Bitcoin Close To $45,000 And Altcoins Soar

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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $2,028 trillion.
• Bitcoin is up by roughly 8% after a promising week.
• Ethereum increased by almost 11% for the second week in a row.
• XRP gained almost 4% in value in the past week.
• Almost all altcoins are trading in the green and still enjoying a favorable period.
• The DeFi sector added roughly $9 billion to the Total Value Locked in protocols, which now stands at $89.78 billion.

Cryptocurrency Trends for the Week of March 21-27, 2022: Market Analysis and Performance

The crypto market is finally enjoying two “green” weeks in a row after a long period of volatility and FUD (fear, uncertainty, doubt). Even the market capitalization is up by nearly $170 billion. This helped it surge past the $2 trillion level for the first time in five weeks. Most importantly, almost all crypto assets are trading healthily in the green.

This week was full of good news for the crypto market. Firstly, Exxon announced that it would use excess natural gas to mine Bitcoin. Next, the European Union rejected any provisions on PoW preventing BTC mining and adoption. Meanwhile, Rio de Janeiro announced that it will soon accept Bitcoin payments for taxes. Lastly, Russia said it intends to sell some of its natural gas reserves for Bitcoin.

This news rained a bright light on Bitcoin and motivated investors to get back in the crypto game. The king coin recorded an 8% increase over the week and it continues to increase. BTC has been recently trading at around $44,800, and it is just within reach of the $45 thousand psychological level.

When Bitcoin thrives, all altcoins thrive. And, as always, Ethereum is the first in line to benefit from the crypto market’s uptrend. The second crypto in command records an 11% value boost for the second consecutive week. This positive trend helped it climb again above the daunting $3,000 level, where it has been recently trading at.

Altcoins & DeFi

Ripple’s XRP is also tying two positive weeks together, albeit its value increases are smaller than Ethereum’s surges. XRP records a 4% value enhancement, which helps it in its bid of regaining the $1 level. It has been recently trading at around $.084

Elsewhere, most altcoins are currently trading in the green. For example, Solana and Polkadot are up by nearly 14% each. Also, Dogecoin increased by 19%, and Litecoin surged by more than 11%. However, the best climber of the week is Cardano, with a staggering 30% value boost, recently trading at around $1.13.

The Metaverse sector is also rising, with most projects gaining precious value points. For example, Decentraland is up by 10%, and The Sandbox increased by more than 11%. Lastly, Axie Infinity is up by 28%, while the newcomer, ApeCoin, is up by 32% and has been trading at around $14. The DeFi sector added nearly $9 billion to the total value protocols (TVL), which now stands at almost $89.78 billion.

What’s in the News?

• A U.S. Congressman promotes Bitcoin mining as a solution to energy independence.
• Football Club Liverpool FC will offer new NFT superheroes.
• EU legislators may vote to ban anonymous crypto payments.

Next Week’s Crypto Market Forecast

The crypto market has enjoyed much attention lately from numerous states and institutions worldwide. This has helped it regain many of its losses in the first 12 weeks of the year. Hopefully, this trend will continue to see most crypto assets recovering their strong positions.