $11 billion to the total value of locked protocols (TVL), now at $38 billion.

Crypto Market Analysis – What’s in the News?

• Sam Bankman-Fried’s pre-trial release plea has been rejected, and he remains under custody until the trial begins.
• This week, Polygon published three potential solutions for the network’s much-awaited upgrade to Polygon 2.0.

Next Week’s Crypto Market Forecast

The crypto market experiences a period of stagnation that may deter new investors. However, it is also a stabilization stage necessary before entering the final financial quarter of the year. Hopefully, the next few weeks will bring better days for the now-hibernating assets.

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