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 $1,018 trillion.
- Bitcoin is down by nearly 6% after intense seesawing this week.
- Ethereum decreased by almost 8% over the past seven days.
- XRP lost more than 5% in value this week.
- Almost all altcoins are trading in the red, with a few exceptions.
- The DeFi sector increased the total value of protocols (TVL) to around $48 billion.
Crypto Trends 06 – 12 February 2023: Market Analysis and Performance
This week, the crypto market took a considerable blow after the Securities and Exchange Commission (SEC) cracked down on crypto staking. One of the most popular DeFi activities may soon be under strict regulations, enough to negatively impact the entire industry. This development led to an overall drop in the market capitalization of $60 billion. Nevertheless, the market cap remains above the $1 trillion mark for now.
Bitcoin lost over $2,000 of its value following the SEC threat rumors. The king crypto lost a good chunk of its recent gains, which had taken it close to the $24k level. Currently, BTC is trading just below the $22,000 mark.
Ethereum also lost considerable value points this week, with its trading value decreasing by 8%. The second crypto in command has struggled to keep its gains since the start of the year. As a result, it cannot escape from its comfort zone, now at around $1,500.
Altcoins & DeFi
Almost all altcoins are trading in the red, with only a few heading in the other direction. For instance, Polygon is up by 6% this week. However, that is the only notable top-20 cryptos by market cap, enjoying a good run.
Meanwhile, XRP is down by over 5%, like BNB, Cardano, and Polkadot. Moreover, Dogecoin decreased by 9%, Solana by 12%, Dogecoin by 9%, Shiba Inu by 13%, and Avalanche by 11%.
The Metaverse sector shares the same sentiment as the rest of the crypto market. For instance, Theta Network is down by 4%, Axie Infinity by 8%, and Decentraland by 7%. Meanwhile, ApeCoin decreased by 8%, ICP by almost 4%, and The Sandbox by 2%.
Crypto Market Analysis – What’s in the News?
- Sam Bankman-Fried can now contact FTX Employees, according to this report.
- Turkey will receive Crypto Aid following the recently devastating earthquakes.
- World of Dypians announces whitelisting for Genesis Land NFTs at a knockdown price.
Next Week’s Crypto Market Forecast
This week, the crypto market went on a surprising downtrend following SEC’s regulatory crackdown. Some rumored the commission is targeting crypto exchanges like Kraken for their crypto staking strategies. As a result, most of the crypto space is contracting to a standby position. Unless it reverses this downtrend soon, the industry may return to the depressing pre-2023 values.