Image Source: Pixabay

This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $1,071 trillion.
• Bitcoin moved up by over 3% after a successful week.
• Ethereum decreased by almost 2% over the past seven days.
• XRP gained nearly 2% in value this week.
• Almost all altcoins have been trading in the green, with very few exceptions.
• The DeFi sector decreased the total value of protocols (TVL) to around $46 billion.

Cryptocurrency Trends for the Week of Jan. 23-29, 2023: Market Analysis and Performance

The cryptocurrency market has returned to its bullish habits. Most assets have been trading gleefully in the green for the third consecutive week, to many traders’ delight. Meanwhile, the market capitalization consolidated its position above the $1 trillion mark following a $23 billion increase.

Bitcoin had put those dark fears of devaluation behind it with another significant milestone this week. The king crypto continued to soar and cement its position above the $23,000 level. This week, its value boost was only a third of the previous one. However, this was enough to keep a positive trend for the most popular cryptocurrency in the world. And, as we all know it, this had an uplifting effect on the entire crypto market.

Ethereum lost a bit of its momentum this week. The second crypto in command didn’t manage to follow the general uptrend and ended the week in the red. Following a nearly 2% value drop, ETH has recently been seen trading at around $1,600.

This week marked an important development in the FTX saga. The former exchange’s lawyers have published a comprehensive list of all creditors, with some very surprising names among them. For instance, the list includes Netflix, Apple, and the Wall Street Journal. FTX previously revealed that it owes $3.1 billion to its top 50 creditors.

Altcoins & DeFi

Almost all altcoins have been trading happily in the green, with some recording spectacular gains. For example, Polygon moved up by 15%, Avalanche by 14%, and Litecoin by 8%. Elsewhere, BNB moved up by 4%, XRP by 2%, Cardano by 3%, and Aptos by a whopping 31%. Meanwhile, only a handful of cryptos have been in the red, including Shiba Inu and Dogecoin, each of which fell down by 2%.

The Metaverse sector has been in the same boat as the rest of the crypto market. For instance, Theta Network moved up by 4%, Axie Infinity by 5%, and Decentraland by 7%. Meanwhile, ApeCoin rose by 9% and ICP by almost 5%. Only The Sandbox has dropped by nearly 5%.

The DeFi sector lost almost $2.5 billion from the total value in locked protocols (TVL), now at nearly $46.91 billion.

What’s in the News?

• Europol seized $19 million from under-fire cryptocurrency exchange Bitzlato.
• Tesla’s BTC positions remained unchanged in the Q4 of 2022.
• Cardano’s dexes will list the first ADA-based stablecoin, Djed, next week.

Next Week’s Crypto Market Forecast

The crypto market has made a largely unexpected start to 2023. While most of its detractors hoped for another underachieving year, the industry recovered spectacularly with crucial gains across the board. The current market sentiment remains positive as the first month of the new year comes to an end.

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!”

More By This Author: