This Week’s Summary
Crypto Trends 16 – 22 Dec 2024: Market Analysis and Performance
The crypto market dipped significantly in form and appeal this week. Most cryptocurrencies record substantial losses, with many bemoaning two-digit value drops. Despite the winter holidays being just around the corner, it is a sad period for the crypto sector. The well-known “Grinch” that is FUD has reared its ugly head again. As a result, the market capitalization lost over $30 billion for the second week in a row.Bitcoin started the week gleefully increasing in value with every passing hour. The positive trend took it as high as $108,268, which is its new all-time high (ATH) value. Unfortunately, the bulls became tired and stopped short of another miracle. Therefore, the bears took over and dragged BTC’s value down to $92,000. The king of cryptocurrencies sought to save its reputation by getting immediately back in the saddle. However, its surge fizzled somewhere at around $98,000 before dropping again. Currently, Bitcoin is trading at a little over $95,000 while its value continues to drop.Ethereum is in a far worse shape than Bitcoin. The second crypto in command lost the $4,000 level after holding onto it by the skin of its teeth. Now, ETH is very close to dropping below the $3,000 level, too. The current trend disappoints Ethereum supporters, who desperately hoped to see it set a new ATH as many other cryptocurrencies managed lately.
Altcoins & DeFi
Most altcoins are trading in the red. For example, XRP is down by 8%, Cardano by 19%, BNB by 9%, Solana by 18%, TRON by 15%, Avalanche by 28%, Toncoin by 15%, and Polkadot by 24%.The memecoins are not enjoying their best days either. For instance, Dogecoin is down by 23%, Shiba Inu by 22%, and Pepecoin by 27%.The Metaverse sector has also seen notable movements in the past week. For instance, Axie Infinity is down by 22%, Stacks by 32%, Render by 24%, MultiversX by 29%, Decentraland by 24%, and The Sandbox by 25%. The notable climber of the week is Moca Network, which is up by a whopping 182%.The DeFi sector lost almost $15 billion to the total value in locked protocols (TVL), which is now $123.39 billion.
Crypto Market Analysis – What’s in the News?
Next Week’s Crypto Market Forecast The crypto market is far from being in a holiday mood. Most assets are dropping points with every hour that passes, depleting their hard-earned gains. Hopefully, the trend will reverse, and the positive market sentiment will return just in time for the year’s end.More By This Author:How To Buy And Sell Crypto ETFs: A Complete Guide
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