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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $1,024 trillion.
• Bitcoin has dropped by over 12% this week.
• Ethereum lost almost 19% over the past seven days.
• XRP was down by nearly 11% this past week.
• Almost all altcoins have recently been trading in the red, with virtually no exception.
• The DeFi sector increased the total value protocols (TVL) to around $47 billion.

Cryptocurrency Trends for the Week of Aug. 15-21, 2022: Market Analysis and Performance

The crypto market is ready to close one of its worst weeks in the past three months. In fact, it hasn’t seen such a bloodbath since the June crash. This week, the market capitalization lost $150 billion as most assets bled heavily.

Bitcoin was among this week’s sorest losers, with an astounding 12% value drop. The king crypto was nearing the $25,000 level only seven days ago. Unfortunately, it has recently been closer to $20,000 than the much-coveted $25,000 threshold. Recently, BTC has been trading at a little above $21,400, although it has been showing recovery signs with a 24-hour 1% increase.

Ethereum lost all the momentum oozing from its imminent merger news. Moreover, it seems that the investors are getting bored with the asset’s seesawing trajectory. This week, the second crypto in command lost 19% of its value, more than it had gained in the past 15 days. Ethereum has recently been trading at around $1,620, far from the psychologically daunting $2,000 level.

Altcoins & DeFi

The altcoin sector has been seeing only red as almost all assets have been losing precious value points. For example, Solana was down by nearly 22%, and XRP by 11%. Meanwhile, Polygon has dropped by 21%, like Cardano, Shiba Inu, and Polkadot.

The Metaverse has been following the same downtrend as the entire crypto market. All of its assets have been seen bleeding heavily. For instance, Decentraland was down by 23%, Axie Infinity by 25%, and The Sandbox by 22%. Meanwhile, ApeCoin continued to plunge after a terrible week when it lost 22% of its value.

The DeFi sector added over $3 billion to the total value of protocols (TVL), now at nearly $47.15 billion.

What’s in the News?

• Celer Network’s multi-chain bridge suffered a DNS attack.
• BAYC sales spiked 100% in 24 hours following a $1.5 million purchase.
• FTX US received a “Cease and Desist” order from the FDIC.

Next Week’s Crypto Market Forecast

The crypto market is on a downward spiral, forcing it to lose most of its summer gains. Even good news and rumors are not enough to keep up positive momentum. Nevertheless, seeing how the significant brand assets will move in the last week of August will be interesting. Hopefully, the downtrend will reverse soon.

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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