WMA: Bitcoin Drops to $66,000 Amid the Bears’ Sudden Overtake

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This Week’s Summary

The crypto market ends the week at a total market capitalization of $2,44 trillion.
Bitcoin is down by about 4.5% to trade at around $66,500.
Ethereum decreased by almost 3% to trade at around $3,500.
XRP is down by 2%, Cardano by 6%, and Dogecoin by 8%.
Almost all altcoins are trading in the red, with a few exceptions.
The DeFi sector dropped the total value of protocols (TVL) to around $101 billion.

Crypto Trends 10 Jun – 16 Jun 2024: Market Analysis and Performance

The crypto market continues the disappointing run it started almost a week ago. Most assets dipped heavily in the red, with some recording double-digit losses. Massive sellouts follow a period of stabilization that characterized the market for most of May. Meanwhile, the overall market capitalization dropped by $100 billion to $2,44 trillion.

Bitcoin lost over 4% this week to drift farther from the much-coveted $70,000 level. The first-ever cryptocurrency experienced another rollercoaster ride over the past seven days. However, its current form sees it on a consistent drop rather than an exhilarating surge. At the time of writing, BTC was trading at around $66,500.

Ethereum lost 3% this week, enough to see it lose the traction and support it struggled to gain for over a month. The second crypto in command found a comfort zone at around $3,500 and appears to like it there. Therefore, it will require a considerable bull run to take it up and above the resistance at $4,000.

Altcoins & DeFi

Most altcoins are trading in the red. Notable exceptions include Toncoin, up by 13%, and Uniswap, up by 17%. Last week’s climber, BNB, lost almost 10% this week, which is most of what highlighted its run to a new ATH over 10 days ago.

Elsewhere, XRP is down by 2%, Cardano by 6%, and Solana by 8%. The memecoins took even bigger hits. For example, Dogecoin is down by 8%, Shiba Inu by 11%, and Pepe by over 4%.

The Metaverse sector has also seen notable movements in the past week. For instance, Axie Infinity is down by 10%, The Sandbox by 9%, and ICP by 16%. Also, Render dropped by 9%, Theta Network by 15%, and ApeCoin by 9%.

The DeFi sector lost almost $5 billion from the total value of locked protocols (TVL), which is now $101 billion.

Crypto Market Analysis – What’s in the News?

The founder of Curve Finance, Michael Egorov, saw his entire crypto holdings liquidated, which led to a sudden 30% dip for the CRV token.
Paxos, one of the top cryptocurrency companies, announced it will downsize its workforce by over 20%.

Next Week’s Crypto Market Forecast

The crypto market is experiencing a substantial contraction as we’re nearing the end of Q2. It may be a disappointing state for those expecting a year-long bull run in 2024. Nevertheless, the market is faring better than it was last year. Moreover, it seems that many investors choose to sell as soon as the bulls take the slightest advance over the bears. This practice differs from previous years when more would hodl for extended periods. Overall, the sentiment remains slightly negative for this period.

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