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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $1,128 trillion.
• Bitcoin rose by over 13% after a highly successful week.
• Ethereum increased by almost 12% over the past seven days.
• XRP gained more than 3% in value this week.
• Almost all altcoins have been trading in the green, with almost no exception.
• The DeFi sector decreased the total value of protocols (TVL) to around $47 billion.

Cryptocurrency Trends for the Week of Feb. 13-19, 2023: Market Analysis and Performance

The cryptocurrency market escaped the bears’ heavy paws for a surprisingly great week. Over the past seven days, many assets soared, with most boasting double-digit gains. Even the market capitalization increased by a whopping $120 billion to cement its position comfortably above the $1 trillion mark.

Bitcoin moved up by more than 13% over the week, and it has recently been seen trading at around $24,900. The king crypto even climbed above the psychological $25,000 level, albeit only for a few hours. This is a much-welcomed trend change as BTC grew by over $3,000 in a single week.

Ethereum was also on the rise, recording a nearly 12% value increase. The second crypto has recently been seen trading above $1,700, and it seems as though it has left all of its struggles behind. A resurging interest in trading could take ETH above the daunting $2,000 level.

Altcoins & DeFi

Almost all altcoins have been trading in the green, with only a few insignificant exceptions. For example, BNB moved up by over 3%, similar to XRP. However, the other assets have much more to celebrate. Cardano rose by 11%, Polygon by 19%, Dogecoin by 6%, and Solana by 17%.

Meanwhile, this week’s best climber was Filecoin, with a spectacular 85% increase in value. Elsewhere, Polkadot moved up by 22%, Shiba Inu by 5%, Litecoin by 7%, and TRON by 10%, just like Avalanche.

The Metaverse sector has been in the same boat as the rest of the crypto market. For instance, Theta Network moved up by 14%, Axie Infinity by 8%, and Decentraland by 6%. Meanwhile, ApeCoin increased by 9%, ICP by almost 39%, and The Sandbox by 12%.

The DeFi sector lost almost $0.5 billion from the total value in locked protocols (TVL), now at nearly $47.57 billion.

What’s in the News?

• Nigeria is facing a cash liquidity crisis and might turn to cryptocurrency to ease social unrest.
• The trading volume on the popular retail trading platform Robinhood increased by 95% in January.
• Japan aims to launch a CBDC pilot program in April.

Next Week’s Crypto Market Forecast

The crypto market seems to have left its winter days behind. This year started on an uptrend, and after a short period of uncertainty, it continued to soar. Bitcoin and most of the ensuing altcoins have been on a bullish run, which we hope will be long-lasting. Meanwhile, trading and crypto sales have been increasing, giving a general impression that the crypto spring is finally here.

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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