WMA: Bitcoin Defends $42k Level and XRP Surges as the Market Shrinks

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This Week’s Summary

• The Crypto Market ends the week at a total market capitalization of $1,892 trillion.
• Bitcoin is up by almost 2% after a short-lived bull run this week.
• Ethereum decreased by over 4% to trade again below $3,000.
• XRP is up by more than 20% after a good run over the past seven days.
• Almost all altcoins are trading in the red after a highly volatile week.
• The DeFi sector lost only $0.2 billion from the Total Value Locked in protocols, which now stands at $84.53 billion.

Crypto Trends 07th – 13th February 2022: Market Analysis and Performance

The crypto market had a surprisingly good week, or at least it seemed so until Sunday. Most assets followed an uptrend in the footsteps of Bitcoin, which recorded an 18% surge at one point. Even the market capitalization had regained the $2 trillion level.

Unfortunately, most of these gains disappeared on the last day of the week. The market cap dropped back at around $1.85 trillion, and most assets started trading in the red. At the time of writing, the crypto market is shrinking under immense volatility.

Bitcoin was trading at little over $41,000 last Sunday. Then, as the new week rolled out, the investors rejoiced as BTC started trading above $43,000. Furthermore, on Wednesday, it tried to overcome the $45,000 level. However, the celebrations didn’t last for too long as the king coin started bleeding. At the moment, its value boost amounts to only 1.35%, and BTC is trading at a little over $42,000.

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Ethereum also had a good week up to one point. The second crypto in command was riding on the back of a 16% value increase mid-week. At that point, very few expected it to drop below the $3,000 level again. Nevertheless, the worst-case scenario happened as Ethereum started dropping. After a nearly 5% loss, ETH is trading at around $2,900.

Altcoins & DeFi

Generally, Ripple’s XRP goes down with the ship as soon as the crypto market takes on a bit of water. However, XRP went the opposite way of BTC and ETH this time around. In fact, it registered a 20% value boost, which took its trading price at $0.80. This is a big step for a coin that many expected to drop below $0.5 before March.

Elsewhere, most altcoins are trading in the red, as we speak. For example, Solana dropped by 17% and Polkadot by 11%. On the other hand, Avalanche is up by over 5% and Dogecoin by almost 4%. Meanwhile, Shiba Inu stole the show with a remarkable 36% value boost.

The Metaverse sector is also bleeding, with most projects losing precious value points. For example, Decentraland is down by 13%, and The Sandbox is down by 11%. Lastly, Axie Infinity dropped by 11%, and only Theta Network can celebrate a 6% value increase.

The DeFi sector lost only $0.2 billion from the total value protocols (TVL), which now stands at nearly $84.53 billion.

Crypto Market Analysis – What’s in the News?

• A white-hat hacker received $2 Million for fixing an ETH-Creation bug.
• Uber says it will “absolutely” accept crypto payments at some point.
• NYC Mayor opposes Bitcoin mining.

Next Week’s Crypto Market Forecast

Btc

Bitcoin

$28.654
price

1.33243%
price change

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The crypto market is still struggling to find its rhythm in 2022. After a poor start, it recovered and saw most of its assets trading in the green. Now, it shows signs of contraction again. Indeed, it seems that these yo-yo movements will continue for a bit longer. We can only hope that a long bull run is not too distant in the future.