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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $1,136 trillion.
• Bitcoin increased by over 1% this week.
• Ethereum moved up by almost 2% after a largely uneventful period.
• XRP gained almost 3% in value this week.
• Almost all altcoins have been trading in the green, with only a few exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $47 billion.

Cryptocurrency Trends for the Week of May 22-28, 2023: Market Analysis and Performance

The cryptocurrency market looks more than ready to end the month of May, as it was one of the least eventful months in its history. Notably, the past week was another drab period for most assets. Even the market capitalization remained at broadly the same value, increasing by only $6 billion.

Bitcoin seesawed for most of the week around the $27,000 level. This seems to be the new comfort zone for the king of cryptocurrencies. However, it shouldn’t upset too many of its supporters, considering BTC started the year trading at only $16,000.

Ethereum was also back to seeing brighter days after increasing by 2% this week. However, the second crypto in command also settled for a tame comfort zone, this time around the $2,000 level. These fluctuations are likely to continue in the weeks to come.

Altcoins & DeFi

Most altcoins have been trading in the green, even if their gains have not been astounding. For example, XRP moved up by nearly 3% after last week’s impressive 10% value boost. Elsewhere, Cardano rose by 5%, Dogecoin by 1%, Polygon by 6%, and Solana by 3%. Meanwhile, BNB dropped by 1%, while Litecoin and Uniswap dropped by over 3%.

The Metaverse sector has been in the same boat as the rest of the crypto market. For instance, The Sandbox and Render Token moved up by 7%. Also, Axie Infinity increased by 3% and Decentraland by 1%. On the other hand, ApeCoin moved down by 6% and ICP by almost 4%. The DeFi sector added nearly $1 billion to the total value of locked protocols (TVL), now at $48.41 billion.

What’s in the News?

• The company behind ChatGPT, OpenAI, has successfully closed a Series C at $115 million for a crypto-oriented project, Worldcoin.
• A Montenegro court has denied a $430,000 bail for Terra co-founder Do-Kwon.
• The liquidity platform Jimbos Protocol has been the victim of hackers, who stole over $7.5 million in ETH.

Next Week’s Crypto Market Forecast

The cryptocurrency market has maintained a steady course without rocking the boat. Some crypto enthusiasts may find it boring, but more experienced traders welcome this stabilizing period. It is a significant change of pace from the usual extreme volatility, but a welcoming one.

About the Author

Born and raised in Romania, and currently living in Spain, the author discovered a knack for writing from a tender age, and even won some minor awards for fiction that didn't pay much.

Iulian became a content writer in 2011, and he is 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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