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WMA: Bitcoin and Altcoins Recover, OpenAI Increases Crypto Efforts

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 $1,136 trillion.
  • Bitcoin has increased by over 1% this week.
  • Ethereum is up by almost 2% after a largely uneventful period.
  • XRP gained almost 3% in value this week.
  • Almost all altcoins are trading in the green, with only a few exceptions.
  • The DeFi sector increased the total value of protocols (TVL) to around $47 billion.

Crypto Trends 22 – 28 May 2023: Market Analysis and Performance

The crypto market has decided to end May as one of the least eventful months in its history. Notably, the past week has been another drab period for most assets. Even the market capitalization remained at broadly the same value, increasing by only $6 billion.

Bitcoin seesawed for most of the week around the $27,000 level. This seems to be the new comfort zone for the king of cryptocurrencies. However, it shouldn’t upset too many of its supporters, considering BTC started the year trading at only $16,000.

Ethereum is also back to seeing brighter days after increasing by 2% this week. However, the second crypto in command is also settling for a toasty comfort zone, this time around the $2,000 level. These fluctuations are likely to continue in the weeks to come.

Altcoins & DeFi

Most altcoins are trading in the green, even if their gains are not far from astounding. For example, XRP is up by nearly 3% after last week’s impressive 10% value boost. Elsewhere, Cardano is up by 5%, Dogecoin by 1%, Polygon by 6%, and Solana by 3%. Meanwhile, BNB dropped by 1%, while Litecoin and Uniswap dropped by over 3%.

The Metaverse sector shares the same sentiment as the rest of the crypto market. For instance, The Sandbox and Render Token are up by 7%. Also, Axie Infinity increased by 3% and Decentraland by 1%. On the other hand, ApeCoin is down by 6% and ICP by almost 4%.

The DeFi sector added nearly $1 billion to the total value of locked protocols (TVL), now at $48.41 billion.

Crypto Market Analysis – What’s in the News?

  • The company behind ChatGPT, OpenAI, has successfully closed a Series C at $115 million for a crypto-oriented project, Worldcoin.
  • A Montenegro court has denied a $430,000 bail for Terra co-founder Do-Kwon.
  • The liquidity platform Jimbos Protocol has been the victim of hackers, who stole over $7.5 million in ETH.

Next Week’s Crypto Market Forecast

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The crypto market maintains a steady course without rocking the boat. Some crypto enthusiasts may find it boring, but more experienced traders welcome this stabilizing period. It is a significant change of pace from the usual extreme volatility but a welcoming one.

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