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This Week’s Summary

• The crypto market ends the week at a total market capitalization of $1,42 trillion.
• Bitcoin increased by over 5% to reach around $37,000.
• Ethereum is up by nearly 8% to climb above $2,000.
• XRP gained over 2% in value this week.
• Almost all altcoins are trading in the green, with virtually no exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $46 billion.

Crypto Trends November 6-12, 2023: Market Analysis and Performance

The crypto market continues its spectacular surge, with many assets overcoming previously daunting thresholds. Major cryptocurrencies like BTC, ETH, and XRP are surpassing expectations. Meanwhile, altcoins like Solana, Chainlink, and Avalanche are blowing the competition out of the water. Lastly, the overall market capitalization increased by over $100 billion to sit comfortably above $1.4 trillion.

Bitcoin is up again. This time, by an impressive 5%, taking its value just a little above $37,000. This surge comes from the SEC’s imminent reveal of its decision regarding BTC ETF filings. More importantly, it seems that the Commission’s verdict will favor Bitcoin and the entire crypto industry.

Ethereum finally gained the necessary momentum to overcome the much-coveted $2,000 level. The second crypto in command benefits from the rumors that BlackRock may file for a Spot ETH ETF with the SEC should its BTC ETF filing be successful.

Altcoins & DeFi

Most altcoins are trading in the green, with almost no exceptions. For example, BNB is up by 2%, Dogecoin by 11%, TRON by 9%, and Polkadot by 149%. Meanwhile, XRP is up by almost 3%, Solana by a whopping 40%, Cardano by 12%, Toncoin by 5%, Avalanche by 47%, and Chainlink by 30%.

The Metaverse sector shares the same sentiment as the rest of the crypto market, with most projects trading comfortably in the green. For instance, Axie Infinity is up by 8%, The Sandbox by 16%, Decentraland by 13%, and Render by 2%. Elsewhere, ICP is up 9% and Theta Network 25%.

The DeFi sector added over $3 billion to the total value of locked protocols (TVL), now at $46.71 billion.

Crypto Market Analysis – What’s in the News?

• Gary Gensler, the U.S. Securities and Exchange Commission (SEC) chairman, claims the bankrupt crypto exchange FTX may re-open if the new owners follow the current regulations.
• FTX’s token, FTT, soared by over 70% following Gensler’s remarks regarding the crypto exchange.
• India lost $420 million in potential revenue after a harsh taxation law forced traders outside the country.

Next Week’s Crypto Market Forecast

The crypto market is back under complete control of the bulls in a pleasant surprise for hodlers, investors, and traders everywhere. BTC holders and altcoin enthusiasts have an excellent reason to celebrate together after a long, dark crypto winter. Hopefully, this trend will continue for the foreseeable future.

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