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This Week’s Summary
The crypto market ends the week at a total market capitalization of $2,67 trillion.
Bitcoin is up by over 7% to trade at around $70,000 again.
Ethereum increased by almost 7% to trade at around $3,600.
BNB is up by 8%, Dogecoin by 19%, and Solana by 12%.
Almost all altcoins are trading in the green, with virtually no exceptions.
The DeFi sector increased the total value of protocols (TVL) to around $99 billion.
Crypto Trends 25 – 31 March 2024: Market Analysis and Performance
The crypto market is back on track after a couple of weeks of stagnation and minor losses. Most assets are thriving after a generally successful week. In fact, some boast double-digit value boosts, delighting investors and long-term hodlers. Meanwhile, the overall market capitalization increased by $180 billion to reach $2,67 trillion.
Bitcoin climbed back above $70,000 after going on a spectacular rollercoaster ride for the past two weeks. The king of cryptocurrencies dropped as low as $61,000 only 10 days ago. However, it remained solid throughout the past seven days, cementing its position above $70k.
Ethereum is finally seeing some better days after recent struggles. The second crypto in command was very close to dropping below the hard-earned $3,000 level. However, it recovered just in time to embark on a new ascent, hoping to conquer the $4k threshold successfully. Currently, ETH is trading at around $3,600.
Altcoins & DeFi
Most altcoins are trading in the green. The very few exceptions are XRP, Avalanche, and Polygon, which are down by almost 1% each.
The good news is that most of the other assets are thriving, especially memecoins. For instance, Dogecoin is up by 19%, but it was on a 50% surge at one point. Similarly, BNB is up by 8%, Solana by 12%, Cardano by 2%, Toncoin by 5%, Shiba Inu by 8%, and Bitcoin Cash by 29%.
The Metaverse sector has also seen notable movements in the past week. For instance, Axie Infinity is up by 5%, Render by 1%, Theta Network by 2%, Decentraland by 3%, and ApeCoin by 4%. Also, ICP increased by 25%, the Sandbox by 4%, and Floki by 8%.
The DeFi sector added almost $7 billion to the total value of locked protocols (TVL), now at $99.62 billion.
Crypto Market Analysis – What’s in the News?
A US Court sentenced the former FTX CEO Sam Bankman-Fried to 25 years in prison after finding him guilty of the crypto exchange’s bankruptcy and subsequent capital loss for its customers.
According to some industry experts, the Ethereum network has hit 1 million validators, reaching saturation levels.
Next Week’s Crypto Market Forecast
The crypto market ends March on a high after a month of spectacular surges and disappointing contractions. Thus, it enters the much-awaited BTC halving month with good prospects. Hopefully, this positive trend will continue for the foreseeable future.
The post WMA: Bitcoin Back at $70,000 Amid New Market Revival appeared first on Crypto Adventure.