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 $842 billion.
- Bitcoin is trading at around the same value as last week, $16,500.
- Ethereum gained more than 3% over the past seven days.
- XRP increased by nearly 8% this past week.
- Almost all altcoins and Metaverse projects are trading in the green.
- The DeFi sector decreased the total value protocols (TVL) to around $39 billion.
Crypto Trends 21 – 27 November 2022: Market Analysis and Performance
The crypto market bounced back this week from the losing streak that followed FTX’s infamous implosion. Most crypto assets record shy gains, with few boasting double-digit value boosts. On the other hand, most Metaverse projects are flying high, and the overall market capitalization increased by around $20 billion.
Bitcoin tried to follow the market sentiment and push past the now psychologically daunting $17,000 barrier. Unfortunately, it only achieved a dismal effort, and the king crypto dropped again towards the lower part of the $16,000s. After a bit of seesawing, BTC settled at around the same value where it was trading last week. Most likely, it will end the week trading at around $16,500.
Ethereum had a terrible start to the week but quickly recovered to move far from the $1,000 support level. The second crypto in command is only 3% up this week, but it might just be enough to calm down its backers. ETH is trading at around $1,200 and looking to build on its uptrend next week.
Altcoins & DeFi
Several altcoins are ending a relatively successful week. For example, BNB is up by nearly 16%. Meanwhile, Dogecoin has increased by over 26% and Litecoin by almost 24%. These coins are the best climbers in this corner of the crypto market.
Elsewhere, XRP is riding high on the back of an 8% value boost. Polygon is up by 3%, Shiba Inu by 5%, Solana by 11%, and Chainlink by nearly 18%.
On the other hand, things could be easier on other altcoins that are still bleeding. For instance, Polkadot and Cardano are each down by 1%. Meanwhile, Chiliz has decreased by a whopping 24%.
This week, the Metaverse sector is the most successful segment of the crypto market. The top climber is Ape Coin, sitting comfortably on a 23% value increase. Meanwhile, Theta Network is up by 9%, Axie Infinity, and The Sandbox by 1%.
The DeFi sector lost almost $10 billion from the total value in locked protocols (TVL), now at nearly $39.65 billion.
Crypto Market Analysis – What’s in the News?
- Binance released its Proof of Reserves documents.
- Elon Musk blasts Legacy Media’s “gingerly” SBF coverage.
- Singapore launched a probe into crypto lender Hodlnaut.
Next Week’s Crypto Market Forecast
The crypto market experienced a slight recovery this week, but it is unlikely to last long. A recoil was expected, considering the magnitude of the market’s crash after the FTX debacle. Currently, rumors and speculations reign highly and influence many of the movements. Next week should follow in the same sentiment.