- The crypto market cap fell from $2.4 trillion to $2.201 trillion in early October.
- Memecoins showed signs of recovery, with the market capitalization recovering to $49 billion on October 7.
The upcoming crypto week could show signs of recovery after a significant drop in market cap over the past week.
Last week’s market dip saw major cryptocurrencies, including Bitcoin [BTC] and ether [ETH]and memecoins suffer significant losses.
However, recent trends indicate a potential recovery, paving the way for a more positive outlook in the coming days.
Trends of the past week
The week before there was a substantial drop in the overall cryptocurrency market.
Data from Coin gecko shows that the market cap was about $2.4 trillion at the end of September, but fell to about $2.201 trillion in early October.
The declines were driven by losses in major assets such as Bitcoin, Ethereum and several memecoins. This contributed to the overall decline in market value.
In concrete terms, the memecoin market experienced a sharp decline. After a steady rise in September, the market capitalization fell from about $52 billion at the end of the month to $42.7 billion on October 4, according to data from CoinMarketCap.
Memecoins’ prospects for the coming crypto week
The upcoming crypto week could bring some relief for memecoin investors as the market shows signs of recovery.
As of October 7, memecoin’s market capitalization had risen to over $49 billion.
Although the price fell slightly to around $48 billion at the end of the last trading session, this is still a marked improvement from the low of the week before.
Source: CoinGecko
The recovery in the memecoin sector is a positive signal for the broader market, pointing to potential upside momentum in the coming days.
Overall market cap outlook for the upcoming crypto week
The recovery of the memecoin market is reflected in the overall cryptocurrency market capitalization. After falling to about $2.201 trillion, the market cap has recovered to about $2.285 trillion.
Currently, it stands at around $2.265 trillion, indicating a positive trend for the upcoming crypto week.
Source: CoinMarketCap
To strengthen this recovery, major cryptocurrencies such as Bitcoin and Ethereum will have to continue their upward movement.
Bitcoin was trading around $62,200, down from $64,000 previously, while Ethereum was trading around $2,430 after falling from the $2,600 level it reached last month.
The upcoming crypto week bodes well for a market recovery, driven by rebounds in memecoin valuations and a gradual improvement in overall market sentiment.
If major assets like Bitcoin and Ethereum can support positive trends, the market cap could see further gains in the near term.