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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $975 billion.
• Bitcoin has dropped by over 1% this week.
• Ethereum gained almost 5% over the past seven days.
• XRP moved down by nearly 2% this past week.
• Almost all altcoins have been trading in the green, with few exceptions.
• The DeFi sector decreased the total value protocols (TVL) to around $26 billion.

Cryptocurrency Trends for the Week of Aug. 29 - Sept. 4, 2022: Market Analysis and Performance

The crypto market has started the month of September with mixed emotions. Its star asset, Bitcoin, struggled to perform despite its dominance. On the other hand, most altcoins have been thriving after leaving last month’s bloodbath behind. Meanwhile, the market capitalization remains at a similar value as last week after increasing by a little over $8 billion. Unfortunately, it remains under the psychological $1 trillion threshold.

Bitcoin has been fighting fiercely to hold onto the $20,000 level. Sadly, it dropped under one of the most important landmarks in its history this week. For years, this mark represented its value peak before the 2017 bubble crash. That’s why it meant so much for the bulls to push far beyond it during the spectacular 2021 run.

Recently, Bitcoin has been seen trading at around $19,900. It seems the bulls are giving up on a potential run and prefer drifting with the market volatility.

Ethereum started the week on a visible downtrend, registering a 4% drop on Thursday. However, following the Nitro upgrade for Ethereum layer-2 scaling solution Arbitrum on Wednesday, the second crypto in command changed its trajectory. Recently, Ethereum has been trading at nearly $1,570, similar to last week’s value.

Altcoins & DeFi

The altcoin sector has been indecisive for most of the week. Only during the weekend did most start trading in green more emphatically. Leading the pack has been Cardano, with a nearly 13% increase. The coin benefits from announcing its Vasil upgrade’s official date, which will occur on Sept. 22.

Most of the other altcoins have also been faring well. For example, Polkadot moved up by 2%, Polygon by 7%, and Shiba Inu by 3%. Moreover, Cosmos increased by 16%, Litecoin by 6%, and Uniswap by 8%. The handful of altcoins still bleeding have only been recording small losses. For instance, BNB fell down by 1% and XRP by 2% each, just like Solana and Dogecoin.

The Metaverse sector has been mirroring the rest of the crypto market. Most of its assets have been trading in the green. However, some have been bleeding precious value points. For example, Decentraland moved up by 3%, Axie Infinity by 4%, and Theta Network by 1%. Meanwhile, ApeCoin has decreased this week by 6% and The Sandbox by almost 2%.

The DeFi sector lost almost $8 billion to the total value of protocols (TVL), now standing at nearly $26.21 billion.

What’s in the News?

• An ancient Bitcoin whale moved 5,000 BTC amid intense market volatility.
• Tether responded to what it considers “disinformation” from the Wall Street Journal in a statement.
• The Fed and SEC are hurting Bitcoin, according to the BitFury CEO.

Next Week’s Crypto Market Forecast

The crypto market has been once again dealing with a high-volatility period, leaving traders with very little space to move. Meanwhile, Bitcoin continued to seesaw around the $20,000 value, frustrating most of its backers.

On the other hand, Ethereum has maintained its up-and-down movement with almost no significant achievement. Nevertheless, its imminent merge and Cardano’s Vasil hardfork are the most exciting events to look forward to this month.

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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