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WMA: Bitcoin Defends $40,000, Most Altcoins Bleed, Elon Makes Twitter Bid

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 $1,890 trillion.
  • Bitcoin is down by roughly 6% after a disappointing week.
  • Ethereum lost almost 7% of its value over the past seven days.
  • XRP increased by nearly 2% this past week.
  • Almost all altcoins are trading in the red, with very few exceptions.
  • The DeFi sector lost over $2.5 billion from the Total Value Locked in protocols, which now stands at $77.09 billion.

Crypto Trends 11 – 17 of April 2022: Market Analysis and Performance

The crypto market is in a bit of a slump at the moment. Last week’s downtrend seemed nothing more than a hiccup after three weeks of surging. Unfortunately, this week’s poor performance shows that a swift recovery may not be in the cards. Even the market capitalization dropped by roughly $90 billion and remained below the $2 trillion level.

Bitcoin had a disappointing week that saw it stray further from its hard-earned $43,000 level. While many investors cheered for the king coin’s speedy return, BTC’s descent grounded their hopes. Moreover, the most popular crypto in the world even dropped below the $40k level mid-week. Fortunately, it recovered during the weekend. Currently, it shows a slight 0.1% value boost, which maintains its price just above $40,000.

Ethereum does not have reasons to remember this week fondly either. The second crypto in command registers a 7% drop for the second week running. ETH may soon drop below the $3,000 level if it continues this troubling trend. After all, it is only trading $59 above the dreaded threshold.

Altcoins & DeFi

Ripple’s XRP is among the few crypto assets trading in the green, albeit not spectacularly. The coin ends the week with a 1.5% increase, enough to keep investors happy. At the time of writing, XRP was trading at $0.77.

Elsewhere, most altcoins are currently trading in the red. For example, Solana dropped by more than 8% over the week. LUNA recorded a 13% loss. Meanwhile, Cardano lost 10%, Polkadot dropped by 5%, and Avalanche by 7%.

Besides XRP, Shiba Inu and FTX are proving to be in good health with a 4% increase each.

The Metaverse sector is also bleeding heavily. For example, Decentraland is down by nearly 10%, and The Sandbox decreased by more than 8%. Meanwhile, ApeCoin dropped by 3%, and Axie Infinity by 9%

The DeFi sector lost over $2.5 billion from the total value protocols (TVL), which now stands at nearly $77.09 billion.

Crypto Market Analysis – What’s in the News?

  • After making an audacious $43 billion offer to buy Twitter, Elon Musk backed down from joining the platform’s board.
  • Will Smith Inu token surfaces in light of the Oscar debacle. But are meme coins a lucrative mockery of cryptocurrencies?
  • A trader filed a lawsuit against Uniswap after experiencing significant losses.

Next Week’s Crypto Market Forecast

Bitcoin live price
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Until last week, the crypto market seemed to consolidate and prepare the ground for another 2021-like summer surge. Sadly, it’s been two weeks since the bears took control of it, causing most assets to bleed moderately. Moreover, they don’t seem ready to relinquish control yet, and the market could lose all its recent gains. Hopefully, a bullish return is just around the corner.

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