WMA: Bitcoin Below $20k Again as the Crypto Market Loses $100 Billion

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This Week’s Summary

  • The Crypto Market ends the week at a total market capitalization of $864 billion.
  • Bitcoin has dropped by nearly 11% this week.
  • Ethereum lost almost 15% over the past seven days.
  • XRP decreased by nearly 16% this past week.
  • Almost all altcoins are trading in the red, with very few exceptions.
  • The DeFi sector added over $0.5 billion to the total value protocols (TVL), now standing at nearly $40.08 billion.

Crypto Trends June 27th – July 3rd, 2022: Market Analysis and Performance

The crypto market closed June on a downtrend and entered July in a bloodbath. It seems that the green candles from 10 days ago were only deceiving signs of recovery. As this week concludes, we can observe a worrying situation. Almost all crypto assets are trading in the red, and the market capitalization has dropped by nearly $100 billion.

Bitcoin failed to maintain the $21,000 level and gradually dropped below $20k over the week. The most popular crypto in the world has closed its worst quarter in history. Moreover, it dropped below $19,000 for a few hours on Friday. However, this did not deter long-time supporters from buying the dip. MicroStrategy and El Salvador saw the drop as the perfect investment opportunity, with Bukele’s state purchasing 80 BTC. At the time of writing, Bitcoin is trading at $19,050.

Ethereum has lost this week all the gains it had made only ten days ago. The second crypto in command is on a red slippery slope, losing value points by the hour. It is currently trading only $50 above the $1,000 level and will most likely drop below it next week.

Altcoins & DeFi

The altcoin sector is currently struggling, with most assets recording two-digit losses. For example, Solana has dropped by 22%, and Cardano is down by 13%. Meanwhile, Dogecoin dropped by almost 12%, Avalanche lost 25%, XRP 16%, and Polygon decreased by no less than 25%.

The Metaverse sector is not faring any better than the rest of the crypto market. For instance, ApeCoin is down by 11%, and Axie Infinity decreased by almost 18%. Meanwhile, Decentraland dropped by nearly 16%, The Sandbox lost 18%, and Theta Network decreased by 13%.

The DeFi sector added over $0.5 billion to the total value protocols (TVL), now standing at nearly $40.08 billion.

Crypto Market Analysis – What’s in the News?

  • The OpenSea co-founder Alex Atallah is ready to quit the company but stay in the industry.
  • SEC rejected Grayscale’s spot Bitcoin ETF application earlier this week.
  • Argentina goes after the crypto wallets of non-compliant taxpayers.

Next Week’s Crypto Market Forecast

BUY NOW

The crypto market is taking us on a rollercoaster ride with different emotions every week. This time around, we can only lament the massive losses across the board. Nevertheless, we can only hope they’ll be riding high next weekend again. In the meantime, some are buying the dip, sending a positive message to the industry.

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