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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $944 billion.
• Bitcoin has increased by nearly 2% this week.
• Ethereum gained almost 3% over the past seven days.
• XRP moved up by nearly 16% this past week.
• Almost all altcoins have been trading in the green, with few exceptions.
• The DeFi sector dropped the total value protocols (TVL) to around $17 billion.

Cryptocurrency Trends for the Week of Oct. 3-9, 2022: Market Analysis and Performance

The crypto market is slightly recovering as most of its assets have been trading in the green. This week, even the market capitalization increased, albeit by only $20 billion. Elsewhere, most cryptocurrencies have been on a visible uptrend despite a major mid-week hack on the BNB Chain.

Bitcoin has struggled to climb above the $20,000 resistance level for over two weeks. And a few days ago, the king crypto finally achieved it, only to succumb below it by the week’s end. The short-lived bullish run ended after the United States Bureau of Labor Statistics posted new information proving that the ongoing inflation has no end in sight. As a result, BTC has dropped to its recent trading value of around $19,500.

Ethereum has finally been seeing the world through a green lens after nearly a month of trading in the red. The second crypto in command escaped the bloodbath with an almost 3% increase, recently trading at around $1,300. This is a considerable relief for its adopters, fearing that ETH would drop below the psychologically impacting $1,000 level.

This week’s standout event occurred on Thursday when an attacker exploited a vulnerability on the BNB Chain Bridge. The hackers somehow convinced the Bridge to send 1 million BNB to an address they controlled twice. As a result, the protocol lost over $100 million worth of BNB and paused all Binance operations for almost 24 hours.

Altcoins & DeFi

The altcoin sector has very few assets trading in the red. These include BNB, down by 1%, and Algorand, down by 6%. On the other hand, most altcoins have been trading in the green. For example, XRP moved up by almost 16% after a successful three-week period. Cardano moved up by 1% and Solana by 2%, while Shiba Inu and Dogecoin have each increased by around 4%.

The Metaverse sector has been in the same boat as the rest of the crypto market. For instance, Axie Infinity moved up by almost 1%. Meanwhile, ApeCoin, Decentraland, The Sandbox, and Theta Network each rose by over 2%.

The DeFi sector lost almost $10 billion from the total value in locked protocols (TVL), now standing at nearly $17.7 billion.

What’s in the News?

• Elon Musk announced he will follow through with the original Twitter deal.
• Bitmex co-creator Arthur Hayes believes Central Banks will print more money, thus pushing crypto prices.
• A California resident has been charged with laundering $5 million in drug proceeds with Bitcoin.

Next Week’s Crypto Market Forecast

The crypto market has been enjoying a better period than the start of the last financial quarter of 2022. Most of its assets have been recovering after a long period of consecutive weekly losses. Even if the recovery is not substantial, it resists rumors and news about significant hack attacks. We can only hope that this trend will continue long enough to help cryptocurrencies stabilize.

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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