Cryptocurrencies had a great year in 2021. In this period, we have seen the market go from being classified as a billion-dollar economy into a trillion-dollar economy. Aside from that, cryptocurrencies are gaining visibility in the mainstream world with, for example, El Salvador's adoption of Bitcoin as the official digital currency. As a result, investors are looking for the "new Bitcoin" on the market, hoping to find a great alternative in so-called altcoins. Unfortunately, many traders value an altcoin exclusively…
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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $2,435 trillion.
- Bitcoin is down by almost 9% after a horrible week.
- Ethereum dropped by almost 7% over the past seven days.
- XRP dropped by almost 15% to trade again below $1.
- Almost all altcoins have traded in the red for most of the week.
- The DeFi sector lost nearly $1 billion in Total Value Locked in protocols, which now stand at $103.52 billion.
Crypto Trends 22nd – 28th of November 2021: Market Analysis and Performance
The crypto market is dropping its hard-earned gains with every passing day. Only this week, it lost more than $220 billion in market capitalization. If it keeps this rhythm, we may see the market cap drop below $2 trillion by next Sunday.
Bitcoin and most crypto assets have experienced extreme volatility this week. The king coin struggled to regain its position above $60,000. Unfortunately, its fight for supremacy lasted only a few hours on Monday. Since then, BTC’s price has dropped significantly. At the moment, it is trading at around $54,000 and dipping constantly.
Ethereum has not seen better days either. The second crypto in command continues its drop after setting several ATHs throughout October. In fact, as we speak, ETH is steadily dropping below the $4,000 level.
Altcoins & DeFi
Ripple’s XRP is one of the top-10 cryptocurrencies bleeding heavily. After managing to stay above $1 for a handful of weeks, XRP is now sliding to more familiar positions. At the moment, it is trading a little above $0.9
Cardano is down by almost 21%, and, in this manner, it will soon be out of the top-10 cryptos by market cap. The same goes for Polkadot, which is down by 20% this week. Also, Shiba Inu is down by 17%, and Solana dropped by 14%.
Very few altcoins in the crypto market can celebrate trading in the green. And, most of them represent the emerging GameFi and Metaverse market. For instance, Decentraland is up by almost 28%. Also, The Sandbox has surged by an impressive 76%, and ULTRA is up by nearly 50%.
The DeFi sector gained roughly $1 billion in total value protocols (TVL), which now stand at nearly $103.52 billion. It’s good news for this sector, which remains at a similar value, regardless of the crypto market’s upheaval.
Crypto Market Analysis – What’s in the News?
- Stripe is considering supporting crypto payments again.
- Bitcoin processes more volume than PayPal in 2021.
- DYP launches V2 staking, buyback, and farming pools on Binance Smart Chain.
Next Week’s Market Forecast
The market sentiment is negative at the moment. So, it’s no surprise that most crypto assets are experiencing a severe correction. Now, Bitcoin is occupying the headlines, but for all the wrong reasons. It is unclear for how long this situation will continue. Therefore, we can only hope that the crypto market will recover by the year’s end.