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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 $ 1.655 trillion.
• Bitcoin is up about 21% after an enthusiastic week.
• Ethereum has risen more than 19% in the last seven days.
• XRP registers a 25% increase in value during the week.
• Dogecoin, Polkadot and Cardano ended the week with significant increases in value.
• DeFi industry has added nearly $ 10 billion to Total Value Protocols (TVL).

Crypto Trends July 26 – August 1, 2021: PERFORMANCE AND ANALYSIS

cryptocurrency market is finally smiling after one of the best weeks in its recent history. After bleeding heavily for nearly three months, Bitcoin and most altcoins have made up some lost ground as they have been trading green for most of the week.

Market capitalization has also gotten a good boost after increasing by nearly $ 300 billion, and at the time of writing this is at $ 1.655 trillion.

After falling miserably below the $ 30,000 mark just over a week ago, Bitcoin has rebounded spectacularly this week. In fact, it is up no less than $ 8,000, and is trading at around $ 41,700 as of Sunday, August 1. Its rise has been steady throughout the week and has now returned to its April levels, giving many investors hope for another long bull run.

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Ethereum also grew exponentially this week to outrun the $ 2,000 psychological level. That is now trading at around $ 2,555 and trying to dump its fortunes.

Typically being an underperforming coin, Ripple’s XRP has decided to dispel this myth with a 25% increase in value over the week. It also jumped to the top of the ladder to position 7 in the top 10 cryptocurrencies by market capitalization. XRP is now trading at around $ 0.765.

Elsewhere, Cardano also posted an 11% increase in value now trading at around $ 1.37. Most of the altcoins have been trading green all week and have recovered positions that they did not have in months. For example, Polkadot increased by 35% and Dogecoin increased by 7%. Furthermore, Binance Coin grew more than 13%.

Elsewhere, the DeFi industry has made around $ 10 billion in Total Value Protocols (TVL), which now stands at nearly $ 71.50 billion.

This spectacular increase in value in all areas of cryptocurrencies did not come out of nowhere. Rather, we can find its roots in the back-to-back news this week.

First, Binance has decided to reduce its derivative services in some European countries, such as Germany, Italy, and the Netherlands. This news is not good at all. However, other news comes to light revealing that many states are seriously looking into the adoption and regulation of cryptocurrencies. Thus, it makes crypto assets more profitable for long-term interests.

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Second, a recent survey shows that the number of cryptocurrency holders has doubled since the beginning of 2021. Today, more than 220 million people around the world own some form of cryptocurrency right now.

What’s in the news

• second oldest bank in the United States, State Street, announced that it would begin offering cryptocurrency services to its private fund clients.
• Mexican authorities identified no less than 12 illegal cryptocurrency exchanges operating in its territory.

Market forecast next week

This week he managed to lift the market because of the FUD that has ruined it for the last three months. While it’s too early to know how long this rejuvenation can last, we can only hope it doesn’t end in a bloodbath. Most importantly, those investors who have recently stayed away from the cryptocurrency market due to its intense volatility can regain their interest in digital assets.

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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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