WMA: Bitcoin Drops Below $43,000 as the Market Loses $175 Billion

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This Week’s Summary

  • The Crypto Market ends the week at a total market capitalization of $1,981 trillion.
  • Bitcoin is down by roughly 8% after a disappointing week.
  • Ethereum lost almost 7% of its value over the past seven days.
  • XRP dropped by nearly 10% this past week.
  • Almost all altcoins are trading in the red, with very few exceptions.
  • The DeFi sector lost over $1.5 billion from the Total Value Locked in protocols, which now stands at $79.74 billion.

Crypto Trends 04th – 10th of April 2022: Market Analysis and Performance

The crypto market is showing signs of contraction after a favorable three-week period. Most assets lost precious gains this week, with some recording double-digit percentage drops. Even the market capitalization dropped by roughly $175 billion and below the $2 trillion level.

Bitcoin experienced intense volatility throughout the week, rippling across the market. Only ten days ago, the king coin was aiming for the $48k level. Now, it is hoping it will remain trading above $40,000. Currently, the bears have their paws firmly on BTC’s price, hovering above $42,700.

Ethereum is also devaluing by the hour and struggling to keep its recently hard-earned gains. The second crypto in command increased by nearly 10% every seven days for three weeks. Now, it is recording a 7% drop, which brings it closer to the $3,000. Investors will hope that this trend reverts and ETH can remain above it.

Altcoins & DeFi

Ripple’s XRP is back to its losing ways. After a disappointing week, the coin records a 10% value loss. Therefore, it must delay any plans of reaching the $1 level anytime soon. At the time of writing, XRP was trading at $0.76.

Elsewhere, most altcoins are currently trading in the red. For example, Solana dropped by more than 17% over the week. Surprisingly, LUNA recorded the same loss. Meanwhile, Cardano lost 11%, Polkadot dropped by 16%, and Avalanche by 15%.

The only asset refusing to follow the crypto market’s downtrend is Dogecoin, registering a surprising 5% value boost.

The Metaverse sector is also bleeding heavily. For example, Decentraland is down by nearly 15%, and The Sandbox decreased by more than 16%. Meanwhile, ApeCoin loses its post-launch momentum with an almost 6% loss.

The DeFi sector lost over $1.5 billion from the total value protocols (TVL), which now stands at nearly $79.74 billion.

Crypto Market Analysis – What’s in the News?

  • A 13-year-old girl amassed nearly $7 Million from selling NFTs.
  • The EU’s new move targets Russian crypto wallets.
  • Azuki Airdrop: scammers used hijacked verified Twitter accounts to steal NFTs.

Next Week’s Crypto Market Forecast

Bitcoin 2022, the most prominent event focusing on BTC, occurred in Miami this week. Unfortunately, it did not have the best effects on the king coin’s evolution in the market. On the contrary, the absence of El Salvador’s President, Nayib Bukele, shadowed the event, at least celebrity-wise.

Bitcoin live price
price change

The upcoming week sees the Paris Blockchain Week Summit in the French capital on 13-14 April. The event will host over 3,000 invitees, 250 speakers, and 100 media partners. Hopefully, it will provide enough good news to overturn the current downtrend of the crypto market.

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