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This Week’s Summary

• The crypto market ended the week at a total market capitalization of $3.31 trillion.
• Bitcoin decreased by nearly 8% to trade at around $95,000.
• Ethereum is down by almost 16% to trade at around $3,200.
• XRP is down by 8%, Solana by 18%, and Dogecoin by 23%.
• Almost all altcoins are trading in the red, with very few exceptions.
• The DeFi sector decreased the total value of protocols (TVL) to around $123 billion.

Crypto Trends 16 – 22 Dec 2024: Market Analysis and Performance

The crypto market dipped significantly in form and appeal this week. Most cryptocurrencies record substantial losses, with many bemoaning two-digit value drops. Despite the winter holidays being just around the corner, it is a sad period for the crypto sector. The well-known “Grinch” that is FUD has reared its ugly head again. As a result, the market capitalization lost over $30 billion for the second week in a row.

Bitcoin started the week gleefully increasing in value with every passing hour. The positive trend took it as high as $108,268, which is its new all-time high (ATH) value. Unfortunately, the bulls became tired and stopped short of another miracle. Therefore, the bears took over and dragged BTC’s value down to $92,000. The king of cryptocurrencies sought to save its reputation by getting immediately back in the saddle. However, its surge fizzled somewhere at around $98,000 before dropping again. Currently, Bitcoin is trading at a little over $95,000 while its value continues to drop.

Ethereum is in a far worse shape than Bitcoin. The second crypto in command lost the $4,000 level after holding onto it by the skin of its teeth. Now, ETH is very close to dropping below the $3,000 level, too. The current trend disappoints Ethereum supporters, who desperately hoped to see it set a new ATH as many other cryptocurrencies managed lately.

Altcoins & DeFi

Most altcoins are trading in the red. For example, XRP is down by 8%, Cardano by 19%, BNB by 9%, Solana by 18%, TRON by 15%, Avalanche by 28%, Toncoin by 15%, and Polkadot by 24%.

The memecoins are not enjoying their best days either. For instance, Dogecoin is down by 23%, Shiba Inu by 22%, and Pepecoin by 27%.

The Metaverse sector has also seen notable movements in the past week. For instance, Axie Infinity is down by 22%, Stacks by 32%, Render by 24%, MultiversX by 29%, Decentraland by 24%, and The Sandbox by 25%. The notable climber of the week is Moca Network, which is up by a whopping 182%.

The DeFi sector lost almost $15 billion to the total value in locked protocols (TVL), which is now $123.39 billion.

Crypto Market Analysis – What’s in the News?

• A Report from Cyvers shows that the crypto industry suffered $2.3 billion in losses to cybercrime in 2024.
• The Nigerian authorities arrested 792 people linked to a massive cryptocurrency scam that was part of a much larger network of far-reaching scams.

Next Week’s Crypto Market Forecast 

The crypto market is far from being in a holiday mood. Most assets are dropping points with every hour that passes, depleting their hard-earned gains. Hopefully, the trend will reverse, and the positive market sentiment will return just in time for the year’s end.

More By This Author:

How To Buy And Sell Crypto ETFs: A Complete Guide
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