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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $2,088 trillion.
• Bitcoin (BITCOMP) is up by almost 3% after a week of recovery.
• Ethereum (ETH-X) increased by roughly 7% after seven productive days.
• XRP (XRP-X) is up by almost 43% this week.
• Most altcoins are trading in the green, with very few exceptions.
• The DeFi sector added over $3.5 billion to the Total Value Locked in protocols, which now stands at $96 billion.

Cryptocurrency Trends for the Week of Jan. 10-16, 2022: Market Analysis and Performance

The crypto market is steadily recovering after a gruesome start to 2022. Most of the leading assets are trading back in the green, and only a handful of altcoins are slightly bleeding. Furthermore, the market capitalization increased by $115 billion to climb above the $2 trillion level again.

Bitcoin is on an optimistic uptrend, justifying all those who chose to hodl last week. The king coin has traded mainly in the green over the past seven days. Furthermore, it tried to pass the $44,000 level only a couple of days ago. It’s not much, but it’s reassuring from an asset that was close to $39,000 only a week before. Bitcoin has been recently trading at around $43,300.

Ethereum seems to have put the worse behind it with a healthy value boost. This week, the second crypto in command increased in value by 7%. The asset is still far from the $4,000, which it lost at the beginning of the year. Nevertheless, this steady value surge is enough to build the investors’ trust for weeks to come. Ethereum has been recently trading at around $3,360.

Altcoins & DeFi

Ripple’s XRP is also showing signs of recovery after a positive week. This time around, XRP recorded a 3% value increase to help it get closer to the much-coveted $1 level. The coin is still far from its goal. However, a community boost could help it reach it in the next few weeks. XRP has been recently trading at around $0,79.

Elsewhere, most altcoins are trading in the green. Cardano (ADA-X) is up by over 18%. Meanwhile, Solana’s (SOL-X) value increased by almost 5% this week, and Polkadot (DOT-X) surged by 14%. Lastly, Shiba Inu (SHIB-X) is up by nearly 9%, and Dogecoin (DOGE-X) gained over 18% value points.

The only altcoin running against the wind is Chainlink (LINK-X), with a 7% value drop. This situation is the exact opposite of last Sunday’s picture. A week ago, most crypto assets were bleeding heavily. Meanwhile, LINK was riding high on a 29% value surge. It just shows how fast things can turn around in the crypto market.

The Metaverse sector is also riding the market uptrend. For example, Decentraland (MANA-X) is up by 4%, and Axie Infinity has increased in value by over 10%. Meanwhile, The Sandbox (SAND-X) has recorded only a 4% value boost.

The DeFi sector added $3.5 billion to the total value protocols (TVL), which now stands at nearly $96 billion.

What’s in the News?

• Pakistan’s Central Bank proposes a total crypto ban.
• New scam robs crypto startups of $300 thousand+ using Bitcoin.
• Kim Kardashian and Floyd Mayweather Jr. face pump n’ dump crypto lawsuit.

Next Week’s Crypto Market Forecast

At the end of last weekend, most assets showed slight signs of recovery. Fortunately, they increased over the week and tilted the scale from a total bloodbath to a spring-like green. Undoubtedly, the crypto market is faring better this week. And, we can only hope that it will continue this trend for the foreseeable future.