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 $1,861 trillion.
- Bitcoin is up by roughly 6% after a good week.
- Ethereum increased by almost 11% during the past seven days.
- XRP gained almost 3% in value in the past week.
- Almost all altcoins are trading in the green and still enjoying a favorable period.
- The DeFi sector added roughly $5 billion to the Total Value Locked in protocols, which now stands at $78.98 billion.
Crypto Trends 14th – 20th of March 2022: Market Analysis and Performance
The crypto market is finally showing signs of a healthy recovery. After numerous ups and downs over the past month, most assets are back trading in the green. Even the market capitalization is up by $120 billion and closer to the $2 trillion level.
Bitcoin started the week shyly on the rise. However, it stayed at around $39,000 for two days before moving decidedly forward. On Wednesday, Ukraine President Volodymyr Zelenskyy passed a law that would legally support crypto platforms in the country. Furthermore, the bill creates a legal framework for Bitcoin and Ether use.
The news helped BTC surge past the $40,000 level from where it hasn’t come back yet. In recent weeks, the king coin experienced several highs and lows. However, it rarely lasted on an uptrend for too long. It is currently trading at around $41,370 but showing a slight decrease of 1% over the weekend.
Ethereum benefitted from the only good news coming from Ukraine this week. The second crypto in command recovered to test the $3,000 level. It is a comforting rejuvenation for Ether, which was close to dropping below $2,000 this month. At the time of writing, ETH was trading at around $2,850.
Altcoins & DeFi
Ripple’s XRP is also enjoying the market uptrend, albeit it hasn’t increased by more than 3% this week. This time last week, XRP was the only top-10 cryptocurrency by market cap trading in the green. It’s good to see that it didn’t succumb to the market’s intense volatility. Currently, XRP is trading at around $0.8.
Elsewhere, most altcoins in the crypto market are currently trading in the green. For example, Cardano is up by 8% and Solana by nearly 11%. Furthermore, Dogecoin increased by 4%, and Avalanche surged by more than 25%.
The Metaverse sector is also rising, with most projects gaining precious value points. For example, Decentraland is up by 3%, and The Sandbox increased by over 10%. Lastly, Axie Infinity is up by 8%, while the newcomer, ApeCoin, is up by 960% and trading at around $10.
Crypto Market Analysis – What’s in the News?
- LCX launches tokenized real-world diamonds as Tiamonds NFTs.
- Binance pushes for Middle East expansion and obtains Dubai license.
- Major Bank HSBC announced it is ready to buy virtual lands on Sandbox.
Next Week’s Crypto Market Forecast
The crypto market is finally catching its breath after a bleak period. Since the year started, the industry has struggled with intense volatility, nasty rumors, and the side effects of the Russia-Ukraine conflict.
Fortunately, everything has a silver lining somehow. The war in Eastern Europe has convinced governments to reconsider crypto regulations, especially following the massive crypto donations for Ukraine. It took a bloody war to understand that crypto-assets represent a reliable financial vehicle. At least, that brings us an inch closer to mainstream adoption.