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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $2,088 trillion.
• Bitcoin (BITCOMP) is more or less at the same value as last week after a 0.2% drop.
• Ethereum (ETH-X) calls it even after a 0.35% increase over the week.
• XRP (XRP-X) is down by roughly 6% in comparison to last Sunday
• Solana, Terra, and Cardano (ADA-X) end the week with significant value boosts.
• The DeFi sector dropped more than $1 billion from the total value protocols (TVL).

Crypto Trends for the Week of Aug. 23 – 29: Market Analysis and Performance

We start this crypto market analysis without any big news in hand. Besides Cardano’s spectacular surge, it has been a rather uneventful week. Firstly, the market capitalization remains at similar values but still above the $2 trillion mark. A small increase of only $22 billion over the week did not make too many waves.

Bitcoin is still seesawing between $47,000 and $50,000 without managing to go above the psychological threshold. The good news is that the primary cryptocurrency doesn’t seem to be losing ground as it used to in the past. Despite news of imminent crypto regulations in the U.S., the king coin maintains its steady course. Bitcoin has been trading at around $48,725.

Ethereum also remains above a psychological level of its own. After a minuscule increase over the past seven days, the second crypto in command continues to trade above $3,000. Ethereum has been recently trading at around $3,211.

Ripple’s XRP continues to drop down the ranks after another 6% weekly loss. It seems that soon the coin will lose the entire 60% value boost it gained at the beginning of August. XRP has been recently trading at around $1.14.

One of the week’s best performers is (again) Cardano. Since the Alonzo upgrade, ADA has been surging far and beyond the investors’ expectations. At the moment, ADA has been trading at around $2.86 and is close to overcoming the $3 mark soon enough.

Elsewhere, Polkadot is down by 5%, Solana has increased by 22%, and Binance Coin is up by more than 8%. The DeFi sector gained roughly $2.7 billion in total value protocols (TVL), which now stands at nearly $82.09 billion.

Crypto Market Analysis – What’s in the News?

• Wall Street giants JPMorgan reveal plans to offer clients cryptocurrency funds.
• IOHK submits proposal for final Alonzo Purple upgrades.
• Ethereum bug on its old client “Geth” leads to a fork.
• A record $168 million in BTC flows into exchanges as profit-taking continues.

Next Week’s Market Forecast

Bitcoin and the entire crypto market are eagerly waiting for next month’s events. New crypto regulations in the U.S. and the upcoming BTC legalization in El Salvador should increase volatility. Most likely, investors are readying for a roller coaster ride on one of the most exciting financial markets. It’s difficult to say where the next weekly crypto market analysis will find us. We can only hope that most cryptocurrencies will be trading in the green.