WMA: Bitcoin and Altcoins Continue to Grow, Genesis Files for Bankruptcy

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 $1,048 trillion.
  • Bitcoin is up by over 9% after a highly successful week.
  • Ethereum increased by almost 6% over the past seven days.
  • XRP gained nearly 5% in value this week.
  • Almost all altcoins are trading in the green, with very few exceptions.
  • The DeFi sector increased the total value of protocols (TVL) to around $49 billion.

Crypto Trends 16-22 January 2023: Market Analysis and Performance

The crypto market enjoys another week in the green despite negative rumors and bankruptcy woes. Almost all assets have added to their previous gains, and the market capitalization has finally climbed back above the $1 trillion mark. All in all, this surprising uptrend is fueling the industry’s optimism for brighter days ahead.

Bitcoin was close to the $21,000 level only a week ago. Many believed the king crypto was flying high on the back of the New Year’s cheer. However, that was never the case. The most popular cryptocurrency in the world continued to surge this week, adding over $2,000 to its value. Currently, BTC is trading at almost $23,000.

Ethereum followed Bitcoin’s steps by adding to its gains. This week, the second crypto in command is up by almost 6%. As a result, its value is now at around $1,650 and growing. If this trajectory continues, ETH supporters can dream big for a rewarding 2023.

It hasn’t been all good news in the crypto market these days. After a month of uncertainty, one of the industry’s most popular lenders, Genesis, filed for bankruptcy. The company revealed liabilities between $1 billion and $10 billion, with over 100,000 affected creditors. Nevertheless, this dire news has not impacted the market as severely as last month’s FTX debacle.

Altcoins & DeFi

Almost all altcoins are trading happily in the green, with some recording spectacular gains. For example, Solana is up by 7% and Cardano by almost 9%. Elsewhere, BNB is up by 1%, XRP by 5%, Dogecoin by 8%, and Shiba Inu by a whopping 21%.

Additionally, Litecoin increased by nearly 2%, Polygon by 3%, Polkadot by 7%, Uniswap by 6%, and Avalanche by 7%. Meanwhile, only a handful of cryptos are in the red, including TRON, down by 1% this week.

The Metaverse sector shares the same sentiment as the rest of the crypto market. For instance, Theta Network is up by 14%, Axie Infinity by 31%, The Sandbox by 21%, and Decentraland by 10%. Meanwhile, ApeCoin is up by 9% and ICP by almost 13%.

The DeFi sector added almost $11 billion to the total value of locked protocols (TVL), now at nearly $49.18 billion.

Crypto Market Analysis – What’s in the News?

  • Some Ethereum developers disagree over technical tweaks as the Shanghai Upgrade nears.
  • According to a Cumberland report, the Genesis bankruptcy filing contains misleading and incorrect information.
  • The US authorities have shut down Bitzlato Exchange and arrested its founder.

Next Week’s Crypto Market Forecast

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The crypto market is celebrating a very early and equally unexpected spring. After a long and arduous crypto winter, the ice covering many cryptos’ progress is finally thawing. This week has been a clear example of it. For instance, most altcoins contracted after Bitzlato’s closure midweek but maintained an overall uptrend. We can only hope this anticipated defrosting continues.

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