WMA: Bitcoin Below $19,000 while XRP Surges as the Bears Maintain Control

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This Week’s Summary

  • The Crypto Market ends the week at a total market capitalization of $928 billion.
  • Bitcoin has decreased by nearly 4% this week.
  • Ethereum lost almost 8% over the past seven days.
  • XRP is up by nearly 29% this past week.
  • Almost all altcoins are trading in the red, with few exceptions.
  • The DeFi sector maintained the total value protocols (TVL) at around $27 billion.

Crypto Trends 19 – 25 September 2022: Market Analysis and Performance

The crypto market is still under the overpowering control of the bears. This is visible in the steady devaluation of all assets, big and small. In fact, with very few exceptions, most cryptocurrencies are trading in the red. This week, the market capitalization dropped by over $30 billion, bringing it even closer to the $900 billion level.

After yet another disappointing week, Bitcoin is dropping below the $20,000 threshold. While the king crypto is maintaining its market dominance, it cannot do much to revive a bullish sentiment. Moreover, ill-intended statements like JP Morgan associating BTC with Ponzi schemes do not help its recovery battle. At the time of writing, BTC was trading at nearly $18,900.

Ethereum completed the eagerly anticipated merge over a week ago. However, the event did not do much for its market performance. On the contrary, the second crypto in command continues to drop precious points as if the merge hadn’t been finalized successfully. Currently, ETH is trading at around $1,290.

Altcoins & DeFi

The altcoin sector has very few assets not trading in the red, with the main exception being XRP. The coin is recording a surprising value boost of nearly 30%. This comes after Ripple’s parent company sought dismissal in its SEC lawsuit. And, according to market sentiment, it will most likely obtain it.

Elsewhere, BNB is up by 1%, Solana by 2%, and Dogecoin by nearly 4%. However, the list of this week’s climbers stops there. The other altcoins are drowning in a bloodbath. For example, Cardano is down by almost 4%, similarly to Shiba Inu and TRON. Meanwhile, Polkadot decreased by 8%, Polygon by 6%, and Avalanche by 2%.

The Metaverse sector is in the same sentiment as the rest of the crypto market. For instance, Axie Infinity and The Sandbox are down by 1%. Decentraland and Enjin have dropped by 4% each. Meanwhile, ApeCoin and Theta Network swim against the red tide with 6% and 1% value boosts, respectively.

The DeFi sector did not see much change in the total value of locked protocols (TVL), now at nearly $27.05 billion.

Crypto Market Analysis – What’s in the News?

  • MicroStrategy is building Enterprise-Grade Lightning Network wallets.
  • Russia legalized crypto for cross-border payments.
  • Kraken CEO Jesse Powell announced he will step down from his position soon.

Next Week’s Crypto Market Forecast

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The crypto market is far from its living its glory days. In fact, the current recession will most likely remain one of the worst bear markets in history. Nevertheless, despite their weekly seesawing movements, most crypto assets survive against all odds. The market maintains the investors’ trust, and all we can do is hope for better days ahead.

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