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This Week’s Summary
The crypto market ends the week at a total market capitalization of $2,37 trillion.
Bitcoin is down by about 2% to trade at around $63,500.
Ethereum increased by almost 5% to trade at around $3,300.
BNB is up 6%, TRON 9%, and NEAR 19%.
Almost all altcoins are trading in the red, with very few exceptions.
The DeFi sector increased the total value of protocols (TVL) to around $94 billion.
Crypto Trends 22 – 28 April 2024: Market Analysis and Performance
The crypto market experienced extreme volatility this week in what was already a turbulent April. Most assets have been going up and down, confusing investors and frustrating traders everywhere. As the seven-day period ends, most cryptocurrencies are dipping into the red. Meanwhile, the market capitalization dropped by around $20 billion to reach $2,37 trillion.
Bitcoin struggles to maintain momentum following its fourth halving. The king of cryptocurrencies had a disappointing week, staying mostly in the green but succumbing drastically after failing at $68,000. A 2% drop has taken its value toward the lower limit of $63,000, with an increased probability of falling below soon.
Ethereum has enjoyed a better period and has a 5% value boost to show for it. The second crypto in command is still far from the $4,000 target. However, seeing it trade in the green again after a month’s worth of disappointments is refreshing.
Altcoins & DeFi
Most altcoins are trading in the red. Notable exceptions include BNB, up nearly 6%, and TRON, up 9%. Also, NEAR Protocol added 19% to its value, while Polygon increased by almost 2%. Elsewhere, Pepecoin is among the best-performing memecoins, with a 27% increase.
On the other hand, XRP is down by 1%, Solana by 5%, Dogecoin by 6%, Toncoin by 10%, Cardano by 5%, and Shiba Inu by 6%.
The Metaverse sector has also seen notable movements in the past week. For instance, Axie Infinity is down by 2%, Render by 7%, ICP by 10%, Stacks by 9%, The Sandbox by 4%, and MultiverseX by 3%. Meanwhile, Floki is up by 6%, Theta Network by 3%, and ApeCoin by 1%.
The DeFi sector added almost $3.5 billion to the total value of locked protocols (TVL), now at $94.77 billion.
Crypto Market Analysis – What’s in the News?
Consensys has filed a lawsuit against the United States Securities and Exchange Commission, accusing the institution of preventing the US blockchain tech industry from developing through its strict regulation.
Instagram influencer Jay Mazini has been sentenced to seven years in prison for multiple scams, including a deceitful Bitcoin scheme.
Next Week’s Crypto Market Forecast
The crypto market closes this year’s April with mixed feelings. The long-anticipated Bitcoin halving came and went without leaving any spectacular marks. Nevertheless, most crypto enthusiasts hope the bulls will pick up pace in the following weeks.
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