The Silicon Valley venture capital firm Andreessen Horowitz (a16z) released a report on Tuesday covering the current state of crypto adoption. It highlights Ethereum as the leading blockchain network for developer support but contains very little mention of Bitcoin’s growth. The Potential of Web 3 The VC firm broke boiled down its report into five key takeaways about the current state of crypto. It began by suggesting that the industry is in the middle of its fourth ‘price innovation’ cycle.…
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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $2,154 trillion.
- Bitcoin is up by roughly 3% after a promising week.
- Ethereum increased by almost 10% over the past seven days.
- XRP lost almost 1% in value in the past week.
- Almost all altcoins are trading in the green and still enjoying a favorable period.
- Hackers breached Axie Infinity’s Ronin Bridge and made away with $600 million.
- The DeFi sector lost over $8 billion from the Total Value Locked in protocols, which now stands at $81.46 billion.
Crypto Trends 28th of March – 03rd of April 2022: Market Analysis and Performance
The crypto market had one of the most exciting weeks since the start of the year. Firstly, it saw a consistent value surge for almost all its assets. Then, it experienced intense volatility on the back of bad rumors, a historical hack, and silly April Fools Day pranks. Meanwhile, the overall market capitalization continued to increase. This week, a $126 billion growth consolidated its position above the $2 trillion level.
Bitcoin puts an end to a positive 7-day trading period that saw it climb well above $48,000. Unfortunately, the frenzy of the last two weeks was not enough to deter the bears. So, mid-week, they dragged the king coin down by more than $3,000. The crypto market’s volatility again played its part as BTC increased slightly over the weekend. Currently, Bitcoin is trading at around $46,300.
Ethereum has serious reasons to rejoice after the third positive week in a row. The second crypto in command managed to surge by over 32% in three weeks. This way, it put those $2k level nightmares behind it. Moreover, Ethereum is now trading at around $3,500.
Altcoins & DeFi
Ripple’s XRP had a relatively uneventful week and closes slightly in the red. The coin followed the crypto market’s highly volatile trend until the weekend when it went south. Currently, XRP is trading at $0.83.
Elsewhere, most altcoins are currently trading in the green. For example, Solana surged by over 33% over the week. The next best climber was LUNA, with a 25% value boost. Meanwhile, Cardano is up by 5%, Polkadot by 9%, and Avalanche by 12%.
The Metaverse sector is also rising, with most projects gaining precious value points. For example, Decentraland is up by 2%, and The Sandbox increased by more than 3%. Lastly, ApeCoin is losing its post-launch momentum with a nearly 14% loss. In fact, it is one of the few assets currently trading severely in the red.
Axie Infinity is still trading in the green (up by 1.3%) despite the recent hack. This week, cybercriminals used hacked private keys to forge fake withdrawals and stole over $600 million in ETH.
Crypto Market Analysis – What’s in the News?
- Ethereum co-founder, Vitalik Buterin, wrote a blog praising Bitcoin as a possible joke on April Fools’ Day.
- Binance recruited a former Microsoft Executive to expand Web3 offerings.
- 1Inch app launched for Android users.
Next Week’s Crypto Market Forecast
The crypto market is riding a tall wave of enthusiasm after the third positive week in a row. Most assets are thriving in a period when authorities and institutions worldwide start seeing cryptocurrencies in a more favorable light. We can only hope that this trend will continue and bring the era of mainstream adoption closer.