Crypto Market ends the week with a total market capitalization of $851 billion.
The crypto market has had a positive week in many ways. First of all, the market capitalization increased by around $10 billion. It’s not much, but it’s a step in the right direction. Subsequently, most of its core assets have posted small but promising gains. Lastly, the crypto community finally took on former FTX CEO Sam Bankman-Fried and got some valuable answers.
Bitcoin started the week slowly, flirting with the $16,000 support. However, it rallied and gradually rose from Wednesday, breaking above $17,000 before the weekend began. Unfortunately, it did not manage to stay there for long. It is currently trading just below the resistance level at $17k, most likely where it will end up this week.
Ethereum continues to grow slowly as it builds on last week’s run. The second-in-command crypto posted another 3% rise in recent days. That brings its tally to around $1,250 this week. Earning $50 a week is not much for ETH, but it may be enough to keep it below the dreaded $1,000 level.
Altcoins and DeFi
Most altcoins are trading in the green, which shows promising signs for this corner of the crypto market. For example, Cardano is up 1%, Avalanche almost 5%, and Polkadot more than 3%. Meanwhile, Uniswap takes the best climber cake with a 12% rise in value, followed by Polygon with 7%.
However, not all altcoins were as lucrative this week. For example, BNB is down almost 8% and XRP almost 4%. Similarly, Solana is down 6%, Shiba Inu 3% and Dogecoin 1%.
This week, the Metaverse sector is the most successful segment of the crypto market. ApeCoin increased 4%, ICP 9% and Mask Network 19%. Meanwhile, Theta Network declined 8% and Axie Infinity and The Sandbox 1%.
The DeFi sector lost almost $10 billion of the total value in locked protocols (TVL), now at almost $40.89 billion.
Next Week Crypto Market Forecast
The crypto market enters the last month of 2022 with mixed feelings.
Firstly, it shows slight signs of recovery after the bloodbath caused by the bankruptcy of FTX.
On the other hand, most altcoins struggle to make significant profits. And when they finally do, they lose them shortly after. This trend should continue next week and it may be even so until the year’s end.
Other events to watch out for include: According to Ted Cruz, the Fed and White House want a CBDC; Coinbase Wallet removed XRP and 3 other coins citing low usage; and Galaxy Digital is looking to buy GK8 from failed lender Celsius.
By Audy Castaneda