WMA: Bitcoin Nears $24,000, Ethereum Surges Towards $2k, 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 $1,102 billion.
  • Bitcoin has increased by nearly 5% this week.
  • Ethereum gained almost 7% over the past seven days.
  • XRP is up by nearly 8% this past week.
  • Almost all altcoins are trading in the green, with very few exceptions.
  • The DeFi sector dropped the total value protocols (TVL) to $40.79 billion.

Crypto Trends 25 – 31 July 2022: Market Analysis and Performance

The crypto market ended a highly lucrative July, which saw most assets recover important value points. We were talking about a crypto bloodbath only a month ago, but the mid-summer resurgence has been generous for many. Even the market capitalization solidified its position above the $1 trillion mark after falling beneath it a few weeks ago. For example, it surged by nearly $60 billion in the past seven days.

Bitcoin is enjoying a six-week high on a weekly 5% increase. The king crypto has traded cheerfully in the green for over three weeks, maintaining a solid position above $20,000. This week, it besieged the $24,000 level only to fall short of it. At the time of writing, BTC is trading at around $23,800.

Ethereum is getting closer to its migration to Ethereum 2.0, a much-anticipated event for all its supporters. Moreover, the high expectations are visible in the coin’s value, increasing speedily over the past month. For weeks, the second crypto in command was in danger of falling below the psychological $1,000 threshold. It is closing in on the $2,000 level today, following another week in the green.

Altcoins & DeFi

The altcoin sector is also enjoying better days, with green value boosts almost across the board. For example, Solana is up 8%, just like XRP. Meanwhile, Polygon has increased by 9% and Avalanche by 3%. This week’s other climbers include Uniswap, up by 26%, Chainlink, up by 10%, and Polkadot, up by 12%.

On the other hand, some assets, including Cardano, Shiba Inu, and UNUS, struggled to move lower and higher than their previous positions.

The Metaverse sector maintains the same uptrend as the entire crypto market. For instance, ApeCoin is up by 3% this week. Meanwhile, The Sandbox has increased by 1% and Axie Infinity by nearly 5%. Elsewhere, Decentraland is up by 4% and Theta Network by 3%.

The DeFi sector lost over $2 billion from the total value of protocols (TVL), now standing at nearly $40.79 billion.

Crypto Market Analysis – What’s in the News?

  • Doge users warn against Dogechain, which they consider a “scam project.”
  • According to a new Glassnode report, 4 centralized entities hold over 50% of the staked ETH.
  • Billionaire investor Tim Draper says governments fear the threat of decentralization.
  • According to this survey, investing in Bitcoin makes you more attractive.

Next Week’s Crypto Market Forecast

BUY NOW

The crypto market is riding high on one of its best months this year. Undeniably, the market and most of its assets are fairing much worse than they did a year ago. However, they also show important signs of recovery after two terrible quarters of 2022. Hopefully, the trend will continue for the rest of the year.

Stay up to date with our latest articles

Source