Several BAYC and CryptoPunks collectors who put up their tokens as collateral backing for Ethereum loans have been unable to settle their dues. Crypto analysts believe this could mark the onset of the first major liquidation crisis in the NFT industry. BendDAO Loans and Possible Risks Rumors of a liquidation spiral began earlier this week following a post about NFT lending platform BendDAO. BendDAO is a web3 protocol that allows users to take out loans in Ethereum using their non-fungible…
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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $1,046 billion.
- Bitcoin has increased by nearly 7% this week.
- Ethereum gained almost 20% over the past seven days.
- XRP is up by nearly 4% this past week.
- Almost all altcoins are trading in the green, with very few exceptions.
- The DeFi sector increased the total value protocols (TVL) to $42.95 billion.
Crypto Trends 18 – 24 July 2022: Market Analysis and Performance
The crypto market is finally seeing some better days, over two consecutive weeks, more precisely. Most of its assets are continuously increasing in value, with some exceeding recent expectations. Even the market capitalization surged by over $80 billion to reclaim the $1 trillion level.
Bitcoin seems to have put the below-$20k scare behind it, following another $1,000 boost in a week. The king crypto is up by almost 7% this week, reaching a commendable $22,600 position. Even the news of Tesla liquidating 75% of its BTC holdings failed to phase Bitcoin’s resilient comeback. Now, investors are hoping this trend continues for as long as possible.
Ethereum is making even bigger leaps ahead in its bid to regain most of the lost gains. The second crypto in command has surged by almost 20% this week, bringing its price to around $1,600. It is an impressive run from a crypto asset struggling to remain above $1k only two weeks ago. The news of Ethereum 2.0 reaching 95% of its completion has influenced it.
Altcoins & DeFi
The altcoin sector is enjoying its green bath, covering almost all assets. For example, Solana is up 4%, just like XRP. Meanwhile, Polygon has increased by 15% and Avalanche by 12%. On the other hand, TRON is down by nearly 2% and Uniswap by 1%. Elsewhere, BNB is up by 4% and Cardano by 16%.
The Metaverse sector maintains the same uptrend as the entire crypto market. For instance, ApeCoin is up by 34% this week. Meanwhile, The Sandbox has increased by 11% and Axie Infinity by nearly 23%. Elsewhere, Decentraland is up by 14% and Theta Network by 13%.
Crypto Market Analysis – What’s in the News?
- Taiwan is reportedly looking into banning the purchases of crypto via credit cards.
- Finland rose $47.5M after selling a stash of seized Bitcoin.
- The police arrested a former Coinbase product manager on insider trading charges.
Next Week’s Crypto Market Forecast
The crypto market seems to have turned at least half a page on one of its bleakest periods. As most of the assets record a two-week recovery streak, we can hope that most will regain their recent losses. We can only hope this trend continues with no end in sight.