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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $1,186 trillion.
• Bitcoin moved up by over 36% after an exhilarating week.
• Ethereum increased by almost 20% over the past seven days.
• XRP gained more than 12% in value this week.
• Almost all altcoins have been trading in the green, with virtually no exception.
• The DeFi sector increased the total value of protocols (TVL) to around $50 billion.

Cryptocurrency Trends for the Week of March 13-19, 2023: Market Analysis and Performance

The bulls are back with a bang in the crypto market. This week saw the much-anticipated US bailout of its crashing banks, which immediately rejuvenated all of the financial markets. Following the insolvency of several financial organizations, most famously the Silicon Valley Bank, the US banks (under the Fed’s umbrella) borrowed $300 billion.

While some feared this move would cause interest rates to surge uncontrollably, the current state shows otherwise. As a result, cryptocurrencies and risk-on assets have been enjoying a bull run that has been missing for over two years. This has been clearly visible in the green values across the crypto board and in the market capitalization, which moved up by almost $200 billion this week.

Bitcoin soared as soon as the bailout news spread through the markets. The king of cryptocurrencies was trading a little under $22,000 on Monday morning. A steady mid-week surge brought it to its recent value of $28,000. More importantly, the climb doesn’t seem to be close to ending. In fact, BTC has been cruising on the back of a 24-hour 3% rise.

Ethereum has also been enjoying the recent crypto comeback with a 20% value boost. The second crypto in command was trading under $1,500 a week ago. Recently, it has been targeting the $2,000 level, and many expect it to reach it in the next few days. ETH has recently been seen trading at around $1,870.

Altcoins & DeFi

Almost all the altcoins have been trading in the green and boasting significant increases. For example, BNB moved up by over 21%, XRP by 10%, and Cardano by 12%. Meanwhile, Polygon increased by 9%, Dogecoin by 13%, and Solana by 19%. Elsewhere, Polkadot rose by 9%, Shiba Inu by 8%, Litecoin by 22%, TRON by 11%, and Avalanche by 21%.

The Metaverse sector has been in the same boat as the rest of the crypto market. For instance, Theta Network moved up by 17%, Axie Infinity by 25%, and Decentraland by 23%. Meanwhile, ApeCoin increased by 10%, ICP by almost 15%, and The Sandbox by 31%. The prominent climber of the week has been Stacks, on the back of a 100% increase.

The DeFi sector added over $7 billion to the total value of locked protocols (TVL), now at nearly $50.12 billion.

What’s in the News?

• HSBC acquired the UK branch of Silicon Valley Bank for only 1 pound.
• The European regulators criticized the Fed for bailing out the SVB depositors.
• In February, Argentina’s annual inflation rate surpassed 100% as the South American country is dealing with one of the worst economic crises in history.

Next Week’s Crypto Market Forecast

The crypto market has been an obvious winner of the bank bailout in the US. It seems that, after all, SVB’s crash was a blessing in disguise for many cryptocurrencies. Bitcoin’s nine-month high dominance is another clear example of this. We can only hope that the recent rejuvenation is only the beginning of a spectacular new surge for crypto and other financial markets.

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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