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 $2,27 trillion.
Bitcoin is down by over 4% to trade at around $61,400.
Ethereum decreased by almost 3% to trade at around $3,300.
XRP is down by 3%, Cardano by 1%, and Dogecoin by 2%.
Almost all altcoins are trading in the red, with a few exceptions.
The DeFi sector dropped the total value of protocols (TVL) to around $94 billion.
Crypto Trends 24 Jun – 30 Jun 2024: Market Analysis and Performance
The crypto market closes June on a steep decline, attracting more bad press than good. Most assets have plummeted spectacularly, especially in the past two weeks. Even big-shot altcoins took a turn for the worse amid considerable market volatility. As a result, the overall market capitalization dropped by $60 billion to $2,27 trillion.
Bitcoin had one of the worst weeks in recent history. The king of cryptocurrencies has been bleeding throughout June. However, it lost substantial support over the past seven days. This was visible in the coin’s value, which reached $61,000 after flirting with the $70k level for most of the spring. Moreover, the most popular crypto in the world is close to exiting the comfort zone above $60,000. For now, it cements its position just above that support level as high-scale liquidations continue.
Ethereum is also on a downturn, albeit its losses are not that impressive. The second crypto in command loses between 3% and 5% weekly. Its value remains constant above $3,000 but doesn’t inspire much optimism in its supporters.
Altcoins & DeFi
Most altcoins are trading in the red, with very few exceptions. For instance, Solana, Polkadot, and TRON are up by over 5%. Also, Avalanche is among this week’s top climbers, with an 11% increase. However, most of the other big-brand cryptocurrencies are dipping in the red.
XRP is down by 3%, Cardano by 1%, Dogecoin by 2%, and BNB by 3%. Meanwhile, Shiba Inu dropped by 6% and NEAR by 8%. One of the biggest losers is Uniswap, with an 11% decrease.
The Metaverse sector has also seen notable movements in the past week. For instance, Axie Infinity is down by 1%, The Sandbox by 3%, and ICP by 2%. Also, Render dropped by 1%, Theta Network by 3%, and Stacks by 1%. Elsewhere, ApeCoin is up by 3%, and Wemix has increased by a whopping 39%.
The DeFi sector lost almost $5.5 billion from the total value in locked protocols (TVL), which is now $94 billion.
Crypto Market Analysis – What’s in the News?
The US Securities and Exchange Commission (SEC) seeks to approve the much-awaited spot Ethereum ETFs in the first week of July.
VanEck, an American investment management firm, filed for a Solana exchange-traded fund (ETF), which caused SOL’s price to surge.
Next Week’s Crypto Market Forecast
The crypto market closes this year’s second financial quarter on a losing trend. This is a disappointing sight for many crypto enthusiasts who were hoping for 2024 to be a historical streak of ATHs across the board. Nevertheless, we are only halfway through the year, and there’s enough time left for things to turn around. While the sentiment remains negative, the market should recover in the coming weeks.
The post WMA: Bitcoin Drops to $61,000 Amid Massive Market Decline appeared first on Crypto Adventure.