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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $975 billion.
- Bitcoin has dropped by over 1% this week.
- Ethereum gained almost 5% over the past seven days.
- XRP is down by nearly 2% this past week.
- Almost all altcoins are trading in the green, with few exceptions.
- The DeFi sector decreased the total value protocols (TVL) to around $26 billion.
Crypto Trends 29 August – 04 September 2022: Market Analysis and Performance
The crypto market starts September with mixed emotions. Its star asset, Bitcoin, struggles to perform despite its dominance. On the other hand, most altcoins are thriving after leaving last month’s bloodbath behind. Meanwhile, the market capitalization remains at a similar value as last week after increasing by a little over $8 billion. Unfortunately, it remains under the psychological $1 trillion threshold.
Bitcoin has been fighting fiercely to hold onto the $20,000 level. Sadly, it dropped under one of the most important landmarks in its history this week. For years, this mark represented its value peak before the 2017 bubble crash. That’s why it meant so much for the bulls to push far beyond it during the spectacular 2021 run. At the time of writing, BTC was trading at around $19,700. It seems the bulls are giving up on a potential run and prefer drifting with the market volatility.
Ethereum started the week on a visible downtrend, registering a 4% drop on Thursday. However, following the Nitro upgrade for Ethereum layer-2 scaling solution Arbitrum on Wednesday, the second crypto in command changed its trajectory. Currently, ETH is trading at nearly $1,560, similar to last week’s value.
Altcoins & DeFi
The altcoin sector has been indecisive for most of the week. Only during the weekend did most start trading in green more emphatically. Leading the pack is Cardano, with a nearly 13% increase. The coin benefits from announcing its Vasil upgrade’s official date, which will occur on 22 September.
Most of the other altcoins are also faring well. For example, Polkadot is up by 2%, Polygon by 7%, and Shiba Inu by 3%. Moreover, Cosmos increased by 16%, Litecoin by 6%, and Uniswap by 8%.
The handful of altcoins still bleeding are only recording small losses. For instance, BNB is down by 1% and XRP by 2% each, just like Solana and Dogecoin.
The Metaverse sector is mirroring the rest of the crypto market. Most of its assets are trading in the green. However, some are bleeding precious value points. For example, Decentraland is up by 3%, Axie Infinity by 4%, and Theta Network by 1%. Meanwhile, ApeCoin has decreased this week by 6% and The Sandbox by almost 2%.
The DeFi sector lost almost $8 billion to the total value of protocols (TVL), now standing at nearly $26.21 billion.
Crypto Market Analysis – What’s in the News?
- An ancient Bitcoin whale moved 5,000 BTC amid intense market volatility.
- com backtracked on a $495 billion UEFA Champions League sponsorship deal.
- Tether responded to what it considers “disinformation” from the Wall Street Journal in a statement.
- The Fed and SEC are hurting Bitcoin, according to the BitFury CEO.
Next Week’s Crypto Market Forecast
The crypto market is again dealing with a high-volatility period leaving traders with very little space to move. Meanwhile, Bitcoin continues to seesaw around the $20k value, frustrating most of its backers. On the other hand, Ethereum maintains its up-and-down movement with almost no significant achievement. Nevertheless, its imminent merge and Cardano’s Vasil hardfork are the most exciting events to look forward to this month.