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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $1,102 billion.
• Bitcoin has increased by nearly 5% this week.
• Ethereum gained almost 7% over the past seven days.
• XRP has been up by nearly 8% this past week.
• Almost all altcoins have been trading in the green, with very few exceptions.
• The DeFi sector dropped the total value protocols (TVL) to $40.79 billion.

Cryptocurrency Trends for the Week of July 25-31, 2022: Market Analysis and Performance

The crypto market ended a highly lucrative July, which saw most assets recover important value points. We were talking about a crypto bloodbath only a month ago, but the mid-summer resurgence has been generous for many. Even the market capitalization solidified its position above the $1 trillion mark after falling beneath it a few weeks ago. For example, it surged by nearly $60 billion in the past seven days.

Bitcoin has been enjoying a six-week high on a weekly 5% increase. The king crypto has traded cheerfully in the green for over three weeks, maintaining a solid position above $20,000. This week, it besieged the $24,000 level only to fall short of it. BTC has recently been trading at around $23,794.

Ethereum is getting closer to its migration to Ethereum 2.0, a much-anticipated event for all its supporters. Moreover, the high expectations are visible in the coin’s value, which has been increasing speedily over the past month. For weeks, the second crypto in command was in danger of falling below the psychological $1,000 threshold. It has been closing in on the $2,000 level, following another week in the green.

Altcoins & DeFi

The altcoin sector has also been enjoying better days, with green value boosts almost across the board. For example, Solana moved up 8%, just like XRP. Meanwhile, Polygon has increased by 9% and Avalanche by 3%. This week’s other climbers include Uniswap, up by 26%, Chainlink, up by 10%, and Polkadot, up by 12%.

On the other hand, some assets, including Cardano, Shiba Inu, and UNUS, struggled to move lower and higher than their previous positions. The Metaverse sector maintained the same uptrend as the entire crypto market. For instance, ApeCoin moved up by 3% this week. Meanwhile, The Sandbox has increased by 1% and Axie Infinity by nearly 5%. Elsewhere, Decentraland moved up by 4% and Theta Network by 3%.

The DeFi sector lost over $2 billion from the total value of protocols (TVL), now standing at nearly $40.79 billion.

What’s in the News?

• Doge users warn against Dogechain, which they consider a “scam project.”
• According to a new Glassnode report, 4 centralized entities hold over 50% of the staked ETH.
• Billionaire investor Tim Draper says governments fear the threat of decentralization.
• According to a survey, investing in Bitcoin makes you appear more attractive.

Next Week’s Crypto Market Forecast

The crypto market is riding high on one of its best months this year. Undeniably, the market and most of its assets are fairing much worse than they did a year ago. However, they also show important signs of recovery after two terrible quarters of 2022. Hopefully, the trend will continue for the rest of the year.

About the Author

Born and raised in Romania, and currently living in Spain, Iulian 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 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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