Bitcoin Regains $50,000 In Slight Market Recovery

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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $2,306 trillion.
• Bitcoin (BITCOMP) is up by almost 3% and has been trading again just above $50,000.
• Ethereum (ETH-X) is down by almost 1% after a so-and-so week.
• XRP (XRP-X) increased by almost 7% over the past seven days.
• Almost all altcoins have traded in the red for most of the week, but they recovered slightly on the weekend.
• The DeFi sector gained nearly $0,6 billion in Total Value Locked in protocols, which now stand at $100.72 billion.

Cryptocurrency Trends for the Week of Dec. 6–12, 2021: Market Analysis and Performance

The crypto market is showing minor signs of recovery as the weekend draws to a close. However, don’t let the green values fool you. Almost all assets have bled heavily throughout the week, with significant losses across the board.

Nevertheless, at the time of writing, the market seems to be recovering. For instance, market capitalization has increased by almost $20 billion. Also, some of the altcoins have surged spectacularly in the past 24 hours. Lastly, the DeFi sector calls it even after an uneventful week.

Bitcoin is the biggest surprise of the weekend, with a nearly 3% increase. This value boost helped it to trade again above $50,000, and investors have been getting much-needed relief. On the other hand, it’s not enough to make us hope for a final surge before the year’s end.

Ethereum has been recently trading at around $4,152, which is more or less the same value it recorded last Sunday. The second crypto in command has been seesawing all week. For instance, its value had dropped by more than 10% at one point. With only an overall 0.7% drop, ETH counts its losses and hopes for a better outcome next week.

Altcoins & DeFi

Ripple’s XRP is finally showing some signs of recovery as it ends the week with a nearly 7% increase. It’s not much, but it should help it remain in the top-10 cryptos by market cap for now. Also, it is too little to propel it back above the $1 level.

Elsewhere, Cardano (ADA-X) is up by almost 3%, Polkadot has also increased by 6%. Meanwhile, Solana (SOL-X) continues to go downhill with a 7% loss, and Algorand (ALGO-X) has dropped by nearly 12%

The GameFi sector has been in the spotlight for most of the past two months. However, many of its projects have flopped this week. For example, Decentraland (MANA-X) is down by 1%, Sandbox by 2% (SAND-X), and Axie Infinity by 3%. The DeFi sector gained roughly $0.6 billion in total value protocols (TVL), which now stands at nearly $100.72 billion.

What’s in the News?

• Opera partners with Solana to bring its Web 3.0. Network to mobile.
• Cathie Wood predicts a $500 thousand Bitcoin price if institutions invest.
• The crypto community has slammed Pepsi for use of NFT lingo.

Next Week’s Market Forecast

The market sentiment is slightly negative but stable at the moment. With 2022 just around the corner, witnessing any cryptocurrencies produce a Christmas miracle will be enjoyable. Otherwise, we’ll have to wait for next year and hope that they will not only recover but surge again.