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This Week’s Summary
- The cryptocurrency market looks to end the week at a total market capitalization of $1,741 trillion.
- Bitcoin registers a slight 0.2% increase after a highly volatile week.
- Ethereum is down by almost 2% and continues to drop.
- XRP gained almost 7% in value over the past seven days.
- Almost all altcoins are trading in the red after a hectic week.
- The DeFi sector lost roughly $1 billion from the Total Value Locked in protocols, which now stands at $74.01 billion.
Cryptocurrency Trends for the Week of March 7-13, 2022: Market Analysis and Performance
The crypto market is still under the influence of geopolitical crises and economic factors. This week, the Russia-Ukraine war, CPI numbers, and an executive order from Joe Biden affected most digital assets. However, we can see that this roller-coaster ride did not change much in the crypto landscape compared to last weekend. For instance, the market capitalization dropped by only $25 billion.
Bitcoin did not have the best week, especially for its supporters with a delicate heart condition. The king coin started the week trading a little under $40,000, and many expected it to drop more. However, a rumor of a new executive order on digital assets from the U.S. President rejuvenated the crypto market. As a result, BTC increased by over $3,000 in only a few hours.
Unfortunately, dire news from the Russia-Ukraine war took Bitcoin’s value on a downtrend again. Furthermore, the CPI numbers came out at 7.9%, representing a record high in recent decades. The CPI indicates the current inflation, and last month’s value did not help Bitcoin’s cause.
On the weekend, news of a breakthrough in the negotiations between Ukraine and Russia helped reanimate most financial markets. As a result, BTC surged slightly to finish the week trading in the green and at around $39,000.
Ethereum had a similar experience to Bitcoin this week, although less volatility. The second crypto lost the $3,000 level and continues to drop as we speak. Following a 2.2% loss, ETH has been recently trading just above $2,500.
Altcoins & DeFi
Ripple’s XRP is one of the few digital assets rejoicing after this highly vacillating week. XRP is riding high on a 6% value boost. This surge took it back to 6th place in the top-10 cryptocurrencies by market cap. XRP has been recently trading at around $0.78.
Elsewhere, most altcoins are currently trading in the red. For example, Cardano dropped by 3% and Solana by 6%. Furthermore, Dogecoin is down by 7%, and Shiba Inu decreased by more than 6%. On the other hand, LUNA and Polkadot are trading in the opposite direction with a 6% increase each.
The Metaverse sector is also bleeding, with most projects losing precious value points. For example, Decentraland is down by 7%, and The Sandbox dropped by more than 5%. Lastly, Axie Infinity decreased in value by over 7%, and Theta Network lost 1%.
The DeFi sector lost nearly $1 billion from the total value protocols (TVL), which now stands at almost $74.01 billion.
What’s in the News?
- Court rejects motions to drop SEC lawsuits amid Ripple positives.
- Satoshi-era Bitcoin whale moves coins after 'hodling' for over 11 years.
- Elrond wins approval to issue e-money in Europe.
Next Week’s Crypto Market Forecast
After a couple of weeks of intense geopolitical and economic issues, the crypto market is reeling. At the moment, most digital assets react to the slightest rumor. Even hourly developments on the Ukrainian battlefield are enough to send it on a seesawing spiral. Therefore, predicting their future trajectories is trickier than ever. We can only hope that better and more peaceful times are just around the corner.
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