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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $1,580 trillion.
- Bitcoin is down by roughly 9.5% after a disappointing week.
- Ethereum lost almost 9% of its value over the past seven days.
- XRP decreased by nearly 4% this past week.
- The altcoins are trading in the red with almost no exceptions.
- The DeFi sector added over $4 billion from the Total Value Locked in protocols, which now stands at $71.11 billion.
Crypto Trends 2nd to 8th May 2022: Market Analysis and Performance
The crypto market is experiencing one of its worse periods in 2022. The bears are in complete control, and almost all assets are bleeding massively. In this depressing environment, the market capitalization dropped by $135 billion this week.
Bitcoin is currently trading a little above $34,000 after a hugely disappointing period. In fact, the king coin hasn’t traded this low since January. Furthermore, comments like Warren Buffet’s $25 vs. BTC tirade didn’t help the crypto asset earn more supporters. With a market cap hovering over $650 billion, Bitcoin is far from the days when its $1 trillion market capitalization was holding all the headlines.
Ethereum’s poor form continues as the second crypto in command loses nearly 9% in seven days. It seems that many investors have lost all hope of ETH recovering the $3,000 level any time soon. Instead, they have faith that the coin will remain at least above $2,000. At the time of writing, ETH was trading at around $2,500.
Altcoins & DeFi
Ripple’s XRP is trading at a similar value as last week, despite its 4% value drop. A couple of months ago, XRP was showing promising signs of resurgence. Now, it is slowly but steadily dropping far below expectations. Currently, XRP is trading at around $0.57.
Elsewhere, most altcoins are currently trading in the red. For example, Solana dropped by more than 12% over the week. Cardano lost 3%, Dogecoin dropped by 5%, and Avalanche by over 9%. The only significant asset trading in the green is TRON, with a roughly 28% increase.
All the sectors in the crypto market are heavy bleeding, and the Metaverse does not make an exception. ApeCoin, the victim of a recent scam, has dropped by almost 30%. Meanwhile, Decentraland is registering an 11% decrease, and The Sandbox licks its wounds after a 7% drop this week.
Crypto Market Analysis – What’s in the News?
- Binance supported Elon Musk’s Twitter takeover with $500M, says SEC Filing.
- According to this report, 90% of Central Banks are Exploring CBDCs.
- Luxury brand Gucci plans to integrate crypto payments.
Next Week’s Crypto Market Forecast
The current state of the crypto market makes any price prediction tricky, if not impossible. The bears have a firm grip over most assets, and it doesn’t look like they’ll relieve the control soon. For some, it’s the perfect occasion to buy the dip. On the other hand, other investors are waiting in the wings for a more appropriate time to open their wallets.