Get the weekly summary of crypto market analysis, news, and forecasts!
This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $1.05 trillion.
- Bitcoin has increased by nearly 10% this week.
- Ethereum gained almost 14% over the past seven days.
- XRP is up by nearly 8% this past week.
- Almost all altcoins are trading in the green, with few exceptions.
- The DeFi sector increased the total value protocols (TVL) to around $32 billion.
Crypto Trends 5 – 11 September 2022: Market Analysis and Performance
The crypto market is closing one of its best weeks in recent months. Most assets are boasting two-digit value increments, while one of the rogue projects, the Terra ecosystem, is back with a bang. Even the market capitalization made a speedy recovery to climb back above $1 trillion, although not by much.
Last week, Bitcoin slumped below the psychologically daunting $20,000 level. Some pessimists were brave enough to already forecast its doom. However, the king crypto quickly recovered with a spectacular 10% increase. Now, it is trading at around $21,600 and not showing signs of tempering its surge.
Ethereum is also making waves on the back of a 14% increase. The much-anticipated merge will take place tomorrow, September 12. So, the second crypto in command has been trading in the green all week. Meanwhile, the Bellatrix upgrade went live on Ethereum’s Beacon chain, completing the last phase before the merge. Ethereum is attempting the unprecedented transition to a proof-of-stake consensus algorithm for those new to the topic. Therefore, the next few days will be exciting for the ETH community and beyond.
Altcoins & DeFi
The rest of the altcoins have been trading in the green for almost the entire week. As the period comes to an end, most of them are showing considerable gains. For example, XRP is up by 8% and Solana by 11%. Meanwhile, BNB has increased by 6% and Cardano by 2%. Elsewhere, Polkadot and Avalanche are up by 8% each. Lastly, only a handful of assets, including Chiliz and Unus, are trading in the red.
However, the biggest news in the altcoin sector came from LUNA and LUNC, the two cryptocurrencies in the Terra ecosystems (new and classic). The former increased by over 200% while the latter by 65%. Both coins are subject to intense volatility, which could spur from the extended support that crypto exchanges like KuCoin and GateIO have recently shown towards LUNC.
The Metaverse sector is also enjoying the same green recovery as the rest of the crypto market. For example, Decentraland, The Sandbox, and Axie Infinity are up by 1% each. Meanwhile, ApeCoin is up by 19% and trading at almost $6.
Crypto Market Analysis – What’s in the News?
- According to Charles Hoskinson, Bitcoin needs to upgrade if it wants to stay legal.
- Coinberry sues Binance after losing 120 BTC to customers.
- Binance’s latest move will kill USDC, according to Samson Mow.
Next Week’s Crypto Market Forecast
The crypto market is experiencing an early autumn revival, with most of its assets trading happily in the green. Everyone hopes this trend will continue. However, we cannot help but pinpoint it as a side effect of the long-anticipated Ethereum merge. This month’s most significant event could impact not only ETH’s future trajectory but that of other altcoins, too. So, for now, all eyes are on the merge.