WMA: Bitcoin and Altcoins Stagnate as the Bulls Simmer Down

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This Week’s Summary

The crypto market ends the week at a total market capitalization of $1,173 trillion.
Bitcoin is down by over 1% after an unremarkable week.
Ethereum increased by almost 2% over the past seven days.
XRP lost more than 4% in value this week.
Almost all altcoins are trading in the red, with a few exceptions.
The DeFi sector maintains the total value of protocols (TVL) at around $50 billion.

Crypto Trends 3 – 9 April 2023: Market Analysis and Performance

The crypto market closes a largely uneventful week as the bulls soft-pedal their recent run. Most assets seesawed slightly in and around the same values they had last week. Moreover, the cooldown is visible in the market capitalization, up by only $1 billion this week.

Bitcoin did not manage to maintain the $28,000 level this week. However, the king crypto is not trading too far from it and maintains market dominance despite a 0.5% drop. At the time of writing, BTC was priced at around $27,900.

Ethereum continues to grow for the second week in a row. The second crypto in command steadily increases value by 1 or 2 percentage points weekly. It may not seem much, but it’s enough to confirm its increasingly popular status. Currently, ETH is trading at around $1,850.

Altcoins & DeFi

The altcoin sector has mixed performances this week. Firstly, XRP seems to have finished its surprising and meteoric rise. After climbing above $0.5 for the first time in months, the coin slowly returns to more familiar support levels. At the time of writing, it was close to going under $0.5 on the back of a 4% drop.

Elsewhere, BNB, Avalanche, Shiba Inu, and Polygon are down by more than 1% each. Also, Solana, Polkadot, and Litecoin have dropped by over 3%. Meanwhile, Cardano is up by 1% and Dogecoin by around 2%.

The Metaverse sector shares the same sentiment as the rest of the crypto market. For instance, Theta Network is down by 2%, while Axie Infinity is down by 1%. Decentraland decreased by 3%, similar to ICP and ApeCoin. Meanwhile, Stacks is down by 8%, and The Sandbox is up by 1%.

The DeFi sector lost nearly $0.5 billion from the total value in locked protocols (TVL), now at $49.94 billion.

Crypto Market Analysis – What’s in the News?

MicroStrategy, the largest corporate holder of Bitcoin, purchased BTC worth almost $30 million.
BlackRock seeks to sell over $114 billion worth of defunct bank securities.
The United States Treasury Department considers decentralized finance a national security threat.

Next Week’s Crypto Market Forecast

The crypto market entered a period of stagnation after a remarkable bulls run. However, the red figures across the crypto board do not signal the bears’ return. On the contrary, the market follows suit, with other financial sectors wobbling between highs and lows in an economically uncertain environment. The next few weeks should follow the same pattern.

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