WMA: Bitcoin at $21,000, Market Cap Aims for $1 Trillion, Celsius Goes Bankrupt

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 $964 billion.
  • Bitcoin has increased by nearly 2% this week.
  • Ethereum gained almost 17% 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 maintains the total value protocols (TVL) above $40 billion.

Crypto Trends 11 – 17 July 2022: Market Analysis and Performance

The crypto market closes a week full of highs and lows. Some of its most prominent assets recorded significant value boosts for the second week in a row. Also, the market capitalization has increased by nearly $40 billion, eyeing the $1 trillion level. On the other hand, this week saw Celsius file for bankruptcy after weeks of having its assets frozen and keeping its users in the dark.

Bitcoin is making baby-step progress, increasing in value a little at a time every week. This time, the king coin registered a nearly 2% boost to trade above $21,000 again. In this rhythm, it could consolidate its position far above $20,000 and put those crashing nightmares behind. Currently, BTC is trading at around $21,200.

Ethereum is following in Bitcoin’s steps, albeit with larger percentual leaps. The second crypto in command recorded another two-digit value boost in two weeks. At the time of writing, ETH was trading at around $1,350 and showed no signs of stopping.

Altcoins & DeFi

The altcoin sector is seeing green almost across the board, with very few assets trading in the red. For example, Solana is up 8%, just like XRP. Meanwhile, Polygon has increased by 37% and Avalanche by 13%. On the other hand, Cardano is down by nearly 2% and Dogecoin by 4%. Elsewhere, BNB is up by 9% and Uniswap by 17%.

The Metaverse sector maintains the same uptrend as the entire crypto market. For instance, ApeCoin is up by 7% this week. Meanwhile, The Sandbox has increased by 5% and Axie Infinity by nearly 1%. Unfortunately, other projects are not faring so well. Decentraland and Theta Network are down by 2% each.

The DeFi sector added over $120 million to the total value protocols (TVL), now standing at nearly $40.71 billion.

Crypto Market Analysis – What’s in the News?

  • A Fed survey suggests most banks are not prioritizing crypto technology in the near future.
  • New York Yankees employees may now receive pay in Bitcoin.
  • Binance torched $470 million in BNB during the 20th quarterly burn.

Next Week’s Crypto Market Forecast

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The crypto market continues the perfect start to Q3 of 2022 with a small yet promising uptrend. Most assets seem to have found a comfort zone, seesawing between accessible support and resistance levels. Above all, the infamous volatility is not as turbulent as it was in the past six months. We can only hope this trend continues and most cryptocurrencies regain important trading positions.

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