WMA: Bitcoin Hits $25,000 as the Bulls Take Over the Crypto Market

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This Week’s Summary

The crypto market ends the week at a total market capitalization of $1,128 trillion.
Bitcoin is up by over 13% after a highly successful week.
Ethereum increased by almost 12% over the past seven days.
XRP gained more than 3% in value this week.
Almost all altcoins are trading in the green, with almost no exception.
The DeFi sector decreased the total value of protocols (TVL) to around $47 billion.

Crypto Trends 13 – 19 February 2023: Market Analysis and Performance

The crypto market escapes the bears’ heavy paws for a surprisingly great week. In the past seven days, most assets have soared, with most boasting double-digit gains. Even the market capitalization increased by a whopping $120 billion to cement its position comfortably above the $1 trillion mark.

Bitcoin is up by more than 13% over the week and now trading at around $24,900. The king crypto even climbed above the psychological $25k level, albeit only for a few hours. It is a much-welcomed trend change as BTC grew by over $3,000 in a single week.

Ethereum is also on the rise, recording a nearly 12% value increase. The second crypto is now trading above $1,700 and seems to have left all its struggles behind. A resurging interest in trading could soon take ETH above the daunting $2,000 level.

Altcoins & DeFi

Almost all altcoins are trading in the green, with only a few insignificant exceptions. For example, BNB is up by over 3%, similar to XRP. However, the other assets have much more to celebrate. Cardano is up by 11%, Polygon by 19%, Dogecoin by 6%, and Solana by 17%.

Meanwhile, this week’s best climber is Filecoin, with a spectacular 85% increase in value. Elsewhere, Polkadot is up by 22%, Shiba Inu by 5%, Litecoin by 7%, and TRON by 10%, just like Avalanche.

The Metaverse sector shares the same sentiment as the rest of the crypto market. For instance, Theta Network is up by 14%, Axie Infinity by 8%, and Decentraland by 6%. Meanwhile, ApeCoin increased by 9%, ICP by almost 39%, and The Sandbox by 12%.

The DeFi sector lost almost $0.5 billion from the total value in locked protocols (TVL), now at nearly $47.57 billion.

Crypto Market Analysis – What’s in the News?

Nigeria is facing a cash liquidity crisis and might turn to cryptocurrency to ease social unrest.
The trading volume on the popular retail trading platform Robinhood increased by 95% in January.
Japan aims to launch a CBDC pilot program in April.

Next Week’s Crypto Market Forecast

The crypto market seems to have left its winter days behind. This year started on an uptrend, and after a short period of uncertainty, it continued to soar. Bitcoin and most of the ensuing altcoins are on a bullish run, which we hope will be long-lasting. Meanwhile, trading and crypto sales are increasing, giving a general impression that the crypto spring is finally here.

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