WMA: Bitcoin Tests $25,000, Ethereum Merge Gets Closer, and Altcoins Thrive

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 $1,175 trillion.
  • Bitcoin has increased by over 6% this week.
  • Ethereum gained almost 17% over the past seven days.
  • XRP is up by nearly 3% this past week.
  • Almost all altcoins are trading in the green, with very few exceptions.
  • The DeFi sector increased the total value protocols (TVL) to around $44 billion.

Crypto Trends 8-14 August 2022: Market Analysis and Performance

The crypto market is back on a slightly bullish track, seeing most of its assets thriving after a slow start to August. This uptrend is visible in the market capitalization, which increased by nearly $80 billion over the past seven days. Furthermore, upbeat news regarding its top coins could help prolong this upwards trajectory.

Bitcoin is showing signs of improving health and stability after reaching as high as $25,000 this week. While it didn’t last long at that level, the king crypto consolidated its position just under the much-coveted level. News of BlackRock, the world’s largest asset manager, considering BTC investments have undoubtedly helped its surge. At the time of writing, Bitcoin was trading at around $24,500.

Ethereum is riding an even higher wave of enthusiasm and support than Bitcoin following a successful week. Firstly, the core ETH developers confirmed the Ethereum Merge will take place on September 15, four days earlier than its initial date. The second crypto in command took advantage of this development, and the increasing community support helped it surge by nearly 17%. At the time of writing, Ethereum was trading at around $1,980 and getting ready to surpass the psychologically daunting $2k level.

Altcoins & DeFi

The altcoin sector also embraces the market’s uptrend, displaying significant value boosts across the board. For example, Solana is up by nearly 14%, and XRP by 3%. Meanwhile, Polygon has increased by 11% and Cardano by 12%.

The week’s best climber is Shiba Inu, with a spectacular 46% increase. Elsewhere, Dogecoin has surged by 20% and Chainlink by 14%.

The Metaverse niche records mostly positive developments for its emerging projects. For instance, Decentraland is up by 3%, Axie Infinity by 2%, and The Sandbox by 3%. On the other hand, ApeCoin is on a nonconformist downtrend after losing nearly 9% of its value this week.

The DeFi sector added over $4 billion to the total value of protocols (TVL), now standing at nearly $44.11 billion.

Crypto Market Analysis – What’s in the News?

  • OpenSea reinforces measures against NFT theft.
  • Axie Infinity CEO moved $3M in tokens before hack disclosure.
  • MakerDAO co-creator wants to drop USDC for ETH.
  • The authorities have arrested a developer with ties to tornado cash.

Next Week’s Crypto Market Forecast

Bitcoin live price
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The crypto market has been enjoying some of its best days in recent months. Several positive news and developments across the industry reduce the bear’s heavy control over the assets. If this trend continues, we could expect a longer-lasting and more impactful bull run soon.

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