This Week’s Summary
Crypto Trends for the Week of March 18-24, 2024: Market Analysis and Performance
The cryptocurrency market took a U-turn this week, resulting in many assets losing insignificant gains. Nevertheless, most cryptocurrencies have remained strong going into the last week of March. This is visible in the overall market capitalization, down by only $90 billion after a turbulent week.Bitcoin did not manage to recover well enough this week to trade back above $70,000. On the contrary, the king of crypto went through a thrilling roller-coaster ride that saw it dangle between $60,000 and $70,000 for the entire period. At one point, BTC was trading as low as $61,000 following massive liquidations. Recently, Bitcoin has been seen trading at around $65,000.Ethereum was unsuccessful in staying above $4,000 for too long. The second crypto in command dropped precious points this week as well to trade as low as $3,300. It is a disappointing turn of events for ETH supporters who were desperately hoping for it to establish a new all-time high.
Altcoins & DeFi
Most altcoins have been seen trading in the red. The very few exceptions included XRP, up by almost 2%, and Toncoin, up by 25%. Also, Dogecoin has been leading the memecoin revival with a 13% value boost. Elsewhere, BNB moved down by 4%, Solana by 11%, Cardano by 7%, Avalanche by 5%, Shiba Inu by 6%, Polkadot by 9%, and Chainlink by 2%.The Metaverse sector also saw some notable movements in the past week. For instance, Axie Infinity moved down by 4%, Render by 20%, Theta Network by 11%, MultiverseX by 6%, Decentraland by 2%, and ApeCoin by 9%. On the other hand, ICP increased by 11%, the Sandbox by 3%, and Stacks by 30%.The DeFi sector lost almost $3 billion from the total value in locked protocols (TVL), now at $92.78 billion.
What’s in the News?
Next Week’s Crypto Market Forecast
The cryptocurrency market took a dip for the second week in a row. The only good thing about it is that most assets did not lose considerable gains. Many investors are still on the fence, waiting for the Bitcoin halving to get underway before opening their wallets again.
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:Bitcoin Sets Another All-Time High Before The Market DeflatesHere’s What Financial Advisors Think Of The Bitcoin ETFsCardano Price Rally Is Far From Over, Here’s Why
