- At the beginning of October, the cryptocurrency market cap decreased from $2.4 trillion to $2.201 trillion.
- Memecoins indicated a recovery, with their market cap climbing back to $49 billion by October 7th.
The upcoming week in crypto might display signs of recovery after a substantial dip in market capitalization over the preceding week.
The recent market downturn led to significant losses for major cryptocurrencies, such as Bitcoin [BTC] and Ethereum [ETH], as well as for memecoins.
Nonetheless, emerging patterns suggest a possible rebound, paving the way for a more optimistic perspective in the days to follow.
Insights from the previous week
The prior week witnessed a considerable decline in the overall cryptocurrency market.
According to CoinGecko, the market cap at the close of September stood around $2.4 trillion, dwindling to roughly $2.201 trillion at the start of October.
The downturn was primarily influenced by the depreciation of key assets such as Bitcoin, Ethereum, and various memecoins, contributing to the overall market value reduction.
In particular, the memecoin segment faced a steep decline. After a consistent rise throughout September, the market cap plummeted from around $52 billion at the end of the month to as low as $42.7 billion by October 4th, as per data from CoinMarketCap.
Memecoins’ outlook for the upcoming week
The forthcoming week in crypto might provide some respite for memecoin traders as the market exhibits signs of recovery.
As of October 7th, the memecoin market cap increased to over $49 billion.
Although it slightly decreased to around $48 billion by the end of the last trading session, this still marks a substantial advancement from the previous week’s low.
Source: CoinGecko
This uptick in the memecoin sector is a favorable sign for the larger market, hinting at possible upward momentum in the coming days.
Overall market cap outlook for the upcoming week
The recovery in the memecoin sector mirrors the broader cryptocurrency market capitalization. After falling to about $2.201 trillion, the market cap has rebounded to approximately $2.285 trillion.
Currently, it is approximately $2.265 trillion, reflecting a positive trajectory for the upcoming crypto week.
Source: CoinMarketCap
For this positive trend to maintain momentum, leading cryptocurrencies like Bitcoin and Ethereum must continue their ascent.
Bitcoin was trading around $62,200, a drop from $64,000 earlier, while Ethereum hovered near $2,430 after falling from the $2,600 threshold it reached last month.
The upcoming week in crypto holds potential for market recovery, driven by improvements in memecoin valuations and a gradual rise in overall market sentiment.
If pivotal assets like Bitcoin and Ethereum can sustain their positive trajectories, further increases in market capitalization may be expected shortly.
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