This Week’s Summary
Crypto Trends 21 – 27 Oct 2024: Market Analysis and Performance
The crypto market closed an agitated week marked by numerous ups and downs. Most cryptocurrencies went on a stormy rollercoaster, with spectacular surges and disappointing drops. As the weekend came around and the storm settled, the assets counted their gains and losses, albeit many were still trading in the red. In the end, the overall market capitalization lost only $60 billion, dropping to $2.29 trillion.Bitcoin started trading in the green at around $69,500 during the week. For about 24 hours, the precious $70k level seemed in hand’s reach. However, the king of cryptocurrencies failed in its bullish attempt to create a new ATH. Instead, the bears grabbed the control and took BTC’s value as low as $65,000. Then, it increased by $2K, only to lose it the next day. This seesawing movement continued until the weekend, with BTC eventually settling for a 1% loss.Ethereum also rode the market rollercoaster, but its outcome was far from pleasing for its supporters. The second crypto in command dropped by over 6%, losing the important advantage that would take them closer to $3K. Currently, ETH is trading at around $2,400.
Altcoins & DeFi
Most altcoins are trading in the red, with some exceptions. For example, XRP is down by 5%, BNB by 2%, Toncoin by 7%, Chainlink by 6%, Polkadot by 9%, Avalanche by 9%, Litecoin by 6%, and ICP by 4%.Not all the altcoins followed the negative market sentiment. For instance, TRON is up by 5% and Solana by a whopping 12%The memecoins are not faring well at the moment. Dogecoin is up by 1%. However, Shiba Inu decreased by 8% and Pepecoin by over 11%.The Metaverse sector has also seen notable movements in the past week. For instance, Axie Infinity is down by 11%, Stacks by 9%, Render by 8%, Floki by 13%, Decentraland by 12%, and ApeCoin by 35%.The DeFi sector lost almost $1.5 billion from the total value in locked protocols (TVL), which is now $87.23 billion.
Crypto Market Analysis – What’s in the News?
Next Week’s Crypto Market Forecast
The crypto market is once again experiencing extreme volatility. The instability keeps new investors at bay. Meanwhile, experienced traders are less active, with most desperately waiting for brighter days. The overall negative sentiment impacts most assets and allows uncertainty to take over the market.More By This Author:XRP Active Addresses Hits 6-Month Peak—Could A Market Shift Be Coming?
Cardano Price Set To Skyrocket By 430%, Crypto Analyst Predicts
Bitcoin Price To See 70%+ Powerful Bull Wave To Push It Over $100,000, How High Can It Go?
