This Week’s Summary
- The Crypto Market ends the week with a market capitalization in the amount of $1.215 trillion.
- Bitcoin is now below $30,000 after the drop of 2% this week.
- Ethereum has lost nearly 11 percent of its value during the past seven days.
- The XRP fell by almost 7percent in the past week.
- The majority of altcoins are trading within the black, and there are only a few exceptions.
- Terra 2.0 was launched and soared up to $30, before falling to $4 in under 24 hours.
- The DeFi sector has lost nearly $2 billion in total Value Locked in Protocols and is now at $54.27 billion.
Crypto Trends 23rd to 29th of May, 2022: Market Analysis and Performance
The crypto market is not as big as it was just a year ago, with prices soaring above that $2 trillion threshold and letting Bitcoin rise to $60,000. In fact, nearly all of its assets are leaking each day and the market cap remains at or at or above $1 trillion. Autonomy The Prime Advantage app has a real-time, in-depth crypto market analysis. In the last week, the total market capitalization fell by nearly $60 billion. Bitcoin’s hopes to stay at or above $30,000 are gone after another dismal week. In actuality, the King coin has lost value for the ninth straight week. Unfortunately, the silver linings have gone missing completely.
The fact that BTC dominance has risen this week will help bring back the optimism of investors. Right now, Bitcoin is trading at just over $29,000. Ethereum continues to lose value every hour after another week of a double-digit percent drop. The previous week the second crypto on command was hanging on in the air until it reached the $2,000 threshold. Now it’s trading at around $1,800.
Altcoins & DeFi
The most sought-after moment of this week was the launch of Terra 2.0 on Saturday, May 28. LUNA was planning another run after having the biggest drop in crypto this year. After its initial launch it seemed like the story of LUNA could have a more positive conclusion this time around. The currency’s value soared to as much as $30 as soon as it was launched. However, the story was not to last long. Within less than 24-hours, LUNA fell to $4 which simulated a pump and dump pattern. It then was able to hold at $6, the level at which it is currently trading. The jury is still in the sand on how it’ll go from now on. In addition, the majority of altcoins are trading in negative.
For instance, XRP has dropped by 7% in the last week. Additionally, Cardano is down by more than 11% and Solana’s value reached its lowest level, after a loss of 13. Additionally, Avalanche and NEAR Protocol fell by nearly 17 percent each. In the Metaverse is another cryptocurrency market that is losing value by the hour. As an example, Decentraland lost almost 12 percent of its value in this week, while ApeCoin dropped by 22 percent. Its competitors, Sandbox along with Axie Infinity experienced a similarly devastating loss, with 14% and 4 percent drops and 14% drops, respectively. The DeFi sector has lost more than $2 billion in Total Value Protocols (TVL) that now has a value of $54.27 billion.
Crypto Market Analysis – What’s in the News?
- The Portuguese Parliament has rejected two bills that called for crypto taxation.
- India is ahead of 26 other countries in Play-to-Earn’s adoption.
- Cynthia Lummis dropped a reveal date for the landmark crypto legislation.
Next Week’s Crypto Market Forecast
The crypto market is closing another exciting week. It wasn’t the optimistic or positive sense. In fact, the majority of assets are mired in the bloodbath that started almost the same time. Some analysts consider it to be an anomaly in a normal course for a new financial market. Some are predicting an upcoming crypto winter that has no conclusion to be seen. It will take time to prove either side is right and I hope, it will do well for the latter which will begin next week.