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This Week’s Summary

The Crypto Market ends the week at a total market capitalization of $824 billion.
Bitcoin gained nearly 3% in value in the last week.
Ethereum increased by almost 6% over the past seven days.
XRP is up by nearly 1% this week.
Almost all altcoins are trading in the green, with very few exceptions.
The DeFi sector decreased the total value of protocols (TVL) to around $38 billion.

Crypto Trends 2-8 January 2023: Market Analysis and Performance

The crypto market closes the first week of 2023 on better terms than when it started. Almost all its assets report substantial gains as they want to put a dreadful 2022 behind it. The market capitalization increased by nearly $30 billion as it regained the $800 billion level.

Bitcoin celebrated its 14th anniversary on January 3. The landmark would usually spring a rejuvenated interest in the oldest crypto around. However, this year, the king of crypto had very little to celebrate. Last year was one for the back pages, and its decreasing popularity is more than evident.

Nevertheless, BTC traded in the green for most of the week. This helped it gain more confidence in attacking the psychologically daunting $17,000 level. At the time of writing, Bitcoin was trading for only a few dollars under it.

Ethereum follows in Bitcoin’s steps, albeit with more gains for this week’s upheaval. The second crypto in command is up by almost 6%. This increase helps it put some worrying signals to sleep, at least for another week. Currently, ETH is trading at around $1,260.

Altcoins & DeFi

Most altcoins are trading cheerfully in the green, with some exceeding expectations. For example, Solana is up by a whopping 38% and Cardano by an impressive 18%. Elsewhere, BNB is up by over 7%, XRP by nearly 1%, Dogecoin by 3%, and Polkadot by 6%.

Outside the top 10 cryptocurrencies by market cap, we find Litecoin and Polkadot enjoying 8% value boosts. Meanwhile, Shiba Inu is up by 4%, Uniswap by 6%, and Avalanche by 10%.

Only a handful of altcoins are trading in the red. For instance, Unus is down by 2% and TRON by nearly 4%.

The Metaverse sector shares the same sentiment as the rest of the crypto market. For instance, Theta Network is up by 6%, Axie Infinity by 12%, The Sandbox by 19%, and Decentraland by 20%. Meanwhile, ApeCoin is up by a spectacular 14% and ICP by almost 2%.

The DeFi sector lost almost $1 billion from the total value in locked protocols (TVL), now at nearly $38.28 billion.

Crypto Market Analysis – What’s in the News?

MasterCard unveiled a Polygon-based Web3 accelerator for musicians.
Celsius founder Mashinsky faces fraud allegations.
UK authorities aim to hire a crypto investigator at a $50k salary.

Next Week’s Crypto Market Forecast

The crypto market is enjoying a lukewarm start to the New Year. As in other years, the first few days saw very little activity. However, the traded volume for most assets is increasing with every passing hour. It’s not enough to relinquish bear control, but this week’s green sentiment is at least hopeful.

The post WMA: Bitcoin Targets $17,000, Most Altcoins Soar, Celsius Faces Fraud Allegations appeared first on Crypto Adventure.

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Filed under: Bitcoin - @ January 8, 2023 2:11 pm