Difficult week for BTC and Altcoin after the adoption of Bitcoin in El Salvador

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Summary of this week

  • cryptocurrency market closes the week with a total market capitalization of $ 2.066 trillion.
  • Bitcoin is down almost 9% despite becoming legal tender in El Salvador.
  • Ethereum lost 13% in value during the week.
  • XRP is down about 14% since last Sunday.
  • Most altcoins, with the exception of Solana, traded in the red for most of the week.
  • DeFi industry has lost nearly $ 10 billion from Total Value Protocols (TVL).

Crypto Trends 06 – September 12, 2021: Market Analysis and Performance

It has been a disappointing week for most cryptocurrencies despite the crypto king becoming legal in El Salvador. Also, most altcoins have bled heavily in the last seven days and the market cap dropped by more than $ 200 billion. It’s still over $ 2 trillion now, but not much.

This week, El Salvador made history by being the first country in the world to accept Bitcoin as legal tender. small Central American state even called the formalization date “Bitcoin Day.” Unfortunately, as soon as that day started, the cryptocurrency market experienced tremendous volatility.

What should have been a joyous day quickly turned into a nightmare for most cryptocurrencies. For example, Bitcoin fell no less than $ 10,000 in just a few hours. Hence, Ethereum followed the course alongside XRP, Cardano, and all the recent superstars.

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A timid wave of stabilization washed over the market throughout the week. Some cryptocurrencies have managed to recover, but none in a spectacular way. As of this writing, BTC has seen a 1% increase in the last 24 hours. Having crossed the $ 50,000 mark last week, Bitcoin is trading at around $ 45,900 today.

Altcoin and DeFi

Ethereum was so close to trading above $ 4,000 again. However, the market volatility had other plans for the second largest cryptocurrency. Ethereum is now trading at around $ 3,430. That’s $ 500 less than last week, but a 4% increase from the previous 24 hours should bring hope to your investors.

Ripple’s XRP continues its decline, which should soon be below the dollar threshold. After another disappointing week, XRP is now trading at around $ 1.11.

gimbal failed to overcome the turbulence this week, even though it has nothing to do with the legalization of BTC in El Salvador. After constant bleeding, ADA is now trading at around $ 2.66, away from its recent ATH at $ 3.10.

Somewhere else, A pois increased by almost 3%, Binance Coin decreased by more than 15%. And even the once-a-joke token, Dogecoin, is down 18%.

Despite all the darkness surrounding the crypto market, this week was successful for an altcoin. Solana is rising as if volatility can’t touch her. Following another spectacular 32% increase in value, Solana is now trading at around $ 178.

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DeFi Sector lost around $ 10 billion in Total Value Protocols (TVL), which now stands at nearly $ 88.3 billion.

Cryptocurrency Market Analysis: What’s in the News?

  • UK Post Office offers cryptocurrency purchases via EasyID starting next week.
  • MasterCard acquires CipherTrace to track cryptocurrencies.
  • Moonbeam collaborates with Lido to bring liquid participation to Polkadot.
  • Bitcoin could crash sooner or later, warns the Swedish central bank governor.

Market forecast next week

After a good start in September, the cryptocurrency market crashed. In the second week of fall, most cryptocurrencies lost almost all of their August gains. It is still too early to say where this wave of volatility will lead or end. However, we can only hope that BTC & co. it will be trading green again next week.

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