WMA: Bitcoin Hits $50,000 as the Market Celebrates a Green Christmas

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This Week’s Summary

  • The Crypto Market ends the week at a total market capitalization of $2,347 trillion.
  • Bitcoin is down by almost 6% and trading around $50,000 again.
  • Ethereum is up by roughly 3% after a promising week.
  • XRP surged by almost 11% over the past seven days.
  • Most altcoins are trading in the green, with LUNA flying higher than the rest again.
  • The DeFi sector added almost $5 billion to the Total Value Locked in protocols, which now stands at $102.02 billion.

Crypto Trends 20th – 26th of December 2021: Market Analysis and Performance

The crypto market celebrates Christmas and the whole last week of 2021 cheerfully on the rise. After a bleak start of December, most crypto assets are recovering just in time for New Year. Furthermore, the market capitalization increased by over $140 billion to remain safely above the $2.3 trillion level.

Bitcoin was struggling to trade above $45,000 only a week ago. This time around, we see it attacking the $50,000 barrier. A remarkable 6% value boost took it there. And, investors hope that the bears will not get their paws back on the king coin before the year’s end. At the time of writing, BTC was trading at around $45,900.

Ethereum is back trading above $4,000 after a surprisingly good week. The second crypto in command surged by more than 3% this week to scare away the ghosts of Christmas past. For instance, only a year ago, Ethereum was struggling to trade above $600. At the time of writing, ETH was trading at around $4,040.

Altcoins & DeFi

Ripple’s XRP aims to end the year with a bang, and the recent 11% value surge proves it. The coin finally has reasons to celebrate as it plans a final assault on the $1 level. The feat seems improbable at the moment, especially considering XRP’s recent poor form. At the time of writing, XRP was trading at around $0.92.

Cardano is up by almost 12% and Polkadot by 17%. As we mentioned earlier, most altcoins are trading in the green. However, one of them is clearly stealing the show. Terra’s LUNA surged by over 36% this week to maintain its position in the top-10 cryptos by market cap. It’s a remarkable feat for a coin trading below $1 at the start of the year. At the time of writing, LUNA was trading at around $100.

The Metaverse sector is also rising without most of its best-prized assets trading in the green. For instance, Decentraland is up by nearly 11%, and Axie Infinity surged by more than 10%. This week’s climber is Sandbox, with a 33% increase in value.

The DeFi sector added roughly $5 billion to the total value protocols (TVL), which now stands at nearly $102.02 billion.

Crypto Market Analysis – What’s in the News?

  • A Bloomberg strategist admitted that Bitcoin is an enduring bull market.
  • Donald Trump says that cryptocurrencies are a “dangerous thing.”
  • A crypto market analyst says that Bitcoin is a leading indicator for tech stocks.

Next Week’s Crypto Market Forecast

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For most crypto investors, waking up on Christmas morning was a joyful occasion. Finally, they got to celebrate the holiday in the green. As the year draws to a close, it’s refreshing to see the bulls still in control over the crypto market. We can only hope that 2022 will start the same way and continue without too many hiccups.

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