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

The crypto market is bound to close the year in a festive mood. Most assets have been trading in the green all week, and it seems the trend will also continue for the last seven days of 2023. The overall market capitalization increased by almost $50 billion.

Bitcoin has been trading between $42,000 and $44,000 all week, trying desperately to climb above the latter level. Unfortunately, the king of cryptocurrencies did not have enough support for the final push. Nevertheless, a 5% value boost comfortably exceeds the $43,000 mark. Many expect BTC to remain at this figure for the remainder of the year.

Ethereum also enjoys a good period on the back of a 5% increase. The second crypto in command is cementing its position above $2,300 to the joy of its supporters. With the year’s end just around the corner, ETH will prepare its assault for the $3,000 threshold in January.

Altcoins & DeFi

Most altcoins are trading in the green, with very few exceptions. This week’s winners are led by Solana, which is in impressive form, with a 58% value boost. SOL is now trading at around $114. Also, XRP continues to trade above $0.6 with a 1% increase.

Elsewhere, BNB is up by 13%, Cardano by 5%, Avalanche by 17%, Polkadot by 31%, TRON by 4%, Chainlink by 13%, and Shiba Inu by 6%.

The Metaverse sector shares the same sentiment as the rest of the crypto market, with most projects trading in the green. For instance, Axie Infinity is up by 15%, The Sandbox by 8%, Decentraland by 7%, and Theta Network by 18%. Nevertheless, some of the projects in this sector are failing, such as ICP, which is down by 13%, and WEMIX, by 5%.

The DeFi sector added almost $2.4 billion to the total value of locked protocols (TVL), now at $53.41 billion.

Crypto Market Analysis – What’s in the News?

• Michael Sonnenshein, the CEO of Grayscale, believes the approval of a BTC ETF in the US will flood the crypto market with over $30 trillion.
• The BVI Court has frozen nearly $1.14 billion belonging to the founders of Three Arrows Capital and their now-bankrupt hedge.

Next Week’s Crypto Market Forecast

The crypto market enjoys a year’s end in the green as most assets are on an evident bull run. Crypto enthusiasts everywhere expect the trend to continue into January and increase the liquidity in the market. All in all, it’s a joyful Christmas day for most cryptocurrencies, digital assets, and their supporters.

More By This Author:

Bitcoin Drops To $42,000, And Altcoins Bleed Amid Ledger Drain Worth $600K
WMA: The Bulls Are Back As Bitcoin Hits $44K And Altcoins Soar
Bitcoin Nears $40k As The Market Prepares To End 2023 On A High Note