Table of Contents
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 $807 billion.
- Bitcoin lost almost 3% during a highly volatile week.
- Ethereum decreased by 7% over the past seven days.
- XRP lost nearly 9% of its value this week.
- Almost all altcoins are trading in the red, with very few exceptions.
- The DeFi sector maintains the total value protocols (TVL) at around $41 billion.
Crypto Trends 12-18 December 2022: Market Analysis and Performance
The crypto market ended a rollercoaster of a week that saw considerable volatility, shock news, and unexpected events. Most assets started trading in the green during this period but ended it severely battered and bleeding. Meanwhile, the market capitalization increased by almost $20 billion, climbing again above the $800 billion mark.
Bitcoin began the week eagerly waiting for the latest CPI report from the Bureau of Labor Statistics. When that came through positively, the king crypto skyrocketed and reached $18,250 on Wednesday. Despite the surrounding optimism, the markets quickly contracted, and most assets started plummeting. BTC constantly dropped ever since and couldn’t even hold onto the $17,000 level. Currently, Bitcoin is trading at around $16,700.
Ethereum is not faring any better. The second crypto in command has been wobbling indecisively for over a month. This week’s loss of over 7% brings its value below $1,200 and into the danger zone around the $1,000 level. If it won’t recover, that is where Ethereum will most likely finish this year.
One of the biggest shock news this week came from the ongoing FTX-SBF bankruptcy saga. On Tuesday, the SEC announced charges against Sam-Bankman Fried, who was in the custody of the Bahamian police at the time. His subsequent arrest rippled through the market, increasing FUD. The former CEO of FTX is now awaiting extradition and preparing for a most likely arduous legal battle.
Meanwhile, the crypto community panicked after rumors of Binance’s dubious solvency emerged on Twitter. The crypto exchange quickly rebuked the gossip, but the threatening uncertainty is still out there, especially after what happened to FTX.
Altcoins & DeFi
Most altcoins are trading in the red, even if they showed some promising mid-week spikes. For example, XRP is down by 9%, BNB by 14%, Polygon by 11%, and Shiba Inu by 8%. Meanwhile, other coins record even bigger losses, such as Dogecoin, down by 20%, Cardano, down by 16% and Litecoin, down by 18%.
Only a handful of altcoins can take pride in their movements this week. For instance, UNUS is up by 6% and Toncoin by nearly 40%.
This week, the Metaverse sector shares the same sentiment as the rest of the crypto market. ApeCoin decreased by 16%, ICP by 18%, and Axie Infinity by 17%. On the other hand, The Sandbox is down by 19%, Decentraland by 18%, and Theta Network by 13%.
The DeFi sector added almost $500 million to the total value of locked protocols (TVL), now at nearly $41.15 billion.
Crypto Market Analysis – What’s in the News?
Next Week’s Crypto Market Forecast
The crypto market is far from its all-time low, but it’s not thriving either. Extreme volatility, rumors, and shock collapse still affect its performance and credibility. On the other hand, most of the other markets are facing the same issues. So, it’s not surprising to see the crypto industry struggling to impress in this bleak economic environment.
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