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This Week’s Summary
The crypto market ends the week at a total market capitalization of $2,58 trillion.
Bitcoin is up by about 3% to trade just below $69,000.
Ethereum increased by almost 25% to trade close to $4,000 again.
XRP is up by 4%, BNB by 4%, and Dogecoin by 11%.
Almost all altcoins are trading in the green, with very few exceptions.
The DeFi sector increased the total value of protocols (TVL) to around $107 billion.
Crypto Trends 20 – 26 May 2024: Market Analysis and Performance
The crypto market embarked on an unexpected bull run a few days ago when the U.S. Securities and Exchange Commission (SEC). This historical event followed another one of equal importance – the approval of Bitcoin spot ETFs in January. More importantly, it again placed the crypto market under the spotlight, attracting new investors and a subsequent value boost. The overall market capitalization increased by over $107 billion to reach $2,58 trillion.
Bitcoin is one of the primary benefactors of the SEC’s latest crypto-favorable decision. Even if the news does not concern it, the king of cryptocurrencies made good use of its popularity to rise in value again. This week, it recorded a nearly 3% increase, making it close to $69,000.
Ethereum is this week’s biggest winner, with a 25% value surge. The second crypto in command is closer to its much-coveted $4,000 target level. Moreover, the SEC’s decision means that companies, insurance firms, pension funds, and other institutional investors can foray into the crypto market and invest in ETH. As a result, ETH and, by ricochet, many other crypto assets gain credibility and support from a broader audience in the financial world and beyond.
Altcoins & DeFi
Most altcoins are trading in the green. Notable exceptions include Toncoin, down by 2%, and TRON, down by 6%. On the other hand, XRP is up by 4%, BNB by 4%, Dogecoin by 11%, Uniswap by 49%, Shiba Inu by 1%, Avalanche by 3%, and Polkadot by 8%.
The Metaverse sector has also seen notable movements in the past week. For instance, Axie Infinity is up by 9%, The Sandbox by 3%, Floki by 15%, and Theta Network by 5%. Meanwhile, Stacks lost 1%, ICP decreased by 6%, and Render dropped by 3%.
The DeFi sector gained almost $13 billion from the total value of locked protocols (TVL), which is now $107.22 billion.
Crypto Market Analysis – What’s in the News?
Solana is the next in line to apply for spot ETFs, following the approval of BTC and ETH exchange-traded funds.
Michael Sonnenshein announced he will step down as CEO of Grayscale, the world’s largest Bitcoin ETF.
Next Week’s Crypto Market Forecast
The crypto market benefits from the SEC’s approval of spot ETH ETFs. While the industry had eagerly waited for this moment for over a year, few were optimistic enough to believe in it. As we get closer to the middle of the year, the crypto market can rejoice at winning two of its most anticipated battles for 2024 – the approval of BTC and ETH spot ETFs. These decisions should help the crypto sector cement its position in the financial world and attract more investors in the long run. Moreover, they should dictate the market’s sentiment for weeks to come.
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