Crypto trading has taken the back seat in the digital economy in 2022, with the market remaining under the bears' control for most of the year. Furthermore, traders have seen their faith rocked by the consecutive failures of centralized exchanges. These intermediary marketplaces have been the powerhouse of the industry since its humble beginnings. Now, they seem to crumble under mounting allegations of scams, lawsuits, and solvency concerns. Meanwhile, they make a convincing case for the imminent decentralization of crypto…
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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $1,226 trillion.
- Bitcoin trades at around $30,000 and may end the week in the green.
- Ethereum lost almost 2% of its value over the past seven days.
- XRP increased by nearly 1% this past week.
- Almost all altcoins are trading in the red, with very few exceptions.
- The DeFi sector sees only a tiny change in the total value protocols (TVL), now standing at nearly $54.14 billion.
Crypto Trends 30th of May – 05th of June, 2022: Market Analysis and Performance
The crypto market shows signs of a slight recovery following a bleak 2-month period. While most of its assets zigzagged between red and green the entire week, the oscillations were not that massive. For instance, the overall market capitalization increased by a little $15 billion.
Bitcoin sees the light at the end of the tunnel, albeit it’s still a distant glare in the dark. The king coin may finally end the week trading in the green after 9 weeks of red candles. BTC has increased by almost 1% this time around and even touched the $30,000 level. Currently, Bitcoin is trading at $29,700 and showing signs of a hopeful next period.
Ethereum did not enjoy the same trajectory this week. Unfortunately, the second crypto in command continues to lose precious value points. The only good news is that it did not drop by two digits this week. Instead, Ethereum only decreased by over 2% to trade at around $1,780.
Altcoins & DeFi
Elsewhere, most altcoins are trading in the red. For example, Solana dropped by over 13% after a series of shutdowns that saw many users lose faith in the network. The once-praised “Ethereum Killer” is only a mere shadow of its potential.
Other altcoins still suffering from a crypto market hangover are Avalanche (down by 10%) and Polkadot (down by 6%).
The Metaverse sector is also showing faint signs of recovery. For instance, Decentraland is up by almost 1%, and Axie Infinity increased by 8%. However, ApeCoin continues to drop following a 3% value loss. The same goes for The Sandbox, down by 2% this week.
Crypto Market Analysis – What’s in the News?
- New York passed a bill proposing a ban on carbon-based crypto mining.
- Yuga Labs lost 200 ETH in the 3rd recent phishing hack.
- Vitalik Buterin opposes the outlawing of PoW mining.
Next Week’s Crypto Market Forecast
The crypto market is slowly but steadily recovering. The partisans of a crypto winter are losing ground and supporters as most digital assets reemerge from the bloodbath. Nevertheless, it’s worth noting that the recent crisis has dented the credibility of many cryptocurrencies. An out-of-the-blue bull run is unlikely, and we will have to be patient with the market’s total rehabilitation.