Africa could become a powerhouse in the blockchain space in the near future, according to research. Swiss investment company Crypto Valley Venture Capital has highlighted the rise in the volume of funding that has entered Africa’s blockchain space in recent times. In a recent release, the firm noted a substantial increase in this year’s Q1 funding compared to 2021’s. Venture Funding Grows 11 Times in Q1 2022 The Swiss company CV VC recently released its publication, The African Blockchain…
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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $1,766 trillion.
- Bitcoin registers a slight 0.2% increase after a highly volatile week.
- Ethereum is down by almost 5% and continues to drop.
- XRP lost only 1% of its value in the past seven days.
- Almost all altcoins are trading in the red after a seesawing week.
- The DeFi sector added roughly $7 billion to the Total Value Locked in protocols, which now stands at $68.91 billion.
Crypto Trends February 28 – March 6, 2022: Market Analysis and Performance
The crypto market is on a hair-raising rollercoaster ride as the war in Ukraine continues to affect financial markets worldwide.
This week saw most crypto assets surging past everyone’s expectations. News of crypto donations to relieve the Ukrainian crisis has helped many cryptocurrencies to spike. However, as the international community continued to pile up sanctions on Russia, most assets stopped in their climb. Therefore, many of them lost their recent gains and are trading now at similar values as this time last week. Even the market capitalization is at the same levels following a $1 billion increase.
Bitcoin climbed as high as $45,000 in the middle of the week. Also, it traded north of $40,000 for almost six days. However, the king coin embarked on a downtrend during the weekend that took it below $40k again. Currently, BTC is trading at $39,000 after a measly 0.26% increase. Furthermore, it is still subject to intense volatility.
Ethereum also had a good week up to a point. The second crypto in command managed to regain the $3,000 level for a few hours on Wednesday. However, following the market’s poor trend, ETH dropped severely over the weekend. At the moment, Ethereum is trading at $2,636.
Altcoins & DeFi
Ripple’s XRP ends this week on even terms. The coin seesawed for most of the week but failed to make any real progress. At the time of writing, XRP was trading at only $0.74, just as it did this time last week.
Elsewhere, most altcoins are currently trading in the red. For example, Cardano dropped by 6% and Solana by 42%. Furthermore, Dogecoin is down by 3%, and Shiba Inu decreased by more than 2%. On the other hand, the NEAR Protocol is among the few cryptocurrencies trading in the green. This week, it boasts an increase of over 18%.
The Metaverse sector is also bleeding, with most projects losing precious value points. For example, Decentraland is down by 7%, and The Sandbox dropped by more than 2%. Lastly, Axie Infinity decreased in value by over 1%, and Theta Network lost 4%.
Crypto Market Analysis – What’s in the News?
- South Korean exchanges clamp down on Russian users.
- The Sandbox Metaverse reaches 2 Million registered users.
- Snoop Dogg announced he would release a major NFT music label.
Next Week’s Crypto Market Forecast
The crypto market is still facing intense volatility amid the Russia-Ukraine war. The high geopolitical tension has led to numerous economic restrictions for Russia, which could soon affect the financial world. At the moment, the conflict spurs several developments every day, which ripple in seesawing waves across all markets. As it stands, investors are waiting for the stability of more peaceful times before opening their wallets again.