WMA: Bitcoin Soars Past $23,000, Altcoins Recover, FTX Creditors Unveiled

Get the weekly summary of crypto market analysis, news, and forecasts!

This Week’s Summary

  • The Crypto Market ends the week at a total market capitalization of $1,071 trillion.
  • Bitcoin is up by over 3% after a successful week.
  • Ethereum decreased by almost 2% over the past seven days.
  • XRP gained nearly 2% in value this week.
  • Almost all altcoins are trading in the green, with very few exceptions.
  • The DeFi sector decreased the total value of protocols (TVL) to around $46 billion.

Crypto Trends 23-29 January 2023: Market Analysis and Performance

The crypto market is back to its bullish habits. Most assets are trading gleefully in the green for the third consecutive week, to the traders’ joy. Meanwhile, the market capitalization consolidated its position above the $1 trillion mark following a $23 billion increase.

Bitcoin has put those dark fears of devaluation behind it with another significant milestone this week. The king crypto continues to soar and cement its position above the $23,000 level. This week, its value boost was only a third of the previous one. However, it’s enough to keep a positive trend for the most popular cryptocurrency in the world. And, as we all know it, this has an uplifting effect on the entire crypto market.

Ethereum lost a bit of its momentum this week. The second crypto in command didn’t manage to follow the general uptrend and ended the week in the red. Following a nearly 2% value drop, ETH is trading at around $1,600.

This week marked an important development in the FTX saga. The former exchange’s lawyers have published a comprehensive list of all creditors with some very surprising names among them. For instance, the list includes Netflix, Apple, and the Wall Street Journal. FTX previously revealed that it owes $3.1 billion to its top 50 creditors.

Altcoins & DeFi

Almost all altcoins are trading happily in the green, with some recording spectacular gains. For example, Polygon is up by 15%, Avalanche by 14%, and Litecoin by 8%. Elsewhere, BNB is up by 4%, XRP by 2%, Cardano by 3%, and Aptos by a whopping 31%. Meanwhile, only a handful of cryptos are in the red, including Shiba Inu and Dogecoin, each down by 2%.

The Metaverse sector shares the same sentiment as the rest of the crypto market. For instance, Theta Network is up by 4%, Axie Infinity by 5%, and Decentraland by 7%. Meanwhile, ApeCoin is up by 9% and ICP by almost 5%. Only The Sandbox has dropped by nearly 5%.

The DeFi sector lost almost $2.5 billion from the total value in locked protocols (TVL), now at nearly $46.91 billion.

Crypto Market Analysis – What’s in the News?

  • Europol seized $19 million from under-fire cryptocurrency exchange Bitzlato.
  • Tesla’s BTC positions remained unchanged in the Q4 of 2022.
  • Cardano’s dexes will list the first ADA-based stablecoin, Djed, next week.

Next Week’s Crypto Market Forecast

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The crypto market has made a largely unexpected start to 2023. While most of its detractors hoped for another underachieving year, the industry recovered spectacularly with crucial gains across the board. The current market sentiment remains positive as the first month of the New Year comes to an end.

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