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WMA: Bitcoin Drops Below $40,000 as the Entire Market Takes a Dip

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 $1,840 trillion.
  • Bitcoin is down by roughly 2% after a rollercoaster of a week.
  • Ethereum lost almost 4% of its value over the past seven days.
  • XRP decreased by nearly 10% this past week.
  • Almost all altcoins are trading in the red, with very few exceptions.
  • The DeFi sector lost over $2 billion from the Total Value Locked in protocols, which now stands at $75.12 billion.

Crypto Trends 18 – 24 of April 2022: Market Analysis and Performance

The crypto market puts an end to a tumultuous week that saw most of its assets zigzagging uncontrollably. Currently, most assets are bleeding slightly, although the overall drop is not as bad as it looks. For example, the market capitalization dropped by only $50 billion this week, continuing below the $2 trillion level.

Bitcoin experienced substantial volatility over the past seven days. The king coin started the week trading only slightly above $40k. However, it surged mid-week to nearly touch the $43,000 level, reaching a 10-day high. Unfortunately, it didn’t manage to stay up there for too long. A steady descent brought it to its current trading price at around $39,600.

Ethereum is in the same situation as it was this time last Sunday. With very little to show for itself, the second crypto in command is on a slippery slope. So far, this trend has killed its dreams of climbing towards $4k. On the contrary, ETH has dropped below the daunting $3,000 threshold and is trading just below it.

Altcoins & DeFi

Last week, Ripple’s XRP was among the few crypto assets trading in the green. Today, it is one of the poorest performers of the week. With a roughly 10% loss, XRP is now very close to descending below the $0.70 level.

Elsewhere, most altcoins are currently trading in the red. For example, Solana dropped by more than 2% over the week. Cardano lost 7%, Dogecoin dropped by 8%, and Avalanche by over 6%.

Among the few altcoins trading in the green is LUNA, celebrating a nearly 12% value boost.

The Metaverse sector is witnessing the surge of ApeCoin, which now has the largest market cap at $4,62 billion. APE is also among the few assets in this sector, trading in the green with a spectacular 39% increase. Elsewhere, Decentraland is down by almost 7%, Axie Infinity dropped by 6%, while The Sandbox lost 3%.

The DeFi sector lost over $2 billion from the total value protocols (TVL), which now stands at nearly $75.12 billion.

Crypto Market Analysis – What’s in the News?

  • Mailchimp is facing a class-action lawsuit over the Trezor phishing attack.
  • Developers made the first offline DOGE transaction via Doge Radio.
  • Famous rapper Snoop Dogg is ready to sell NFT marijuana in the Metaverse.

Next Week’s Crypto Market Forecast

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The crypto market is evidently not enjoying its best period ever. Most assets are in limbo, going back and forth between support and resistance levels. Meanwhile, the scent of bears is still present within a sector more than ready to move to the next level. Hopefully, next week, the bulls will return for a longer, more successful run.

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