The market capitalization of cryptocurrencies fell from $2.4 trillion to $2.201 trillion as of early October. Memecoin showed signs of recovery, with its market capitalization recovering to $49 billion by October 7th.
After a significant decline in market capitalization over the past week, cryptocurrencies may show signs of recovery in the coming week.
Major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and memecoins suffered notable losses during last week’s market crash.
However, recent trends suggest a possible recovery, and the stage is set for a more positive outlook in the coming days.
Trends from previous week
Last week, the entire cryptocurrency market fell sharply.
According to data from CoinGecko, the market capitalization was around $2.4 trillion at the end of September, but it had fallen to around $2.201 trillion at the beginning of October.
This decline was due to losses in major assets such as Bitcoin, Ethereum, and various meme coins. This contributed to the decline in overall market value.
Specifically, the meme coin market has fallen sharply. After seeing steady increases throughout September, the market capitalization fell from around $52 billion at the end of the month to $42.7 billion by October 4, according to data from CoinMarketCap.
Memecoins’ crypto outlook for the coming week
Cryptocurrencies next week may bring some relief to memecoin investors as the market shows signs of recovery.
As of October 7th, memecoin market capitalization had risen to over $49 billion.
It was down slightly to about $48 billion at the close of the previous session, but still a notable improvement from last week’s lows.
Source: CoinGecko
The recovery in the memecoin sector is a positive signal for the overall market, suggesting that upward momentum could build in the coming days.
Overall market capitalization outlook for the upcoming crypto week
The recovery in the meme coin market is reflected in the overall market capitalization of cryptocurrencies. After falling to about $2.201 trillion, the market capitalization recovered to about $2.285 trillion.
Currently, it stands at approximately $2.265 trillion, indicating a positive trend in the upcoming crypto week.
Source: CoinMarketCap
For this recovery to gain momentum, major cryptocurrencies such as Bitcoin and Ethereum need to continue rising.
Bitcoin is trading around $62,200, down from its previous level of $64,000, while Ethereum is trading around $2,430, down from the $2,600 level reached last month.
The upcoming crypto week shows that the market is likely to recover, with a recovery in meme coin valuations and a gradual improvement in overall market sentiment.
If major assets such as Bitcoin and Ethereum can maintain their positive trends, their market capitalizations could rise further in the short term.
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