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 $1,94 trillion.
Bitcoin increased by over 7% to reach around $51,700.
Ethereum is up by almost 11% to trade at around $2,800.
XRP gained almost 5% in value this week, reaching around $0.55.
Almost all altcoins are trading in the green, with virtually no exceptions.
The DeFi sector increased the total value of protocols (TVL) to around $73 billion.
Crypto Trends 12 – 18 February 2024: Market Analysis and Performance
The crypto market is on fire, pushing most assets well and above their comfort trading zones. The past seven days have seen the bulls going on a spectacular run. As a result, most cryptocurrencies enjoyed double-digit value boosts, and the overall market capitalization increased by almost $400 billion. The market cap hovered around the $2 trillion mark for several days. However, it closes the week a little under that threshold, at $1,94 trillion.
Bitcoin was attacking the $50,000 level last week but without succeeding. However, over the past few days, the king of cryptocurrencies surged past it and even touched $52,000 briefly. That’s only $12k less than its all-time high, with only two months before the halving. Currently, BTC is trading at around $51,700.
Ethereum is also aiming high after a spectacular increase in value of over 11%. The second crypto in command is now attacking the much coveted $3,000 level, pushed by the market’s revival. At the time of writing, ETH was trading at around $2,800.
Altcoins & DeFi
Most altcoins are trading in the green, with virtually no exceptions. For example, XRP is up by almost 5%, BNB by 10%, Solana by 3%, Cardano by 14%, TRON by 9%, Polkadot by 8%, and Polygon by 12%.
Elsewhere, only a handful of altcoins are trading in the red, including Litecoin, down by 3%, and Chainlink, down by 1%.
The Metaverse sector shares the same sentiment as the rest of the crypto market, with most projects trading in the green. For instance, Axie Infinity is up by 9%, Theta Network by 15%, MultiverseX by 4%, and The Sandbox by 8%. Meanwhile, ICP increased by 2%, Stacks by 35%, and Render by 18%.
The DeFi sector added almost $6 billion to the total value of locked protocols (TVL), now at $72.98 billion.
Crypto Market Analysis – What’s in the News?
Uniswap announced the launch of its much-expected V4 upgrade.
Coinbase announced that its most recent financial quarter has been the first profitable in over 2 years.
Next Week’s Crypto Market Forecast
The crypto market is exceeding all expectations in what should be one of the most eventful years in its history. Most assets are bulking up rapidly. However, few expected them to flourish at this rate. Hopefully, this positive trend will continue in the coming weeks and months.
The post WMA: Bitcoin Surges Past $52,000 as Market Cap Exceeds $2 Trillion appeared first on Crypto Adventure.
English