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 $1,024 trillion.
- Bitcoin has dropped by over 12% this week.
- Ethereum lost almost 19% over the past seven days.
- XRP is down by nearly 11% this past week.
- Almost all altcoins are trading in the red, with virtually no exception.
- The DeFi sector increased the total value protocols (TVL) to around $47 billion.
Crypto Trends 15-21 August 2022: Market Analysis and Performance
The crypto market is ready to close one of its worst weeks in the past three months. In fact, it hasn’t seen such a bloodbath since the June crash. This week, the market capitalization lost $150 billion as most assets bled heavily.
Bitcoin is among this week’s sorest losers, with an astounding 12% value drop. The king crypto was nearing the $25,000 level only seven days ago. Unfortunately, now it is closer to $20,000 than the much-coveted $25k threshold. Currently, BTC is trading at a little above $21,000, although it’s showing recovery signs with a 24h 1% increase.
Ethereum lost all the momentum oozing from its imminent merger news. Moreover, it seems that the investors are getting bored with the asset’s seesawing trajectory. This week, the second crypto in command lost 19% of its value, more than it had gained in the past 15 days. At the time of writing, Ethereum was trading at around $1,620, far from the psychologically daunting $2k level.
Altcoins & DeFi
The altcoin sector is seeing only red as almost all assets are losing precious value points. For example, Solana is down by nearly 22%, and XRP by 11%. Meanwhile, Polygon has dropped by 21%, like Cardano, Shiba Inu, and Polkadot.
The Metaverse is following the same downtrend as the entire crypto market. All of its assets are bleeding heavily. For instance, Decentraland is down by 23%, Axie Infinity by 25%, and The Sandbox by 22%. Meanwhile, ApeCoin continues to plunge after a terrible week when it lost 22% of its value.
Crypto Market Analysis – What’s in the News?
- Celer Network’s multi-chain bridge suffered a DNS attack.
- BAYC sales spiked 100% in 24 hours following a $1.5 Million purchase.
- Dapper Labs officially launched the first NFL-focused Video collectible platform.
- FTX US received a “Cease and Desist” order from FDIC.
- According to this report, existing loans may trigger a liquidity crisis across BAYC and the NFT market.
Next Week’s Crypto Market Forecast
The crypto market is on a downward spiral forcing it to lose most of its summer gains. Even good news and rumors are not enough to keep positive momentum. Nevertheless, seeing how the significant brand assets will move in the last week of August will be interesting. Hopefully, the downtrend will reverse soon.