Get the weekly summary of crypto market analysis, news, and forecasts!
This Week’s Summary
The crypto market ends the week at a total market capitalization of $2,33 trillion.
Bitcoin is down by about 4% to trade at around $63,900.
Ethereum decreased by almost 4% to trade at around $3,400.
XRP is down by 2%, Cardano by 8%, and Dogecoin by 11%.
Almost all altcoins are trading in the red, with a few exceptions.
The DeFi sector dropped the total value of protocols (TVL) to around $99 billion.
Crypto Trends 17 Jun – 23 Jun 2024: Market Analysis and Performance
After another disappointing week, the crypto market continues its ordeal through the bears’ territory. Most assets lost substantial gains as Bitcoin, and most of the big-shot altcoins dropped steadily. As a result, the overall market capitalization dropped by $110 billion to $2,33 trillion.
Bitcoin lost another 4% this week as its value dipped below $64,000. The king of cryptocurrencies faces massive liquidations even as its price drops consistently. This poor form does not affect its dominance but impacts the rest of the market.
Ethereum also lost 4% this week. The second crypto in command steadily returns to the support level at $3,000. Unfortunately, this trajectory also delays an eventual attack on $4k by a considerable distance.
Altcoins & DeFi
Most altcoins are trading in the red. The only notable exception is TRON, which is up by 3%. Many others are recording double-digit losses. For example, Solana is down by 12%, Dogecoin by 11%, Shiba Inu by 16%, Avalanche by 19%, and Uniswap by 13%. Elsewhere, XRP is down by 2%, Cardano by 8%, and BNB by 5%.
The Metaverse sector has also seen notable movements in the past week. For instance, Axie Infinity is down by 13%, The Sandbox by 16%, and ICP by 15%. Also, Render dropped by 15%, Theta Network by 12%, and ApeCoin by 14%.
The DeFi sector lost almost $2 billion from the total value of locked protocols (TVL), which is now $99.5 billion.
Crypto Market Analysis – What’s in the News?
MicroStrategy announced the purchase of 11,931 BTC, worth almost $800 million.
Fidelity announced they will seed their Ethereum ETF with $4.7 million.
Next Week’s Crypto Market Forecast
The crypto market is painted entirely red, with most assets losing many of their gains in the past six months. It is not an alarming situation yet, as recent market movements showed that some can recover briefly. Nevertheless, the sentiment remains negative as we enter the last week of June.
The post WMA: Bitcoin Drops Below $64,000 as the Bears’ Grip Tightens appeared first on Crypto Adventure.