WMA: Bitcoin Sets Another ATH Before the Market Deflates

Get the weekly summary of crypto market analysis, news, and forecasts!

This Week’s Summary

The crypto market ends the week at a total market capitalization of $2,58 trillion.
Bitcoin is down by over 2% to trade at around $68,000.
Ethereum decreased by almost 8% to trade at around $3,600.
BNB is up by 11%, Solana by 33%, and XRP by 1%.
Almost all altcoins are trading in the green, with a few notable exceptions.
The DeFi sector increased the total value of protocols (TVL) to around $100 billion.

Crypto Trends 11 – 17 March 2024: Market Analysis and Performance

The crypto market takes a step back after two weeks of spectacular surge. Most assets lost important value points this week. Fortunately, their withering did not result in losing all the gains they made recently. This is visible in the overall market capitalization, down by only $30 billion after a rollercoaster of a week.

Speaking of rollercoasters, Bitcoin had its share of remarkable ups and downs in a thrilling week. The king of cryptocurrencies was on the rise for most of this period. In fact, it established a new all-time high (ATH) trading value at $73,750 on March 14. However, that was the last “hoorah!” of this week as BTC slumped by over $8,000. It recovered briefly over the weekend to trade just a little under $68,000.

Ethereum surpassed the daunting $4,000 level twice this week before dropping below on the weekend. The second crypto in command almost touched $4,100 on Tuesday. However, it lacked the power to push further and establish a safe position. Following a nearly $500 loss, ETH slipped to its current trading value of around $3,600

Altcoins & DeFi

Most altcoins are trading in the green, albeit some big names are slumping into the red. This week’s winners include BNB, up by 11%, and Solana, up by 33%. Furthermore, Avalanche is up by 31%, Toncoin by 39%, NEAR Protocol by 36%, and XRP by 1%.

On the other hand, Cardano is down by 6%, Dogecoin by 12%, Shiba Inu by 14%, Polkadot by 2%, TRON by 7%, and Polygon by 12%.

The Metaverse sector has also seen notable movements in the past week. For instance, Axie Infinity is down by 18%, ICP by 12%, Decentraland by 20%, ApeCoin by 8%, Theta Network by 1%, and The Sandbox by over 20%. Only Render is smiling on the back of a 16% value boost.

The DeFi sector lost almost $5 billion from the total value in locked protocols (TVL), now at $95.83 billion.

Crypto Market Analysis – What’s in the News?

A UK judge ruled that Craig Wright is not Satoshi Nakamoto, rebutting a 10-year-old claim, now deemed false officially.
MicroStrategy bought $800 million worth of Bitcoin, consolidating its position as the largest corporate holder of BTC.

Next Week’s Crypto Market Forecast

The crypto market reduces its momentum as the bulls take the backseat for a few days. It is a perfectly normal phenomenon of a financial sector that bit more than it could chew in recent weeks. Still, with the Bitcoin halving only a month away, we can expect other bullish movements in the weeks to come.

The post WMA: Bitcoin Sets Another ATH Before the Market Deflates appeared first on Crypto Adventure.

Crypto Pulpit