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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $928 billion.
• Bitcoin has decreased by nearly 4% this week.
• Ethereum lost almost 8% over the past seven days.
• XRP has moved up by nearly 29% this past week.
• Almost all altcoins have been trading in the red, with few exceptions.
• The DeFi sector maintained the total value protocols (TVL) at around $27 billion.

Cryptocurrency Trends for the Week of Sept. 19-25, 2022: Market Analysis and Performance

The crypto market has still been under the overpowering control of the bears. This is visible in the steady devaluation of all assets, big and small. In fact, with very few exceptions, most cryptocurrencies have been trading in the red. This week, the market capitalization dropped by over $30 billion, bringing it even closer to the $900 billion level.

After yet another disappointing week, Bitcoin has been dropping below the $20,000 threshold. While the king crypto has been maintaining its market dominance, it cannot do much to revive a bullish sentiment. Moreover, ill-intended statements like JP Morgan associating BTC with Ponzi schemes do not help its recovery battle. Recently, BTC has been seen trading at around $18,950.

Ethereum completed the eagerly anticipated merge over a week ago. However, the event did not do much for its market performance. On the contrary, the second crypto in command continued to drop precious points as if the merge hadn’t been finalized successfully. Recently, ETH has been trading at around $1,290.

Altcoins & DeFi

The altcoin sector has had very few assets not trading in the red, with the main exception being XRP. The coin has been recording a surprising value boost of nearly 30%. This comes after Ripple’s parent company sought dismissal in its SEC lawsuit. And, according to market sentiment, it will most likely obtain it.

Elsewhere, BNB moved up by 1%, Solana by 2%, and Dogecoin by nearly 4%. However, the list of this week’s climbers stops there. The other altcoins have been drowning in a bloodbath. For example, Cardano moved down by almost 4%, similarly to Shiba Inu and TRON. Meanwhile, Polkadot decreased by 8%, Polygon by 6%, and Avalanche by 2%.

The Metaverse sector has been in the same boat as the rest of the crypto market. For instance, Axie Infinity and The Sandbox fell down by 1%. Decentraland and Enjin have dropped by 4% each. Meanwhile, ApeCoin and Theta Network have been swimming against the red tide with 6% and 1% value boosts, respectively.

The DeFi sector did not see much change in the total value of locked protocols (TVL), now at nearly $27.05 billion.

What’s in the News?

• MicroStrategy is building Enterprise-Grade Lightning Network wallets.
• Russia legalized crypto for cross-border payments.
• Kraken CEO Jesse Powell announced he will step down from his position soon.

Next Week’s Crypto Market Forecast

The crypto market is far from its living its glory days. In fact, the current recession will most likely remain one of the worst bear markets in history. Nevertheless, despite their weekly seesawing movements, most crypto assets have been surviving against all odds. The market has been maintaining the investors’ trust, and all we can do is hope for better days ahead.

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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