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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 $790 billion.
- Bitcoin climbs above and retains the $17,000 level.
- Ethereum gained only 1% over the past seven days.
- XRP decreased by nearly 1% this past week.
- Almost all altcoins are trading in the red, with few exceptions
- The DeFi sector maintains the total value protocols (TVL) at around $41 billion.
Crypto Trends 5-11 December 2022: Market Analysis and Performance
The crypto market closes a largely uneventful week. Most of its assets are wobbling between green and red, with most spending more time in the latter. The market capitalization dropped by nearly $60 billion and below the $800 billion mark. Meanwhile, Binance’s CZ and FTX’s former CEO, Sam Bankman-Fried (SBF), held this week’s headlines with a back-and-forth war of words.
Bitcoin is far from its signature bull runs, now seemingly ancient history. The king crypto is facing little support, but apparently enough to keep it steadily climbing. This week, BTC increased by almost 1%, taking its trading value just above $17,000. It’s not much, but everyone should be happy as long as it’s in the green.
Ethereum ends this period with a 1% value boost, too. Unfortunately, considering the coin’s pocket-sized value compared to BTC, the increase is not that evident. In fact, the second crypto in command is still struggling to stay above the $1,200 value. Currently, it is trading at around $1,270.
Altcoins & DeFi
Most altcoins are trading in the red, having lost most of their previous week’s gains. For example, XRP is down by 1%, similar to BNB, Polygon, and Shiba Inu. Meanwhile, other coins record even bigger losses, such as Dogecoin, down by 7%, Cardano, down by 3% and Polkadot, down by 5%.
Fortunately, not all altcoins are bleeding this week. For instance, Solana and Litecoin are up by 1%. Also, Monero is up by 5% and TRON by nearly 2%.
This week, the Metaverse sector shares the same sentiment as the rest of the crypto market. ApeCoin increased by 1%, ICP by 9%, and Axie Infinity by a whopping 19%. On the other hand, The Sandbox is down by 1%, Decentraland by 2%, and Theta Network by 3%.
The DeFi sector added almost $1 billion to the total value of locked protocols (TVL), now at nearly $40.81 billion.
Crypto Market Analysis – What’s in the News?
- The Block’s CEO stepped down following revelations of secret SBF funding.
- SBF dubs potential FTX re-launch a “productive path forward.”
- Jim Cramer calls out XRP, Dogecoin, and Solana as “cons.”
Next Week’s Crypto Market Forecast
The crypto market is stagnating, with very little to show from one week to another. Next week’s monthly CPI report from the Bureau of Labor Statistics could influence some market movements. However, it is unlikely we’ll see significant disruptions by the year’s end.
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