WMA: Bitcoin Struggles at $30k as the Market Recovers Slightly

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This Week’s Summary

  • The Crypto Market ends the week at a total market capitalization of $1,286 trillion.
  • Bitcoin manages to withhold the $30k level after a disappointing week.
  • Ethereum lost almost 3% of its value over the past seven days.
  • XRP decreased by nearly 3% this past week.
  • Almost all altcoins are trading in the red, with very few exceptions.
  • The DeFi sector lost over $0.3 billion from the Total Value Locked in protocols, which now stands at $56.2 billion.

Crypto Trends 16th to 22nd of May, 2022: Market Analysis and Performance

The crypto market closes another depressing week with most of its assets struggling to make a comeback. This week saw significant losses across the board, and only over the weekend did some of the coins manage to recover. We see a meager increase of only $9 billion in overall market capitalization, not enough to rejoice anyone.

Bitcoin had a terrible week that saw it drop as low as $28,000 on Friday. In recent hours, the king coin has made a surprising recovery. Currently, it sits just above the $30,000 level and struggling to keep it. If it can win only a few hundred dollars in trading value, BTC will have closed the week in the green for the first time in 8 weeks.

Ethereum will most likely finish the week trading in the red again. However, this time around, it will only record a one-digit drop. Compared to previous weeks, when it registered between 20 and 27% losses, ETH is down by only 3%. That’s enough to keep it trading a little above the $2,000 level.

Altcoins & DeFi

Most altcoins are trading in the red, and few can celebrate slight recoveries after a long period of heavy bleeding. For instance, TRON is up by over 9%, and Litecoin increased by 5% this week. Elsewhere, Uniswap is up by almost 3%, and Monero takes the cake with a 12% value boost.

Meanwhile, the other altcoins have to deal with the bad reputation LUNA’s downfall has brought to this sector. For instance, XRP is down by 3%, and Avalanche records an 11% value drop. Also, Polkadot is down by 8%, and Cardano lost nearly 2% over the past seven days.

The Metaverse is another crypto market sector losing value by the hour. For example, Decentraland lost almost 11% of its value this week, and ApeCoin dropped by 6%. Nevertheless, we can notice slight improvements for other projects, such as The Sandbox and Axie Infinity.

The DeFi sector lost over $0.3 billion from the total value protocols (TVL), which now stands at nearly $56.2 billion.

Crypto Market Analysis – What’s in the News?

Next Week’s Crypto Market Forecast

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After eight intense weeks, the crypto market is finally showing slight signs of recovery. We still have a long way to go until the cryptocurrencies reach stable positions. However, we can at least look at the assets’ trajectories in a better light. Hopefully, next week will bring even more improvements across the board.

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