WMA: Bitcoin Denied at $20,000 as the Market Lingers in the Red

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 $925 billion.
  • Bitcoin has increased by nearly 1% this week.
  • Ethereum lost almost 2% over the past seven days.
  • XRP is down by nearly 8% 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 26 September – 02 October 2022: Market Analysis and Performance

The crypto market is stuck in the red, with most of its assets seesawing slightly in the past seven days. This week brought very little news in the cryptosphere, which is still under total bear control. Even the market capitalization remains at a similar value to last Sunday, a little above $900 billion.

Bitcoin tried to climb back above the psychological $20,000 level this week. Unfortunately, it failed to defeat the resistance and is now trading at around $19k. Its slight increase in value only helps it overcome the fears of dropping below $18,500, which came true for a few hours on Friday.

Ethereum lost almost $500 since its historic merge two weeks ago. The second crypto in command is far from the optimistic forecast many suggested last month. At the time of writing, ETH is trading at only $1,290. Some experts expect it to drop below $1,000 if it continues on this downtrend.

Altcoins & DeFi

The altcoin sector has very few assets not trading in the red, with the main exception being LUNC. The Terra Classic’s coin is recording a 43% value boost, another speculative hike in the long story of the infamous Terra project. Elsewhere, BNB, TRON, and Polygon are up by around 2% each. Meanwhile, Uniswap has increased by 7% this week.

The “loser of the week” list contains several prestigious projects. For example, XRP is down by almost 8% after a successful two-week period. Cardano is down by 7%, while Solana, Shiba Inu, and Dogecoin have each dropped by around 3%.

The Metaverse sector is in the same sentiment as the rest of the crypto market. For instance, Axie Infinity and Decentraland are each down by 3%. Meanwhile, ApeCoin, The Sandbox, and Theta Network are each down by over 6%.

The DeFi sector did not see too much change in the total value of locked protocols (TVL), now standing at nearly $27.95 billion.

Crypto Market Analysis – What’s in the News?

  • This study reveals fossil fuels still power 62% of Bitcoin mining.
  • The CFTC filed a suit against the Digitex founder for manipulating token prices.
  • Solana resumed operations after a significant outage.

Next Week’s Crypto Market Forecast

Bitcoin live price
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The crypto market adds another unsuccessful week to its ongoing winter. While the bears maintain control, most assets do not seem to siphon value constantly. Instead, they fluctuate between mild resistance and accessible support levels. The fourth financial quarter of 2022 has just started, and we can only hope for a better period for cryptocurrencies.

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