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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $2,154 trillion.
- Bitcoin is up by roughly 3% after a promising week.
- Ethereum increased by almost 10% over the past seven days.
- XRP lost almost 1% in value in the past week.
- Almost all altcoins are trading in the green and still enjoying a favorable period.
- Hackers breached Axie Infinity’s Ronin Bridge and made away with $600 million.
- The DeFi sector lost over $8 billion from the Total Value Locked in protocols, which now stands at $81.46 billion.
Crypto Trends 28th of March – 03rd of April 2022: Market Analysis and Performance
The crypto market had one of the most exciting weeks since the start of the year. Firstly, it saw a consistent value surge for almost all its assets. Then, it experienced intense volatility on the back of bad rumors, a historical hack, and silly April Fools Day pranks. Meanwhile, the overall market capitalization continued to increase. This week, a $126 billion growth consolidated its position above the $2 trillion level.
Bitcoin puts an end to a positive 7-day trading period that saw it climb well above $48,000. Unfortunately, the frenzy of the last two weeks was not enough to deter the bears. So, mid-week, they dragged the king coin down by more than $3,000. The crypto market’s volatility again played its part as BTC increased slightly over the weekend. Currently, Bitcoin is trading at around $46,300.
Ethereum has serious reasons to rejoice after the third positive week in a row. The second crypto in command managed to surge by over 32% in three weeks. This way, it put those $2k level nightmares behind it. Moreover, Ethereum is now trading at around $3,500.
Altcoins & DeFi
Ripple’s XRP had a relatively uneventful week and closes slightly in the red. The coin followed the crypto market’s highly volatile trend until the weekend when it went south. Currently, XRP is trading at $0.83.
Elsewhere, most altcoins are currently trading in the green. For example, Solana surged by over 33% over the week. The next best climber was LUNA, with a 25% value boost. Meanwhile, Cardano is up by 5%, Polkadot by 9%, and Avalanche by 12%.
The Metaverse sector is also rising, with most projects gaining precious value points. For example, Decentraland is up by 2%, and The Sandbox increased by more than 3%. Lastly, ApeCoin is losing its post-launch momentum with a nearly 14% loss. In fact, it is one of the few assets currently trading severely in the red.
Axie Infinity is still trading in the green (up by 1.3%) despite the recent hack. This week, cybercriminals used hacked private keys to forge fake withdrawals and stole over $600 million in ETH.
The DeFi sector lost over $8 billion from the total value protocols (TVL), which now stands at nearly $81.46 billion.
Crypto Market Analysis – What’s in the News?
- Ethereum co-founder, Vitalik Buterin, wrote a blog praising Bitcoin as a possible joke on April Fools’ Day.
- Binance recruited a former Microsoft Executive to expand Web3 offerings.
- 1Inch app launched for Android users.
Next Week’s Crypto Market Forecast
The crypto market is riding a tall wave of enthusiasm after the third positive week in a row. Most assets are thriving in a period when authorities and institutions worldwide start seeing cryptocurrencies in a more favorable light. We can only hope that this trend will continue and bring the era of mainstream adoption closer.