Bitcoin Tests $25,000, Ethereum Merge Gets Closer, And Altcoins Thrive

Cryptocurrency, Asset, Electronic Payment, Payment

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This Week’s Summary

  • The Crypto Market ends the week at a total market capitalization of $1,175 trillion.
  • Bitcoin has increased by over 6% this week.
  • Ethereum gained almost 17% over the past seven days.
  • XRP is up by nearly 3% this past week.
  • Almost all altcoins are trading in the green, with very few exceptions.
  • The DeFi sector increased the total value protocols (TVL) to around $44 billion.

Crypto Trends 8-14 August 2022: Market Analysis and Performance

The crypto market is back on a slightly bullish track, seeing most of its assets thriving after a slow start to August. This uptrend is visible in the market capitalization, which increased by nearly $80 billion over the past seven days. Furthermore, upbeat news regarding its top coins could help prolong this upwards trajectory.

Bitcoin (BITCOMP) is showing signs of improving health and stability after reaching as high as $25,000 this week. While it didn’t last long at that level, the king crypto consolidated its position just under the much-coveted level. News of BlackRock, the world’s largest asset manager, considering BTC investments have undoubtedly helped its surge. At the time of writing, Bitcoin was trading at around $24,500.

Ethereum (ETH-X) is riding an even higher wave of enthusiasm and support than Bitcoin following a successful week. Firstly, the core ETH developers confirmed the Ethereum Merge will take place on September 15, four days earlier than its initial date. The second crypto in command took advantage of this development, and the increasing community support helped it surge by nearly 17%. At the time of writing, Ethereum was trading at around $1,980 and getting ready to surpass the psychologically daunting $2k level.

Altcoins & DeFi

The altcoin sector also embraces the market’s uptrend, displaying significant value boosts across the board. For example, Solana is up by nearly 14%, and Ripple (XRP-X) by 3%. Meanwhile, Polygon (MATIC-X) has increased by 11% and Cardano (ADA-X) by 12%.

The week’s best climber is Shiba Inu (SHIB-X), with a spectacular 46% increase. Elsewhere, Dogecoin (DOGE-X) has surged by 20% and Chainlink (LINK-X) by 14%.

The Metaverse niche records mostly positive developments for its emerging projects. For instance, Decentraland (MANA-X) is up by 3%, Axie (AXS-X) Infinity (INF-X)  by 2%, and The Sandbox (SAND-X) by 3%. On the other hand, ApeCoin is on a nonconformist downtrend after losing nearly 9% of its value this week.

The DeFi sector added over $4 billion to the total value of protocols (TVL), now standing at nearly $44.11 billion.

Crypto Market Analysis – What’s in the News?

  • OpenSea reinforces measures against NFT theft.
  • Axie Infinity CEO moved $3M in tokens before hack disclosure.
  • co-creator wants to drop USDC for ETH.
  • The authorities have arrested a developer with ties to tornado cash

More By This Author:

Bitcoin Secures $23K, Slope Wallets Get Drained, And Altcoins Lose Ground
Binance and Mastercard Collab For Card Rollout in Argentina
How To Protect Yourself From NFT Scams

Disclaimer: The Content is for informational purposes only; you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing ...

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