Bitcoin Struggles At $40,000 As Most Altcoins Bleed Slightly

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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $1,766 trillion.
• Bitcoin (BITCOMP) registers a slight 0.2% increase after a highly volatile week.
• Ethereum (ETH-X) is down by almost 5% and continues to drop.
• XRP (XRP-X) lost only 1% of its value in the past seven days.
• Almost all altcoins are trading in the red after a seesawing week.
• The DeFi sector added roughly $7 billion to the Total Value Locked in protocols, which now stands at $68.91 billion.

Cryptocurrency Trends for the Week of Feb. 28 – March 6, 2022: Market Analysis and Performance

The crypto market is on a hair-raising roller-coaster ride as the war in Ukraine continues to affect financial markets worldwide. This week saw most crypto assets surging past everyone’s expectations. News of crypto donations to relieve the Ukrainian crisis has helped many cryptocurrencies to spike.

However, as the international community continued to pile up sanctions on Russia, most assets stopped in their climb. Therefore, many of them lost their recent gains and are trading now at similar values as this time last week. Even the market capitalization is at the same levels following a $1 billion increase.

Bitcoin climbed as high as $45,000 in the middle of the week. Also, it traded north of $40,000 for almost six days. However, the king coin embarked on a downtrend during the weekend that took it below $40 thousand again. Recently, BTC has been trading at around $39,000 after a measly 0.26% increase. Furthermore, it is still subject to intense volatility.

Ethereum also had a good week up to a point. The second crypto in command managed to regain the $3,000 level for a few hours on Wednesday. However, following the market’s poor trend, ETH dropped severely over the weekend. Recently, Ethereum has been trading at around $2,632.

Altcoins & DeFi

Ripple’s XRP looks to end this week on even terms. The coin seesawed for most of the week but failed to make any real progress. Recently, XRP has been trading at only $0.74, just as it did this time last week.

Elsewhere, most altcoins have been recently trading in the red. For example, Cardano (ADA-X) dropped by 6% and Solana (SOL-X) by 42%. Furthermore, Dogecoin (DOGE-X) is down by 3%, and Shiba Inu (SHIB-X) decreased by more than 2%. On the other hand, the NEAR Protocol is among the few cryptocurrencies trading in the green. This week, it boasts an increase of over 18%.

The Metaverse sector is also bleeding, with most projects losing precious value points. For example, Decentraland (MANA-X) is down by 7%, and The Sandbox (SAND-X) dropped by more than 2%. Lastly, Axie Infinity decreased in value by over 1%, and Theta Network lost 4%. The DeFi sector added nearly $7 billion to the total value protocols (TVL), which now stands at almost $75.68 billion.

What’s in the News?

• South Korean exchanges clamp down on Russian users.
• The Sandbox Metaverse reaches 2 Million registered users.
• Snoop Dogg announced he would release a major NFT music label.

Next Week’s Crypto Market Forecast

The crypto market is still facing intense volatility amid the Russia-Ukraine war. The high geopolitical tension has led to numerous economic restrictions for Russia, which could soon affect the financial world.

At the moment, the conflict spurs several developments every day, which ripple in seesawing waves across all markets. As it stands, investors are waiting for the stability of more peaceful times before opening their wallets again.