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This Week’s Summary
- The crypto market ends the week at a total market capitalization of $1,130 trillion.
- Bitcoin is trading at virtually the same value as last week – $26,800.
- Ethereum stagnates after a largely uneventful period at around $1,800.
- XRP gained almost 10% in value this week to trade at around $0,46.
- Almost all altcoins are trading in the green, with only a few exceptions.
- The DeFi sector maintains the total value of protocols (TVL) at around $47 billion.
Crypto Trends 15 – 21 May 2023: Market Analysis and Performance
The crypto market closes a forgettable week in which very few assets caught the traders’ eye. In fact, most cryptocurrencies slightly recovered to trade again in the green, albeit not by much. Even the market capitalization stagnates at a similar value to last week’s $1.1 trillion.
Bitcoin records a meager 0.3% value boost that helps it trade comfortably around the $27,000 mark. The king of cryptocurrencies managed to go above the much-coveted level mid-week. However, it only stayed there for a few hours. Currently, BTC is trading at around $26,800, and hoping for a better week ahead.
Ethereum is also trading at a similar value to last Sunday. The second crypto in command is up by only 0.5% this week. That’s not enough to raise the optimism bar for any of its supporters. On the contrary, many hoped to see ETH surge spectacularly before summer starts. Unfortunately, winning the $2,000 level is not as easy as it seems.
Altcoins & DeFi
Most altcoins are trading in the green, even if their gains are not spectacular. A notable exception is XRP, up by almost 10% this week. The coin surged after its parent company, Ripple, announced plans to acquire Metaco – a Swiss-based crypto custodian.
Elsewhere, Dogecoin and Polygon are up by 2% and Litecoin by 14%. Meanwhile, BNB dropped by 1%, Cardano by 2%, Solana by 3%, and Shiba Inu by over 2%.
The Metaverse sector shares the same sentiment as the rest of the crypto market. For instance, Theta Network is down by 4% and one of the few exceptions this week. On the other hand, the other projects are trading happily in the green. Axie Infinity is up by 3%, The Sandbox by 4%, and Decentraland by n3q4ly 7%. Elsewhere, ApeCoin increased by 6% and IPC by only 1%.
Crypto Market Analysis – What’s in the News?
- Tether, the parent company of USDT, announced it will invest 15% of its net profit in Bitcoin.
- Coinbase launched zero-free trading for US users willing to a $30 monthly subscription.
- Ripple announced it will pay as much as $250 million to purchase the Switzerland-based crypto custodian Metaco.
Next Week’s Crypto Market Forecast
The crypto market is not holding any headlines this week, preferring a silent performance under the radar. It’s common to see financial markets experiencing short periods of contraction and stagnation following impressive bull runs. That is the case now, but it should not last much longer.