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Get the weekly summary of the cryptocurrency market trends, news and forecasts!
Summary of this week
- cryptocurrency market closes the week with a total market capitalization of $ 1.377 trillion.
- Bitcoin is up about 7% after a turbulent week.
- Ethereum has risen more than 8% in the last seven days.
- XRP registers a 1% increase in value during the week.
- Dogecoin, Polkadot and Cardano closed the week with slight increases in value.
- DeFi industry has added nearly $ 7 billion to Total Value Protocols (TVL).
Crypto Trends July 19-25, 2021: PERFORMANCE AND ANALYSIS
cryptocurrency market had one of its most spectacular weeks of the year. After bleeding massively across the board for more than two days, most crypto assets rallied in the middle of the week. Although it is still early to say, it seems that the bulls are back in the game.
Market capitalization increased by over $ 70 billion to just over $ 1.377 trillion at the time of writing.
Bitcoin can thank its lucky stars and of course Elon Musk for regaining a valuable position above $ 30,000. After several weeks of depreciation, the leader of all cryptocurrencies fell below the psychological threshold of $ 30k on Tuesday.
After the impressive rise to $ 64k, it was the first time that Bitcoin fell that much. Fortunately, the desperate cries of investors who bought for $ 50,000 did not last long. On Wednesday, the long-awaited debate between tech / financial gurus Elon Musk, Jack Dorsey, and Cathie Wood discussed Bitcoin at an online event called Word B.
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While many viewers described the event as ‘B for boring’, the discussion had some interesting points and one of them was about the adoption of Bitcoin. It was then that Elon Musk casually said that Tesla could accept Bitcoin payments again in the future.
It wasn’t much, but it was enough to wake up the bulls. n, almost magically, the trading price of Bitcoin rallied and in less than three days it reached almost $ 35,000.
Again, a few words are needed here and there to change the value of BTC one way or another. We will see if these future discussions will have another similar impact. Currently, Bitcoin is trading at around $ 33,880 after a 7% weekly surge.
Bitcoin wasn’t the only cryptocurrency to win after the B-Word debate. Ethereum also saw a price surge, especially after Musk admitted that he owns ETH and plans to hold it for the long term.
It’s worth noting that Ethereum struggled for a few weeks as well. Just last Sunday it traded below the $ 2,000 psychological level. Fortunately, Musk’s words convinced others that Ethereum is worth it and its price skyrocketed shortly after the event. Ethereum is now trading at around $ 2,115.
Ripple’s XRP has not benefited from any favors from the B-Word team. However, it used the market recovery to increase by a paltry 1%. XRP is now trading at around $ 0.5918.
On the other hand, Cardano recorded a 1% increase in value to return in the same way commercial value last Sunday, which is $ 1.20.
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Most altcoins were trading in the red all week and rallied after Bitcoin returned above $ 30,000. However, most experienced small increases in the trading price. For example, Polkadot increased by 5% and Dogecoin decreased by 3%. Unfortunately, Binance Coin is down more than 2%.
Elsewhere, the DeFi industry has made about $ 7 billion in Total Value Protocols (TVL), which now stands at nearly $ 61.39 billion.
What’s in the news
Market forecast next week Week
While many expect otherwise, the recent bull run is unlikely to last long. As the weekend draws to a close, most crypto assets are posting carast but worrying values and the value has fallen in the last 24 hours. In fact, most of the top 20 cryptocurrencies by market cap are all but losing their recent gains.
Next week it should continue in the usual highly volatile way. Many of the crucial events on the horizon, such as the Ethereum London update scheduled for August, should shake things up more than recent debates online.
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A creative writer in the content writing field for the past 7 years. Iulian is passionate about his work and his interest in areas such as technology, travel, sports, literature and gastronomy have helped him to seek quality articles that reflect these themes. Recently, he discovered Bitcoin and blockchain technology and is now a huge fan.
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