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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $1.05 trillion.
• Bitcoin has increased by nearly 10% this week.
• Ethereum gained almost 14% over the past seven days.
• XRP moved up by nearly 8% this past week.
• Almost all altcoins have been trading in the green, with few exceptions.
• The DeFi sector increased the total value protocols (TVL) to around $32 billion.

Cryptocurrency Trends for the Week of Sept. 5-11, 2022: Market Analysis and Performance

The crypto market is closing one of its best weeks in recent months. Most assets are boasting two-digit value increments, while one of the rogue projects, the Terra ecosystem, is back with a bang. Even the market capitalization made a speedy recovery to climb back above $1 trillion, although not by much.

Last week, Bitcoin slumped below the psychologically daunting $20,000 level. Some pessimists were brave enough to already forecast its doom. However, the king crypto quickly recovered with a spectacular 10% increase. It has recently been seen trading at around $21,660, and it has not been showing signs of tempering its surge.

Ethereum has also been making waves on the back of a 14% increase. The much-anticipated merge will take place tomorrow, on Sept. 12. So, the second crypto in command has been trading in the green all week.

Meanwhile, the Bellatrix upgrade went live on Ethereum’s Beacon chain, completing the last phase before the merge. Ethereum is attempting the unprecedented transition to a proof-of-stake consensus algorithm for those new to the topic. Therefore, the next few days will be exciting for the ETH community and beyond.

Altcoins & DeFi

The rest of the altcoins have been trading in the green for almost the entire week. As the period comes to an end, most of them have been showing considerable gains. For example, XRP moved up by 8% and Solana by 11%. Meanwhile, BNB increased by 6% and Cardano by 2%. Elsewhere, Polkadot and Avalanche moved up by 8% each. Lastly, only a handful of assets, including Chiliz and Unus, have been trading in the red.

However, the biggest news in the altcoin sector came from LUNA and LUNC, the two cryptocurrencies in the Terra ecosystems (new and classic). The former increased by over 200% while the latter by 65%. Both coins are subject to intense volatility, which could spur from the extended support that crypto exchanges like KuCoin and GateIO have recently shown towards LUNC.

The Metaverse sector has also been enjoying the same green recovery as the rest of the crypto market. For example, Decentraland, The Sandbox, and Axie Infinity moved up by 1% each. Meanwhile, ApeCoin rose by 19% and has been trading at almost $6.

The DeFi sector added almost $6 billion to the total value of protocols (TVL), now standing at nearly $32.21 billion.

What’s in the News?

• According to Charles Hoskinson, Bitcoin needs to upgrade if it wants to stay legal.
• Coinberry sues Binance after losing 120 BTC to customers.
• Binance’s latest move will kill USDC, according to Samson Mow.

Next Week’s Crypto Market Forecast

The crypto market is experiencing an early autumn revival, with most of its assets having traded happily in the green. Everyone hopes this trend will continue. However, we cannot help but pinpoint it as a side effect of the long-anticipated Ethereum merge. This month’s most significant event could impact not only ETH’s future trajectory but that of other altcoins, too. So, for now, all eyes are on the merge.

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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