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This Week’s Summary
Crypto Trends for the Week of Dec. 9-15, 2024: Market Analysis and Performance
The cryptocurrency market seems to have taken a break from the bull run, as it dipped slightly into the red. Most cryptocurrencies have recorded small losses, albeit none to an alarming degree. All in all, it has been a slow week for the cryptocurrency sector, as the market capitalization lost around $30 billion.Bitcoin started the week drifting rapidly from the $100,000 threshold. The bulls failed to keep the momentum, and BTC’s value dropped as low as $94,000. The rest of the week was marked by intense volatility, with the king of cryptocurrencies hitting $100,000 several times before dropping again.Fortunately, its trajectory stabilized towards the weekend, and it even added $3,000. Bitcoin has been one of the few well-performing coins in the crypto market.Ethereum dropped a few value points this week, as it was seen trading at a little under $4,000. This loss is not overly worrisome, but it may also prevent the second crypto in command from advancing. Many of its supporters have been hoping for a more stable surge that could cement ETH’s value well above the $4,000 level.
Altcoins & DeFi
Most altcoins have been trading in the red. For example, XRP moved down by 5%, which put a stop to its momentous rise that helped its price reach $2.55 recently. Elsewhere, Cardano moved down by 8%, BNB by 3%, Solana by 6%, TRON by 10%, Avalanche by 3%, Toncoin by 5%, and Polkadot by 12%. On the other hand, Chainlink increased by 13%, Sui by 10%, and UNUS by 1%.The memecoins have not been enjoying their best days, either. For instance, Dogecoin fell down by 13%, Shiba Inu by 14%, and Pepecoin by 9%.The Metaverse sector has also witnessed some notable movements over the past week. For instance, Axie Infinity moved down by 16%, Stacks by 8%, Render by 9%, MultiversX by 12%, Decentraland by 14%, and The Sandbox by 17%. The notable climber of the week has been Virtuals, which moved up by a whopping 48%.The DeFi sector added almost $2 billion to the total value of locked protocols (TVL), which is now at around .
What’s in the News?
Next Week’s Crypto Market Forecast
The cryptocurrency market’s recent slump has only been a blimp in an otherwise brilliant run, which saw many cryptocurrencies thrive. Despite the recent losses, the sentiment has remained generally positive, with little to no fear, uncertainty, or doubt. Therefore, we can expect the market to potentially attract more liquidity within the last two weeks of 2024.
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:Key Ethereum Support Zone Amid $4,000 Price StruggleCrypto Market Outlook: VanEck Issues 10 Predictions, Including Bitcoin Nearing $200,000XRP Price Breakout Above $10: Analyst Tells Community To Pay Attention To This Fractal
