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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $823 billion.
• Bitcoin has been seen trading at around the same value as last week.
• Ethereum lost more than 5% over the past seven days.
• XRP increased by nearly 6% this past week.
• Almost all altcoins and Metaverse projects have been trading in the red.
• The FTX debacle continues to run rampant through the crypto market.
• The DeFi sector decreased the total value protocols (TVL) to around $49 billion.

Cryptocurrency Trends for the Week of Nov. 14-20, 2022: Market Analysis and Performance

The crypto market experienced considerably less volatility than usual this week. However, that’s not all good news considering the significant hit it took last week. The downfall of FTX and Alameda has rippled through the market, bringing many assets to their knees. This week was a mere hangover, with very few cryptocurrencies recovering. Meanwhile, the market capitalization dropped by only $10 billion.

Bitcoin had dropped as low as $15,700 in the wake of FTX’s bankruptcy 10 days ago. It later recovered to reach around $16,500, where it continued to trade throughout this week. The king crypto is far from a steady recovery. This was visible in its clear rejection at $17,000 on Monday.

Nevertheless, BTC’s poor performance is a good reason for some to buy more, as is the case of El Salvador, the only state using Bitcoin as a legal tender. The small state’s president, Nayib Bukele, announced the country will purchase 1 Bitcoin daily, starting Nov. 18, 2022. Moreover, Tron Founder Justin Sun said he would follow El Salvador’s example.

Ethereum dropped more value points this week following a 5% decrease. The second crypto in command has been hanging by a thread above the $1,000 threshold. However, its backers can rejoice at the asset’s recovery over the weekend. For instance, ETH has been recording a 1% increase over the past 24 hours. It remains to be seen whether it will maintain this trend next week. Recently, ETH has been seen trading at around $1,170.

Altcoins & DeFi

Almost all the altcoins in the top 50 coins by market cap have been bleeding. However, very few have been recording double-digit losses like they did last week. For example, Solana fell down by nearly 9%. Also, Dogecoin, Polkadot, and Polygon moved down by almost 6%. Meanwhile, BNB dropped by 4%, Shiba Inu by 3%, and Uniswap by 5%.

Elsewhere, XRP has been riding high on the back of a 6% value boost. The coin recovered spectacularly after recording one of its worst weeks this year last Sunday.

The Metaverse sector has been in the same boat as the rest of the crypto market. For instance, Axie Infinity fell down by almost 14%. Elsewhere, Decentraland has decreased by 11%, The Sandbox by 7%, and Theta Network by 1%. Lastly, ApeCoin has been in the green after a nearly 8% increase.

The DeFi sector lost almost $10 billion from the total value in locked protocols (TVL), now at nearly $49.36 billion.

What’s in the News?

• Crypto lender Genesis tried but failed to get $1 billion in emergency funds.
• Kraken’s new CEO said SBF and FTX are “frauds and thieves.”
• BlockFi may file for bankruptcy after FTX collapse, according to this report.

Next Week’s Crypto Market Forecast

The crypto market has been groggy following the events of 10 days ago. The collapse of FTX and Alameda led to other projects losing stability, investors losing credibility, and skeptics emitting apocalyptic scenarios.

Fortunately, this is not the first disaster in the history of the crypto market. And, as we have previously seen, the market and its assets eventually recover and surpass expectations. We’ll only have to wait and see how long it will take them this time.

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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