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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $1,130 trillion.
• Bitcoin has been trading at virtually the same value as last week – $26,800.
• Ethereum has stagnated after a largely uneventful period at around $1,800.
• XRP gained almost 10% in value this week to trade at around $0,46.
• Almost all altcoins have been trading in the green, with only a few exceptions.
• The DeFi sector maintains the total value of protocols (TVL) at around $47 billion.

Cryptocurrency Trends for the Week of May 15-21, 2023: Market Analysis and Performance

The cryptocurrency market looks set to close a forgettable week in which very few assets caught the traders’ eye. In fact, most cryptocurrencies slightly recovered to trade again in the green, albeit not by much. Even the market capitalization stagnated at a similar value to last week’s $1.1 trillion.

Bitcoin recorded a meager 0.3% value boost that helped it trade comfortably around the $27,000 mark. The king of cryptocurrencies managed to go above the much-coveted level mid-week. However, it only stayed there for a few hours. Recently, BTC has been seen trading at around $26,800.

Ethereum has also been trading at a similar value to last Sunday. The second crypto in command moved up by only 0.5% this week. That’s not enough to raise the optimism bar for any of its supporters. On the contrary, many hoped to see ETH surge spectacularly before summer starts. Unfortunately, winning the $2,000 level is not as easy as it seems.

Altcoins & DeFi

Most altcoins have been trading in the green, even if their gains haven't been spectacular. A notable exception is XRP, which moved up by almost 10% this week. The coin surged after its parent company, Ripple, announced plans to acquire Metaco – a Swiss-based crypto custodian.

Elsewhere, Dogecoin and Polygon moved up by 2% and Litecoin by 14%. Meanwhile, BNB dropped by 1%, Cardano by 2%, Solana by 3%, and Shiba Inu by over 2%.

The Metaverse sector has been in the same boat as the rest of the crypto market. For instance, Theta Network moved down by 4%, serving as one of the few exceptions this week. On the other hand, the other projects have been trading happily in the green. Axie Infinity moved up by 3%, The Sandbox by 4%, and Decentraland by nearly 7%. Elsewhere, ApeCoin increased by 6% and IPC by only 1%.

The DeFi sector added nearly $0.1 billion to the total value of locked protocols (TVL), now at $47.63 billion.

What’s in the News?

• Tether, the parent company of USDT, announced it will invest 15% of its net profit in Bitcoin.
• Coinbase launched zero-free trading for US users willing to stick to a $30 monthly subscription.
• Ripple announced it will pay as much as $250 million to purchase the Switzerland-based crypto custodian Metaco.

Next Week’s Crypto Market Forecast

The cryptocurrency market has not been holding any headlines this week, preferring a silent performance under the radar. It’s common to see financial markets experiencing short periods of contraction and stagnation following impressive bull runs. That is the case now, but it should not last much longer.

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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