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This Week’s Summary
- The cryptocurrency market looks to end the week at a total market capitalization of $842 billion.
- Bitcoin has been seen trading at around the same value as last week: $16,500.
- Ethereum gained more than 3% over the past seven days.
- XRP increased by nearly 8% this past week.
- Almost all altcoins and Metaverse projects have been trading in the green.
- The DeFi sector decreased the total value protocols (TVL) to around $39 billion.
Cryptocurrency Trends for the Week of Nov. 21-27, 2022: Market Analysis and Performance
The cryptocurrency market bounced back this week from the losing streak that followed FTX’s infamous implosion. Most crypto assets recorded shy gains, with few boasting double-digit value boosts. On the other hand, most Metaverse projects have been flying high, and the overall market capitalization increased by around $20 billion.
Bitcoin tried to follow the market sentiment and push past the now psychologically daunting $17,000 barrier. Unfortunately, it only achieved a dismal effort, and the king crypto dropped again towards the lower part of the $16,000's. After a bit of seesawing, BTC settled at around the same value where it was trading last week. Most likely, it will end the week trading at around $16,500.
Ethereum had a terrible start to the week, but it quickly recovered to move far from the $1,000 support level. The second crypto in command only moved 3% up this week, but it might just be enough to calm down its backers. ETH has recently been seen trading at around $1,200, and it has been looking to build on its uptrend next week.
Altcoins & DeFi
Several altcoins look set to end a relatively successful week. For example, BNB moved up by nearly 16%. Meanwhile, Dogecoin has increased by over 26% and Litecoin by almost 24%. These coins have been the best climbers in this corner of the crypto market. Elsewhere, XRP has been riding high on the back of an 8% value boost. Polygon moved up by 3%, Shiba Inu by 5%, Solana by 11%, and Chainlink by nearly 18%.
On the other hand, things could be easier on other altcoins that have been bleeding. For instance, Polkadot and Cardano each moved down by 1%. Meanwhile, Chiliz decreased by a whopping 24%.
This week, the Metaverse sector has been the most successful segment of the crypto market. The top climber has been Ape Coin, which has recently been sitting comfortably on a 23% value increase. Meanwhile, Theta Network moved up by 9%, Axie Infinity, and The Sandbox by 1%.
The DeFi sector lost almost $10 billion from the total value in locked protocols (TVL), now at nearly $39.65 billion.
What’s in the News?
- Binance released its Proof of Reserves documents.
- Elon Musk blasts Legacy Media’s “gingerly” SBF coverage.
- Singapore launched a probe into crypto lender Hodlnaut.
Next Week’s Crypto Market Forecast
The crypto market experienced a slight recovery this week, but it is unlikely to last long. A recoil was expected, considering the magnitude of the market’s crash after the FTX debacle. Currently, rumors and speculations reign highly and influence many of the movements. Next week should follow in the same sentiment.
About the Author
The author was born and raised in Romania, and is currently living in Spain. Iulian discovered a knack for writing from a tender age, and won some minor awards for fiction that didn't pay much.
Iulian became a content writer in 2011, and it still doing it to some degree of success today. He is currently specialized in cryptocurrencies, technology, online marketing, and social media. In his free time, Iulian likes reading, traveling, and watching sports. His dream is to see Bitcoin reach $100,000 just so he can tell his friends “I told you so!”
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