Bitcoin at $17,000, Altcoins Wobble, and Crypto Community Confronts SBF
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 $851 billion.
- Bitcoin is up by nearly 2% this week.
- Ethereum gained more than 3% over the past seven days.
- XRP decreased by nearly 4% this past week.
- Almost all altcoins are trading in the red, with few exceptions.
- The DeFi sector increased the total value protocols (TVL) to around $41 billion.
Crypto Trends November 28 – December 4, 2022: Market Analysis and Performance
The crypto market has had a positive week in many aspects. Firstly, the market capitalization increased by around $10 billion. It’s not much, but it is a step in the right direction. Next, most of its primary assets have recorded small but promising gains. Lastly, the crypto community finally got to confront former FTX CEO Sam Bankman-Fried and obtain some precious answers.
Bitcoin started the week sluggishly, flirting with support at $16,000. However, it picked up and gradually increased from Wednesday, climbing above $17,000 before the weekend started. Unfortunately, it didn’t manage to stay up there for too long. Currently, it is trading just below the resistance level at $17k, most likely where it will end this week.
Ethereum continues to grow slowly as it builds on last week’s run. The second crypto in command recorded another increase of 3% over the past few days. That takes its tally to around $1,250 this week. Gaining $50 a week is a little for ETH, but it may be enough to keep it from the dreaded $1,000 level.
Altcoins & DeFi
Most altcoins are trading in the green, showing promising signs for this corner of the crypto market. For example, Cardano is up by 1%, Avalanche by nearly 5%, and Polkadot by over 3%. Meanwhile, Uniswap takes the best climber’s cake with a 12% value boost, followed by Polygon with 7%.
Nevertheless, not all altcoins were that lucrative this week. For instance, BNB is down by almost 8% and XRP by nearly 4%. Similarly, Solana is down by 6%, Shiba Inu by 3%, and Dogecoin by 1%.
This week, the Metaverse sector is the most successful segment of the crypto market. ApeCoin increased by 4%, ICP by 9%, and Mask Network by 19%. Meanwhile, Theta Network decreased by 8%, and Axie Infinity and The Sandbox by 1%.
The DeFi sector lost almost $10 billion from the total value in locked protocols (TVL), now at nearly $40.89 billion.
Crypto Market Analysis – What’s in the News?
- According to Ted Cruz, the Fed and the White House want a CBDC.
- Coinbase Wallet delisted XRP and 3 other coins citing low usage.
- Galaxy Digital is looking to purchase GK8 from failed lender Celsius.
Next Week’s Crypto Market Forecast
The crypto market enters the last month of 2022 with mixed feelings. Firstly, it shows slight signs of recovery following the bloodbath spurred by FTX’s bankruptcy. On the other hand, most altcoins struggle to make meaningful gains. And when they finally do, they lose them shortly after. This trend should continue next week and even see off the year’s end.
