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WMA: Bitcoin Drops Below $27,000 as the Market Takes a Belly Flop

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 $1,125 trillion.
  • Bitcoin is down by nearly 7% after an uneventful week.
  • Ethereum decreased by over 5% over the past seven days.
  • XRP lost almost 7% in value this week.
  • Almost all altcoins are trading in the red, with virtually no exceptions.
  • The DeFi sector dropped the total value of protocols (TVL) to around $47 billion.

Crypto Trends 08 – 14 May 2023: Market Analysis and Performance

The crypto market’s fortunes took a turn for the worse this week. Most assets lost significant gains, with some registering two-digit value drops. Even the market capitalization decreased in value by roughly $70 billion but remained above the $1.1 trillion mark.

Bitcoin dropped through several support layers after losing over 7% of its value. The king of cryptocurrencies decreased to as low as $25,800 this week. However, it recovered slightly on the weekend to spare the blushes of traders. Currency, BTC is trading at around $26,800 and seeking to recover as soon as the following week starts.

Ethereum is down by almost 6% after a disappointing week. The second crypto in command sees its dreams of reaching $2,000 disappear after its recent drop. At the time of writing, ETH was trading at around $1,800.

Altcoins & DeFi

Most altcoins are trading in the red. However, their losses add to more than just a few pennies this week. For example, XRP is down by 7%, retaking its value below the much-coveted $0.5 level. Meanwhile, BNB dropped by 3%, Cardano by 4%, Dogecoin by 7%, Solana by 5%, and Polygon by over 12%.

We can count this week’s winners on the fingers of only one hand. UNUS is up by 2% and Cosmos by nearly 1%.

The Metaverse sector shares the same sentiment as the rest of the crypto market. For instance, Theta Network is down by 6%, while Axie Infinity plunges by 9%, like The Sandbox. Meanwhile, Decentraland dropped by 12%, ApeCoin by 9%, and IPC by a whopping 11%.

The DeFi sector lost nearly $3 billion from the total value in locked protocols (TVL), now at $47.56 billion.

Crypto Market Analysis – What’s in the News?

  • The Montenegrin authorities have set a $440,000 bail for the Terraform Labs founder, Do Kwon.
  • Tether announced it has generated over $1.5B in profits in the Q1 of 2023.
  • After surging by over 300% last week, the new memecoin on the block, PEPE, dropped by nearly 40% this week.

Next Week’s Crypto Market Forecast

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The crypto market is taking a break from its spectacular cavalcade this year. Several industry experts forecasted this contraction as a natural trajectory for a resurging financial market. While these ups and downs may be regular, we can only hope a new and exciting up is just around the corner.

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