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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $1,125 trillion.
• Bitcoin moved down by nearly 7% after an uneventful week.
• Ethereum decreased by over 5% over the past seven days.
• XRP lost almost 7% in value this week.
• Almost all altcoins have been trading in the red, with virtually no exceptions.
• The DeFi sector dropped the total value of protocols (TVL) to around $47 billion.

Cryptocurrency Trends for the Week of May 8-14, 2023: Market Analysis and Performance

The crypto market’s fortunes took a turn for the worse this week. Most assets lost significant gains, with some registering two-digit value drops. Even the market capitalization decreased in value by roughly $70 billion but remained above the $1.1 trillion mark.

Bitcoin dropped through several support layers after losing over 7% of its value. The king of cryptocurrencies decreased to as low as $25,800 this week. However, it recovered slightly on the weekend to spare the blushes of traders. Recently, BTC has been seen trading at around $26,800, it may be seeking to recover as soon as the following week starts.

Ethereum moved down by almost 6% after a disappointing week. The second crypto in command saw its dreams of reaching $2,000 disappear after its recent drop. At the time of writing, ETH has recently been seen trading at around $1,800.

Altcoins & DeFi

Most altcoins have been trading in the red. However, their losses added to more than just a few pennies this week. For example, XRP moved down by 7%, retaking its value below the much-coveted $0.5 level. Meanwhile, BNB dropped by 3%, Cardano by 4%, Dogecoin by 7%, Solana by 5%, and Polygon by over 12%.

We can count this week’s winners on the fingers of only one hand. UNUS moved up by 2% and Cosmos by nearly 1%.

The Metaverse sector has been in the same boat as the rest of the crypto market. For instance, Theta Network moved down by 6%, while Axie Infinity plunged by 9%, like The Sandbox. Meanwhile, Decentraland dropped by 12%, ApeCoin by 9%, and IPC by a whopping 11%. The DeFi sector lost nearly $3 billion from the total value in locked protocols (TVL), now at $47.56 billion.

What’s in the News?

• The Montenegrin authorities have set a $440,000 bail for the Terraform Labs founder, Do Kwon.
• Tether announced it has generated over $1.5 billion in profits in the first quarter of 2023.
• After surging by over 300% last week, the new memecoin on the block, PEPE, dropped by nearly 40% this week.

Next Week’s Crypto Market Forecast

The cryptocurrency market appears to be taking a break from its spectacular cavalcade this year. Several industry experts forecasted this contraction as a natural trajectory for a resurging financial market. While these ups and downs may be regular, we can only hope a new and exciting 'up' is just around the corner.

About the Author

Born and raised in Romania, and currently living in Spain, the author discovered a knack for writing from a tender age, and even won some minor awards for fiction that didn't pay much.

Iulian became a content writer in 2011, and he is 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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