This Week’s Summary
Crypto Trends for the Week of April 22-28, 2024: Market Analysis and Performance
The cryptocurrency 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 have been dipping into the red. Meanwhile, the market capitalization dropped by around $20 billion to reach $2.37 trillion.Bitcoin struggled to maintain momentum following its fourth halving. The king of cryptocurrencies experienced a disappointing week, staying mostly in the green but succumbing drastically after failing at $68,000. A 2% drop took its value toward the lower limit of $63,000, with an increased probability of falling below soon.Ethereum enjoyed a better period and saw a 5% value boost to show for it. The second crypto in command has still been far from the $4,000 target. However, seeing it trade in the green again after a month’s worth of disappointments has been refreshing.
Altcoins & DeFi
Most altcoins have been seen 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 has been among the best-performing memecoins, with a 27% increase.On the other hand, XRP moved down by 1%, Solana by 5%, Dogecoin by 6%, Toncoin by 10%, Cardano by 5%, and Shiba Inu by 6%.The Metaverse sector also witnessed some notable movements in the past week. For instance, Axie Infinity moved down by 2%, Render by 7%, ICP by 10%, Stacks by 9%, The Sandbox by 4%, and MultiverseX by 3%. Meanwhile, Floki increased 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.
What’s in the News?
Next Week’s Crypto Market Forecast
The cryptocurrency market looks set to close 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 the pace in the following weeks.
About the Author
Born and raised in Romania, and currently living in Spain, Iulian discovered a knack for writing from a tender age and won some minor awards for fiction that didn’t pay much.Iulian became a content writer in 2011, and he’s 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:XRP Price Prediction: Analyst Says Prepare For 700% Jump To $4, Here’s WhenRipple Vs SEC Lawsuit Update: Here’s What To Expect Next WeekSolana and Ethereum Signal Uncertainty, While Investors Flock to Furrever Token: Is It Time to Invest FURR?
