The crypto week ahead may see a market recovery, with signs of a rebound in memecoin valuations and overall market cap.
- The crypto market capitalization fell from $2.4 trillion to $2.201 trillion at the start of October. Memecoins showed signs of recovery, with market capitalization rebounding to $49 billion by the 7th of October.
The crypto week ahead could show signs of recovery following a significant decline in market capitalization over the past week.
Last week’s market dip saw major cryptocurrencies, including Bitcoin [BTC] and Ethereum [ETH], and memecoins, experience notable losses.
However, recent trends suggest a potential rebound, setting the stage for a more positive outlook in the coming days.
Trends from the previous week
The previous week saw a substantial drop in the overall cryptocurrency market.
Data from CoinGecko reveals that the market capitalization at the end of September was around $2.4 trillion, but it fell to approximately $2.201 trillion at the start of October.
The declines were driven by losses in key assets like Bitcoin, Ethereum, and various memecoins. This contributed to the overall market value drop.
Specifically, the memecoin market experienced a sharp decline. After seeing a steady increase throughout September, the market cap fell from around $52 billion at the end of the month to as low as $42.7 billion by the 4th of October, according to data from CoinMarketCap.
Memecoins’ prospects for the crypto week ahead
The crypto week ahead may bring some relief for memecoin investors as the market shows signs of bouncing back.
As of the 7th of October, the memecoin market capitalization had risen to over $49 billion.
Although it dipped slightly to around $48 billion by the end of the last trading session, this is still a marked improvement compared to the previous week’s low.
Source: CoinGecko
The recovery in the memecoin sector is a positive signal for the broader market, suggesting potential upward momentum in the days ahead.
Overall market cap outlook for the crypto week ahead
The rebound in the memecoin market is reflected in the overall cryptocurrency market capitalization. Following its drop to approximately $2.201 trillion, the market cap has recovered to around $2.285 trillion.
Currently, it stands at about $2.265 trillion, indicating a positive trend for the crypto week ahead.
Source: CoinMarketCap
For this recovery to gain traction, major cryptocurrencies like Bitcoin and Ethereum will need to continue their upward movement.
Bitcoin was trading around $62,200, down from $64,000 earlier, while Ethereum was trading near $2,430 after falling from the $2,600 level it reached last month.
The crypto week ahead shows promise for a market recovery, driven by rebounds in memecoin valuations and a gradual improvement in overall market sentiment.
If key assets such as Bitcoin and Ethereum can sustain positive trends, the market capitalization could see further gains in the near term.
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