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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $967 billion.
• Bitcoin has dropped by over 6% this week.
• Ethereum lost almost 9% over the past seven days.
• XRP has moved down by nearly 3% this past week.
• Almost all altcoins have been trading in the red, with few exceptions.
• The DeFi sector decreased the total value protocols (TVL) to around $34 billion.

Cryptocurrency Trends for the Week of Aug. 22-28, 2022: Market Analysis and Performance

The crypto market has continued its choppy trajectory on a downward spiral. For the second week in a row, most assets have been drowning in a bloodbath, leading to a severe drop in market capitalization below $1 trillion. Moreover, the DeFi and Metaverse sectors have been losing substantial capital due to massive liquidations across the board.

Bitcoin was close to $21,000 last week, but recovered and remained steady above it. Unfortunately, in recent days it dipped to as low as $20,000 and lost all it had gained in August. Several rumors have surrounded the king crypto recently, including news about false BTC trades. Recently, Bitcoin has been trading only a handful of dollars above $20 thousand.

Ethereum has not been faring any better. The second crypto in command continued to bleed after the market caught on to its overhyped merge announcement. Similar to Bitcoin, Ethereum lost almost all of its August gains. The coin has recently been trading for a little under $1,500.

Altcoins & DeFi

The altcoin sector has been struggling to propose any climbers for this week. In fact, only Polygon with a 2% increase and Litecoin with a 1% boost can rejoice at not bleeding.

Meanwhile, most assets have been dropping value points by the hour. For example, BNB moved down by 6%, XRP and Cardano decreased by 3% each, and Solana lost nearly 11%. Also, Dogecoin and Shiba dropped by almost 7% each. Elsewhere, Polkadot fell by 4% and Avalanche by 12%.

The Metaverse has been following the same downtrend as the entire crypto market. All of its assets have been bleeding heavily. For instance, Decentraland fell down by 7%, Axie Infinity by 2%, and The Sandbox by 8%. Meanwhile, ApeCoin continued to plunge after a terrible week in which it lost over 3% of its value.

The DeFi sector lost over $13 billion to the total value of protocols (TVL), now standing at nearly $34.03 billion.

What’s in the News?

• According to a report, Tether will not freeze Tornado Cash addresses unless mandated.
• Three Arrows co-founder Zhu raises fears of imprisonment.
• Cardano founder Charles Hoskinson announced Vasil hard fork date for September.
• Coinbase would be willing to list a potential Ethereum POW fork.
• Binance will close operations for ETH and ERC-20 tokens during the merge.

Next Week’s Crypto Market Forecast

The crypto market is looking to put an end to a month it will wish to forget as soon as possible. Upcoming events, such as the Vasil hard fork on Cardano and Ethereum’s merge, could overturn this trajectory. Hopefully, the coming months will be memorable for all the right reasons for investors and crypto enthusiasts everywhere.

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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