Bitcoin’s First Green Candle In 9 Weeks Gives Hope For The Future

Image Source: Pexels

This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $1,226 trillion.
• Bitcoin has recently been trading at around $30,000 and may end the week in the green.
• Ethereum lost almost 2% of its value over the past seven days.
• XRP increased by nearly 1% this past week.
• Almost all altcoins have been trading in the red, with very few exceptions.
• The DeFi sector sees only a tiny change in the total value protocols (TVL), now standing at nearly $54.14 billion.

Cryptocurrency Trends for the Week of May 30 - June 5, 2022: Market Analysis and Performance

The crypto market shows signs of a slight recovery following a bleak two-month period. While most of its assets zigzagged between red and green the entire week, the oscillations were not that massive. For instance, the overall market capitalization increased by a little $15 billion.

Bitcoin sees the light at the end of the tunnel, albeit it’s still a distant glare in the dark. The king coin may finally end the week trading in the green after nine weeks of red candles. BTC has increased by almost 1% this time around and even touched the $30,000 level. Recently, Bitcoin has been trading at around $29,800 and showing signs of a hopeful next period.

Ethereum did not enjoy the same trajectory this week. Unfortunately, the second crypto in command continued to lose precious value points. The only good news is that it did not drop by two digits this week. Instead, Ethereum only decreased by over 2% to trade at around $1,780.

Altcoins & DeFi

Elsewhere, most altcoins have been trading in the red. For example, Solana dropped by over 13% after a series of shutdowns that saw many users lose faith in the network. The once-praised “Ethereum Killer” is only a mere shadow of its potential.

Other altcoins still suffering from a crypto market hangover are Avalanche (down by 10%) and Polkadot (down by 6%). Fortunately, some digital assets are faring better, as is the case of XRP, up by 1% this week, and Cardano, which increased by nearly 18%.

The Metaverse sector is also showing faint signs of recovery. For instance, Decentraland is up by almost 1%, and Axie Infinity increased by 8%. However, ApeCoin continues to drop following a 3% value loss. The same goes for The Sandbox, down by 2% this week.

The DeFi sector sees only a small change in the total value protocols (TVL), now standing at nearly $54.14 billion.

What’s in the News?

• New York passed a bill proposing a ban on carbon-based crypto mining.
• Yuga Labs lost 200 ETH in the third recent phishing hack.
• Vitalik Buterin opposes the outlawing of PoW mining.

Next Week’s Crypto Market Forecast

The crypto market is slowly but steadily recovering. The partisans of a crypto winter are losing ground and supporters as most digital assets reemerge from the bloodbath. Nevertheless, it’s worth noting that the recent crisis has dented the credibility of many cryptocurrencies. An out-of-the-blue bull run is unlikely, and we will have to be patient with the market’s total rehabilitation.