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This Week’s Summary

• The crypto market ends the week at a total market capitalization of $1,64 trillion.
• Bitcoin increased by over 10% to reach around $43,800.
• Ethereum is up by almost 9% to trade at over $2,300.
• XRP gained almost 7% in value this week, reaching around $0.66
• Almost all altcoins are trading in the green, with some exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $48 billion.

Crypto Trends 04 – 10 December 2023: Market Analysis and Performance

The crypto market is galloping toward its long-lost peaks after the bulls regained control. Most assets are trading in the green and recording remarkable gains. Only a handful are underperforming, but without affecting the overall sentiment. Meanwhile, the overall market capitalization increased by almost $160 billion.

Bitcoin gained nearly $4,000 in value this week, getting in the neighborhood of $44,000. The bulls have tried desperately to take the coin even higher but have yet to succeed. The king of cryptocurrencies signaled a new surge last week when it attempted to conquer the $40k level. It reached its target at the beginning of this week and continued to rise to everyone’s delight. Now, as the week is closing, it corrects its value at around $43,800.

Ethereum also enjoyed a successful week after improving its position above $2,300. The second crypto in command is up by almost 9% to maintain the uptrend it has been on for nearly a month. It’s a reasonable period for ETH to encourage its supporters to hope for a new ATH in 2024.

Altcoins & DeFi

Most altcoins are trading in the green, with some exceptions. This week’s losers include Toncoin, down by 4%, and AAVE, down by over 5%. However, the other assets are thriving. For instance, XRP increased by almost 7% and BNB by 6%. Also, Solana is up by 17%, Cardano by 52%, Avalanche by 55%, Dogecoin by 20%, and Polkadot by 31%.

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 16%, The Sandbox by 31%, Decentraland by 18%, ICP by 14%, and Theta Network by 5%. Also, Render is up by 1% and Stacks by a whopping 22%.

The DeFi sector added almost $4 billion to the total value of locked protocols (TVL), now at $52.46 billion.

Crypto Market Analysis – What’s in the News?

• Jack Dorsey – the founder of Twitter – has released a self-custody Bitcoin wallet.
• Montenegro is expected to deport Do Kwon – the founder of the Terra-Luna ecosystem – to the US soon.

Next Week’s Crypto Market Forecast

The crypto market is closing the year in style, especially considering the lousy way it started. Watching so many cryptocurrencies thrive in an unexpected market surge is a joy for most crypto enthusiasts. Hopefully, this trend will improve and continue for many weeks to come.

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