WMA: Bitcoin Still Striving At $20,000 As DeFi Hacks Soar

This Week’s Summary

  • The Crypto Market ends the week at a total market capitalization of $918 billion.
  • Bitcoin has decreased by nearly 2% this week.
  • Ethereum lost almost 3% over the past seven days.
  • XRP is down by nearly 6% this past week.
  • Almost all altcoins are trading in the red, with few exceptions.
  • The DeFi sector increased the total value protocols (TVL) to around $26 billion.

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Crypto Trends 10-16 October 2022: Market Analysis and Performance

The crypto market has contracted in size this week, losing almost all it had gained in the previous 7-day period. Most assets are bleeding, albeit not as much as they did at other times in this tedious bear market. Even the market capitalization decreased by only $26 billion, showing things may not be as bleak as they seem.

Bitcoin (BITCOMP) made only weak attempts to reconquer the $20,000 level this week. The king crypto has been seesawing between the $19,000 and the psychologically resistant $20k for almost a month. It’s difficult to say when the bleeding will stop. Moreover, rumors and bad news seem to inflict more damage on its price. Currently, BTC is trading at only $19,100.

Like most cryptocurrencies, Ethereum (ETH-X) has lost precisely what it had gained the previous week. The second crypto in command is down by over 3% after a tumultuous and disappointing period. Contrary to general belief, its much-anticipated merge has not produced the solitary bull run. Instead, ETH is struggling to remain above the $1k level, now trading at around $1,280.

Altcoins & DeFi

The altcoin sector has very few assets trading in the green. These include UNUS, down by 10%, and Quant, up by almost 16%.

On the other hand, most altcoins are trading in the red. For example, Ripple (XRP-X) is down by almost 6%, losing only a third of its previous gains. Meanwhile, Cardano is one of this week’s worst performers, with a 13% value drop.

Elsewhere, Chainalysis reports that October has already become the “biggest month in the biggest year” for crypto hacks. This is visible in the massive bloodbath engulfing most altcoins and DeFi assets. For example, BNB is down by 3%, Solana by 9%, Dogecoin by 5%, and Polkadot by 3%.

The Metaverse sector is in the same sentiment as the rest of the crypto market. For instance, Axie Infinity is down by almost 12%, just like ApeCoin. Meanwhile, Decentraland and The Sandbox have decreased by nearly 7%, and Theta Network is down by over 4%.

The DeFi sector added almost $10 billion to the total value in locked protocols (TVL), now at nearly $26.77 billion.

Crypto Market Analysis – What’s in the News?

  • The attacker behind the $100M Mango Market hack has unveiled his identity.
  • Binance announced a $500 Million lending lifeline for struggling crypto miners.
  • Coin Center filed a lawsuit against the Treasury over Tornado Cash Ban.

Next Week’s Crypto Market Forecast

 

The crypto market is far from enjoying its glory days. This is visible in the rollercoaster ride investors take a week in and a week out. Generally, a lucrative week in the green is soon followed by a bleeding period of the same length. It may not be the best of times to enter the market, but hopefully, the bears’ control won’t last much longer.


More By This Author:

Binance Announces $500 Million Lending Lifeline for Struggling Crypto Miners
Central Banks Will Print More Money, Push Crypto Prices: Arthur Hayes
Bitcoin Below $20K As BNB Chain Loses $100M+ In Bridge Exploit

Disclaimer: The Content is for informational purposes only; you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing ...

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Crypto Crazy 3 months ago Member's comment

Pretty cool.