WMA: Bitcoin Secures $23k, Slope Wallets Get Drained, and Altcoins Lose Ground

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This Week’s Summary

  • The Crypto Market ends the week at a total market capitalization of $1,094 trillion.
  • Bitcoin has dropped by nearly 3% this week.
  • Ethereum lost almost 1% over the past seven days.
  • XRP is down by nearly 5% this past week.
  • Almost all altcoins are trading in the red, with very few exceptions.
  • The DeFi sector maintains the total value protocols (TVL) at around $40 billion.

Crypto Trends 1-7 August 2022: Market Analysis and Performance

The crypto market shows slight signs of weakness in the first week of August. After an unexpected ascent throughout July, most assets are now seesawing between trading in the red and green. Fortunately, the losses and gains are tiny and rarely in two digits. Even the market capitalization lost only around $7 billion over the past seven days.

Bitcoin consolidates its position above $23,000. It has been a somewhat uneventful week for the king crypto, which tried hopelessly to surge to $25k. However, it is still early for the cryptocurrency that was struggling to remain above $20,000 only a month ago.

Ethereum is also maintaining its position, a little above $1,700. The second crypto in command had an excellent chance to reach $2k but lacked market traction. Moreover, it seems that the bulls that pushed it for over 5 weeks straight are steadily losing their power.

Elsewhere, this week’s biggest news came from Solana, which saw an attack on over 8,000 Slope user accounts. Slope is a web-based, non-custodial crypto wallet running on the Solana network. The hack drained the wallets of over $8 million worth of crypto assets, and the culprit is still at large.

Altcoins & DeFi

The altcoin sector shows signs of retreat after a lucrative month of important gains. For example, Solana is down by nearly 9% and XRP by 5%. Meanwhile, Polygon has dropped by 4% and Cardano by 2%.

The few climbers of the week include Avalanche, up by 13%, BNB, up by 10%, and Polkadot, up by 2%.

The Metaverse sector maintains a somewhat different course than the rest of the crypto market. Most of its assets are trading in the green, with very few exceptions. For instance, ApeCoin is up by 7% this week. Meanwhile, Decentraland increased by 3% and the Theta Network by a whopping 17%. On the other hand, The Sandbox is down by 2%.

The DeFi sector lost over $0.5 billion from the total value of protocols (TVL), now standing at nearly $40.22 billion.

Crypto Market Analysis – What’s in the News?

  • Vitalik Buterin says centralized stablecoins could impact the future of Ethereum hard forks.
  • Rock band Muse announced it will release its next album as an NFT on Polygon-based platform Serenade.
  • Chiliz bought a $100 million stake in FC Barcelona’s digital studio.
  • Binance and MasterCard are collaborating on a card rollout in Argentina.

Next Week’s Crypto Market Forecast

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The crypto market is slowing down after an exciting July, and it’s not surprising. After all, the economic crisis continues worldwide, and it’s normal for most sectors to shrink slightly following bull runs. Hopefully, this period of decline will not last for too long, and the assets will consolidate their recently-gained positions.

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