Image Source:
This Week’s Summary
Crypto Trends for the Week of Oct. 14-20, 2024: Market Analysis and Performance
The cryptocurrency market looks set to close one of its best weeks in recent months. Most cryptocurrencies added considerable gains in a spectacular turn of events. This week witnessed some remarkable movements following a across the board. This led to an increase of nearly $200 billion in the overall market capitalization, now at approximately $2.35 trillion.Bitcoin started trading in the green during the week at around $62,000. Many investors feared that BTC would soon revert to all habits and descend following a reasonable trading period. However, the king of cryptocurrencies surprised everyone as it went on a surge, hinting towards $70,000. Backed by the bulls, BTC made it all the way to $69,200, which is still a significant achievement. This sudden rise took its market dominance to over 59%.Ethereum followed in Bitcoin’s footsteps with a 7% rise of its own. This increment took its value above $2,600, which is a more comfortable position for the second crypto by market cap. Investors likely hope this trajectory will continue, taking ETH above and beyond the daunting $3,000 resistance level.
Altcoins & DeFi
Most altcoins have been trading in the green, with almost no exceptions. For example, XRP moved up by 2%, Solana by 8%, BNB by 4%, Toncoin by 1%, Chainlink by 6%, Polkadot by 5%, NEAR by 1%, Litecoin by 15%, and ICP by 2%.Not all the altcoins followed the positive market sentiment, however. For instance, TRON moved down by 4%, Cardano by 1%, Avalanche by 3%, and Uniswap by 6%.Meanwhile, the memecoins have been faring well recently. Dogecoin moved up by 28%, Shiba Inu by 7%, and Pepecoin by over 6%. Additionally, the Metaverse sector also witnessed some notable movements over the past week. For instance, Axie Infinity moved up by 12%, Stacks by 9%, Render by 1%, Floki by 13%, Decentraland by 12%, and ApeCoin by 89%.The DeFi sector added almost $8 billion to the total value in locked protocols (TVL), which is now at around .
What’s in the News?
Next Week’s Crypto Market Forecast
The cryptocurrency market recovered spectacularly from a rough period characterized by poor performances all around. Most crypto assets have been seen trading healthily in the green, which should please most investors and even long-time holders. Hopefully, the positive trend will continue in the upcoming weeks, bringing more value into the market.
About the Author
Born and raised in Romania and currently living in Spain, Iulian discovered a knack for writing from a tender age, and even won some minor awards for fiction that didn’t pay much.Iulian became a content writer in 2011, and he is still doing it to some degree of success today. He is currently specialized in cryptocurrencies, technology, online marketing, and social media. In his free time, Iulian likes reading, traveling, and watching sports. His dream is to see Bitcoin reach $100,000, just so he can tell his friends “I told you so.”More By This Author:Bitcoin Price Holds Above $68,000, But TD Sequential Sounds Sell AlarmADA VS XRP – Price Predictions For Bull Cycle And Best New AlternativesDogecoin Breaks Away With 9% Surge: Why This Could Trouble Bitcoin
