WMA: Bitcoin Reverts to $23,000 as Market Undergoes Mild Correction

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This Week’s Summary

The crypto market ends the week at a total market capitalization of $1,060 trillion.
Bitcoin is down by over 6% after a disappointing week.
Ethereum decreased by almost 6% 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 $51 billion.

Crypto Trends 20 – 26 February 2023: Market Analysis and Performance

The crypto market had a poor week following a surprising and enriching bull run. Most assets have lost some recent gains as they experienced a mild correction. Meanwhile, the market capitalization dropped by around $60 billion but remained above the $1 trillion mark.

Bitcoin started the week riding high and around the $25,000 level. The more optimistic BTC supporters hoped for a continuous surge all the way to $30k. Unfortunately, the king cryptocurrency went on a slow and slippery slope to welcoming support at $23,000. While some may be disappointed in this devaluing, Bitcoin may not spend too much time in these shallow waters. Currently, BTC is trading at $23,200 and is eager to grow on a 1% boost in the past 24 hours.

Ethereum followed in Bitcoin’s footsteps and dropped by 6% of its value as well. The second crypto in command is now trading at $1,600, but the dreams of reaching $2k remain alive. A resurging interest in trading could soon see ETH back to higher-gaining days.

Altcoins & DeFi

Almost all altcoins are trading in the red, with only a few insignificant exceptions. For example, BNB is down by over 4%, XRP by 5%, and Cardano by 11%. Meanwhile, Polygon decreased by 15%, Dogecoin by 9%, and Solana by 7%. Elsewhere, Polkadot is down by 15%, Shiba Inu by 6%, Litecoin by 7%, TRON by 3%, and Avalanche by 9%.

The Metaverse sector shares the same sentiment as the rest of the crypto market. For instance, Theta Network is down by 3%, Axie Infinity by 11%, and Decentraland by 10%. Meanwhile, ApeCoin decreased by 11%, ICP by almost 25%, and The Sandbox by 9%.

The DeFi sector added almost $4 billion to the total value of locked protocols (TVL), now at nearly $51.32 billion.

Crypto Market Analysis – What’s in the News?

Spotify is running a pilot program for NFT-enabled playlists.
Sam Bankman-Fried saw his criminal charges increase by 4 more official accusations.
Coinbase launched the ETH Layer-2 Network running on the Optimism token.

Next Week’s Crypto Market Forecast

The crypto market contracted this week as most assets lost nearly half of their recent gains. This is a normal movement for a financial market that has struggled for over a year. The recent bull run, or rather sprint, was bound to bring a mild contraction. Hopefully, this downtrend will not last too many days, and the market will recover soon.

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