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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $980 billion.
• Bitcoin moved up by over 23% after a highly successful week.
• Ethereum increased by almost 22% over the past seven days.
• XRP gained nearly 14% in value this week.
• Almost all altcoins have been trading in the green.
• The DeFi sector increased the total value of protocols (TVL) to around $39 billion.

Cryptocurrency Trends for the Week of Jan. 9-15, 2023: Market Analysis and Performance

The cryptocurrency market recorded its first bull run of 2023, and it has been a joy to watch. Almost all assets have been trading in the green, following one of the industry’s best weeks in recent history. Even the market capitalization has been close to climbing back above the $1 trillion mark after a whopping $160 billion boost.

Bitcoin has been exerting its dominance over the rest of the crypto market, recently standing at around 41%. The king crypto soared this week on the back of a 23% increase that took it a little above $21,000. This is a remarkable comeback for the world’s most popular cryptocurrency after lingering below $17,000 for nearly two months. Recently, BTC has been seen trading at around $20,800.

Ethereum registered almost the same value gains as Bitcoin. Its 22% value increase this week took it well above $1,500. Moreover, its supporters finally got some relief after weeks of worrying whether the second crypto in command would fall below $1,000. ETH was recently seen trading at around $1,540.

Altcoins & DeFi

Almost all altcoins have been trading happily in the green, with some recording spectacular gains. For example, Solana moved up by a whopping 71% and Cardano by an impressive 22%. Elsewhere, BNB rose by over 13%, just like XRP, Litecoin, and TRON.

Elsewhere, Dogecoin increased by nearly 19%, Polygon by 21%, Polkadot by 27%, Shiba Inu by 21%, and Avalanche by 40%. In fact, only a handful of digital coins have recorded single-digit gains.

The Metaverse sector has been in the same boat as the rest of the crypto market. For instance, Theta Network moved up by 19%, Axie Infinity by 31%, The Sandbox by 41%, and Decentraland by 63%. Meanwhile, ApeCoin rose by a spectacular 24% and ICP by almost 28%.

The DeFi sector lost almost $0.7 billion from the total value in locked protocols (TVL), now at nearly $38.99 billion.

What’s in the News?

• The BitConnect Ponzi scheme victims will receive $17 million in restitution.
• Nexo was flooded by withdrawal requests after a raid on its Bulgarian offices.
• Genesis Global is facing over $3 billion in debt to its creditors.

Next Week’s Crypto Market Forecast

The crypto market looks set to close one of its most successful weeks in recent months. Even the Nasdaq, S&P 500, and stocks dipped during its revival. However, the market reacted positively to the latest CPI reports from the US Bureau of Labor Statistics. It seems the bears have relinquished control, and we hope it will stay like that for the next week, too.

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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