This Week’s Summary
Crypto Trends For the Week of July 1-7, 2024: Market Analysis and Performance
The cryptocurrency market appears ready to close one of the worst weeks of 2024. Most assets dropped heavily this week, losing considerable value. It was a bloodbath that even seasoned crypto enthusiasts hadn’t seen in years. The overall market capitalization dropped by $160 billion to $2,11 trillion.Everything was stable in the crypto space until Wednesday, when news of a massive transfer of $2.7 billion worth of BTC. The now-defunct but in-debt crypto exchange, Mt.Gox, was responsible for this transaction. The funds were sent to a new address, flooding the market in fear, uncertainty, and doubt, and causing massive liquidations across the board.Moreover, the German government coincidentally decided to sell over 10,000 BTC from the $50,000 retained by authorities a few years ago. Unsurprisingly, this event caused even more fear-driven sales of BTC and other cryptocurrencies.Bitcoin has been making headlines recently, but for all the wrong reasons. The king of cryptocurrencies took a massive hit from the above-mentioned sales. Its value spiraled downward almost immediately and reached as low as $53,700. The price recovered gradually, but still far from the once-safe $60,000 level. Recently, BTC has been seen trading at around $57,000.Ethereum dropped below the $3,000 level after losing almost 12% this week. The second crypto in command had been on a downtrend for weeks, but this time, it lost more than expected. Its most recent trading value is around $2,900.
Altcoins & DeFi
Most altcoins have been trading in the red, with very few exceptions. For instance, TRON moved up by 2%, representing the only notable cryptocurrency in the green. Elsewhere, BNB fell down by 14%, Solana by 3%, XRP by 8%, Toncoin by 3%, and Cardano by 7%.The memecoins have not been faring any better. Dogecoin moved down by 12%, Shiba Inu by 7%, and Pepe by 18%.The Metaverse sector also witnessed some notable movements over the past week. For instance, Axie Infinity moved down by 13%, The Sandbox by 10%, and ICP by 11%. Also, Render dropped by 12%, Theta Network by 13%, and Stacks by 17%. The only notable climber has been MultiverseX, up by 17%.The DeFi sector lost almost $7 billion from the total value of locked protocols (TVL), now $87 billion.
What’s in the News?
Next Week’s Crypto Market Forecast
The cryptocurrency market began July in the worst possible ways. As the bleeding continues across the board, the sentiment remains negative. Nevertheless, it’s worth noting that a massive dip is also an opportunity for those seeking lower crypto prices to enter the market. Hopefully, this downtrend will change 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 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:Polkadot’s Dot Play Secures Decentralized Futures Grant for Gaming InnovationBitcoin Holders Could Gain from Potential US Dollar Collapse, Says Chief StrategistXRP Surges as Lawsuit Nears Conclusion; Vitalik Buterin Invests In New Blockchain; Lithium Finance Shocks Experts
