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This Week’s Summary
- The crypto market ends the week at a total market capitalization of $3.68 trillion.
- Bitcoin increased by nearly 3% to trade at around $100,200.
- Ethereum is up by almost 8% to trade at around $4,000.
- XRP is up 34%, Cardano 14%, and Dogecoin 9%.
- Almost all altcoins are trading in the green, with very few exceptions.
- The DeFi sector increased the total value of protocols (TVL) to around $136 billion.
Crypto Trends 2 – 8 Dec 2024: Market Analysis and Performance
The crypto market is on a roll, with most cryptocurrencies recording impressive surges. This week sees a historic premiere for the crypto sector and the financial world as Bitcoin becomes the first cryptocurrency to reach $100,000. The major event increased the frenzy in the crypto market, as most digital assets registered substantial gains. As a result, the market capitalization increased by $230 billion.
Bitcoin started the week without any signs of reaching the much-expected $100,000 goal. In fact, it dipped as low as $93,000 mid-week, losing over $4K in the process. Nevertheless, the king of cryptocurrencies quickly recovered and spiked to $103,900. This mind-blowing value became its new ATH. Afterward, BTC dropped to around $97,000, only to recover another $3,000 throughout the weekend. Bitcoin is now trading at around $100,200.
Ethereum also impressed this week as it returned above the $4,000 level, albeit briefly. Cruising on an 8% value boost, ETH climbed as high as $4,089 mid-week. However, it has dropped a bit in value since then. The second crypto in command is trading only a little under $4,000.
Altcoins & DeFi
Most altcoins are trading in the green, with some impressive results. For example, XRP is up 34%, which brings its value very close to $2.55. Elsewhere, Cardano is up 13%, BNB by 13%, TRON by 51%, Avalanche by 17%, Chainlink by 42%, and Polkadot by 16%. On the other hand, Solana dropped by 1%, Toncoin by 2%, and Stellar by 3%.
The memecoins are enjoying some of their best days, with impressive value boosts across the board. For instance, Dogecoin is up by 9%, Shiba Inu by 1%, and Pepecoin by 15%.
The Metaverse sector has also seen notable movements in the past week. For instance, Axie Infinity is up by 14%, Stacks by 13%, Render by 16%, MultiversX by 22%, Decentraland by 15%, and The Sandbox by 37%.
The DeFi sector added almost $10 billion to the total value in locked protocols (TVL), which is now $136.13 billion.
Crypto Market Analysis – What’s in the News?
- Donald Trump announced that former Commissioner Paul Atkins would be the new Chairman of the United States Securities and Exchange Commission.
- MicroStrategy bought 15,400 BTC for $1.5 Billion, increasing its Bitcoin reserves to 402,100 BTC.
Next Week’s Crypto Market Forecast
Christmas came earlier for the crypto market, gifting investors many new and lucrative opportunities. Thanks to Bitcoin’s sensational surge, we officially entered a new era for digital assets everywhere. The market sentiment remains highly positive and is likely to remain the same next week as well.
The post WMA: Bitcoin Climbs Above $100,000 as Crypto Market Prices Skyrocket appeared first on Crypto Adventure.
