Bitcoin Tumbles To $62,000 As The Market Takes A Dip -

Bitcoin Tumbles To $62,000 As The Market Takes A Dip

Oct 06, 2024Jeremy ParkinsonFinance0

Image Source: Pexels

This Week’s Summary

The cryptocurrency market looks set to end the week at a total market capitalization of around $2.17 trillion.

Bitcoin moved down by over 5% to trade at around $62,300.

Ethereum decreased by almost 9% to trade at around $2,400.

XRP moved down by 15%, Solana by 8%, and Dogecoin by 13%.

Almost all altcoins have been seen trading in the red, with very few exceptions.

The DeFi sector decreased the total value of protocols (TVL) to around $83 billion.

Crypto Trends for the Week of Sept. 30-Oct. 6, 2024: Market Analysis and Performance
The cryptocurrency market recently kicked off the last financial quarter of 2024 in a worrisome state. Most cryptocurrencies have spent the previous seven days decreasing rapidly in value. In fact, we can count currently thriving assets on the fingers of one hand. As a result, the market capitalization dropped by $140 billion to $2.17 trillion.Bitcoin started the week on the back of a successful run that had taken its value close to $66,000. Unfortunately, the bull run stopped there. The king of cryptocurrencies gradually lost value, inspiring a subsequent drop for most ensuing assets. This week’s loss has amounted to around $3,500 so far, with BTC recently seen trading at around $62,300.Ethereum lost most of its precious gains from previous weeks due to a 9% value drop. The second crypto in command seemed to be on an uptrend for the first time in the past two months. Unfortunately, its winning streak stopped at a little over two weeks. Recently, ETH has been seen trading at around $2,400.

Altcoins & DeFi
Most altcoins have been trading in the red, with almost no exceptions. The only notable climbers have been UNUS, which moved up by 3%, and Aptos, which moved up by 10%. On the other hand, XRP moved down by 15%, Solana by 8%, BNB by 6%, TRON by 1%, Toncoin by 9%, Cardano by 11%, Avalanche by 7%, Chainlink by 11%, and Polkadot by 13%.The memecoins have also been drowning in the red. Dogecoin fell down by 13%, Shiba Inu by 11%, and Pepecoin by 16%.The Metaverse sector also witnessed some notable movements over the past week. For instance, Axie Infinity moved down by 13%, The Sandbox by 12%, and Stacks by 7%. Also, Render decreased by 14%, Floki by 17%, Decentraland by 9%, and MultiversX by 9%.The DeFi sector lost almost $6 billion from the total value of locked protocols (TVL), which is now at around $83.03 billion.

What’s in the News?

OpenSea, one of the most popular NFT marketplaces, has been facing increasing difficulties. After being the object of an SEC investigation, the company lost some of its best employees, who have been abandoning ship at a high rate.

A CryptoPunks NFT was recently sold for $56.3 million, following a staggering 81,000% price increase. However, the sale was problematic for the NFT community, as many seem to believe it to be nothing more than a marketing tactic for a future token launch.

Next Week’s Crypto Market Forecast
The cryptocurrency market entered the month of October in poor fashion. Most crypto assets have been drowning in an unexpected bloodbath and losing most of the value they gained in September. It’s not the best of times for cryptocurrency enthusiasts, as the market sentiment has remained negative. Hopefully, the trend will reverse starting next week.

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:Ethereum: 108,000 ETH Sent To Crypto Exchanges; Will Price Revisit $2,200?XRP Macro Charts Signal Explosive Bullish Move Despite SEC AppealAnalyst Says Bitcoin Crash Might Not Be Over, Why $60,365 Is Important