Bitcoin Tops $35,000, Altcoins Surge, And Sam Bankman-Fried Is Found Guilty -

Bitcoin Tops $35,000, Altcoins Surge, And Sam Bankman-Fried Is Found Guilty

Nov 05, 2023Jeremy ParkinsonFinance0

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This Week’s Summary

The crypto market ends the week at a total market capitalization of $1.37 trillion.

Bitcoin increased by over 2% to reach around $35,100.

Ethereum moved up by nearly 5% to reach almost $1,900.

XRP gained over 17% in value this week.

Almost all altcoins have been seen trading in the green, with virtually no exceptions.

The DeFi sector increased the total value of protocols (TVL) to around $43 billion.

Cryptocurrency Trends for the Week of Oct. 30 – Nov. 5, 2023: Market Analysis and Performance
The cryptocurrency market started off the month of November healthily trading into the green. Most assets recorded substantial value gains, with some punching way above their weights. Meanwhile, the overall market capitalization increased by over $50 billion to comfortably exceed $1.3 trillion.Bitcoin scored back-to-back successful weeks after claiming the $35,000 level. The king of cryptocurrencies has been on the rise, finally leaving the comfort zone at around $26,000 behind it. Recently, it has been trading well above $34,000 and seeking to surge higher. In fact, it reached almost $36,000 on Thursday before settling at nearly $1,000 less.Ethereum has also been flying high following a 5% value boost. The second crypto in command was back in contention for the $2,000 level, which was in its grasp a handful of times this year. If this trend continues, ETH could climb above the much-coveted threshold by the month’s end.

Altcoins & DeFi
Most altcoins have been seen trading in the green, with almost no exceptions. For example, BNB moved up by 6%, Dogecoin by 1%, TRON by 4%, and Polkadot by 14%. Meanwhile, XRP rose by almost 17%, Solana by a whopping 27%, Cardano by 15%, Toncoin by 9%, and Chainlink by 8%.The Metaverse sector has been experiencing the same sentiment as the rest of the crypto market, with most projects seen trading comfortably in the green. For instance, Axie Infinity moved up by 1%, The Sandbox by 6%, Decentraland by 7%, and ApeCoin by 4%. Elsewhere, ICP increased by 5% and Stacks by 2%.The DeFi sector added over $2 billion to the total value of locked protocols (TVL), now at $43.78 billion.

What’s in the News?

Sam Bankman-Fried, the former CEO of FTX, was found guilty of all seven fraud charges and may face a 120-year prison sentence.

Georgia’s National Bank selected XRP for its CBDC pilot program.

Elon Musk launched a new AI chatbot, “Grok,” and says it can outperform ChatGPT.

Next Week’s Crypto Market Forecast
The cryptocurrency market has now seen better days after months of disappointing stagnation and failures. As always, Bitcoin has been leading the surge, expanding its dominance and winning one level after another. It’s been encouraging to see the other assets doing so well despite the SEC’s crackdown on crypto or developments in the FTX debacle. Hopefully, this trend will continue next week, as well.

About the Author
Born and raised in Romania, and currently living in Spain, the author 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 Above $34,000 As The Market Records Impressive GainsWMA: Bitcoin Back At $30,000 And XRP Scores Major Win Against SECBitcoin Goes Below $27,000 As The Market Takes Another Hit