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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $921 billion.
• Bitcoin has barely moved from last week’s position following a 0.2% boost this week.
• Ethereum gained almost 2% over the past seven days.
• XRP dropped by nearly 5% this past week.
• Almost all altcoins have been trading in the red, with few exceptions.
• The DeFi sector increased the total value protocols (TVL) to around $52 billion.

Cryptocurrency Trends for the Week of Oct. 17- 23, 2022: Market Analysis and Performance

The crypto market looks to close a largely uneventful week, fitting perfectly within an equally unmemorable month. Most assets have been bleeding slightly, but not alarmingly. Conversely, those few cryptocurrencies seen trading in the green cannot brag about spectacular gains either. Even the market capitalization barely changed throughout the past seven days, accumulating only $3 billion.

Bitcoin has recently been trading at around $19,200, more or less the same value as past Sunday. The king crypto only briefly attempted to break past $20,000 this week. On Tuesday, it got as high as $19,700, only to descend again. For now, it has remained under the complete control of the bears.

Ethereum looks to end a seven-day period trading in the green after several disappointing weeks. Unfortunately, the 2% value boost is too small to please even the coin’s staunchest supporters. As a result, the second crypto in command remains far and beyond its glory days. Ethereum has recently been seen trading at a little above $1,300.

Altcoins & DeFi

The altcoin sector has experienced mixed results this week. Most assets have been trading in the red, but some managed to close above the green line. For example, Polygon moved up by nearly 5% and Litecoin by 3%. Meanwhile, BNB Coin, Avalanche, and Dogecoin have increased by almost 1% this week.

On the other hand, XRP fell down by almost 5%, Cardano by 4%, and Solana by 6%. Polkadot, TRON, and Shiba Inu have also decreased, albeit by smaller percentages.

The Metaverse sector has been in the same boat as the rest of the crypto market. For instance, Axie Infinity moved down by almost 20%, the worst performer this week. Elsewhere, Decentraland and The Sandbox have decreased by nearly 5%, and Theta Network moved down by almost 1%.

The DeFi sector added almost $26 billion to the total value of locked protocols (TVL), now at nearly $52.7 billion.

What’s in the News?

• Spain surpassed El Salvador as the third largest crypto ATM hub worldwide.
• Jack Dorsey announced his much-awaited decentralized social media project.
• Do Kwon finally takes the blame for Terra’s crash and apologizes for his past tweets.

Next Week’s Crypto Market Forecast

The crypto market continues to seesaw without producing much value or newsworthy changes. It has been in this limbo state for a while now, and it’s difficult to say when it will snap out of it. Meanwhile, the bears’ resistance blocks Bitcoin and most other crypto assets from surging.

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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