WMA: The Crypto Market Withstands Banking Sector Storm
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 $1,165 trillion.
- Bitcoin is up by over 2% after a rollercoaster of a week.
- Ethereum decreased by almost 1% over the past seven days.
- XRP gained more than 15% in value 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 $49 billion.
Crypto Trends 20 – 26 March 2023: Market Analysis and Performance
The crypto market continues to perform spectacularly despite the horrific disasters in other financial markets, such as the banking sector. Another major scare shocked the banking world this week when UBS saved former giant Credit Suisse from bankruptcy for almost $3.3 billion.
The news rippled in volatility waves across the financial landscape. Nevertheless, it barely rocked the crypto boat as only a handful of assets seesawed slightly for a few hours. Most of them returned in the green before the weekend began. Meanwhile, the market capitalization dropped by around $20 billion but remained firmly above the $1.1 trillion level.
Bitcoin started the week really well, surging to almost $29,000 at one point. The banking sector debacle affected it for nearly a day, causing a $2,000 loss. However, the crypto king quickly recovered and sprung back to $28,000, where it is still trading momentarily.
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Ethereum did not manage to recover as fast as BTC from the lousy news traveling through the crypto market. The second crypto in command lost around $200 of its trading value, less than 1%. In fact, it is now trading in the red at around $1,770. However, it will likely pick up in the coming days.
Altcoins & DeFi
Almost all the altcoins are trading in the green and boasting significant increases. For example, XRP is up by 15% and getting closer to the $0.5 price again. Meanwhile, Cardano is up by 5%, Dogecoin by 1%, Litecoin by 12%, and Chainlink by 2%.
Not everything is rosy for the top 20 cryptocurrencies by market cap. For instance, BNB is down by 4%, Polygon by 7%, Solana by 3%, and Polkadot by 6%. The same goes for Shiba Inu, TRON, and Avalanche, each down by around 3%.
The Metaverse sector does not share the same sentiment as the rest of the crypto market. For instance, Theta Network is down by 3%, Axie Infinity by 8%, and Decentraland by 7%. Meanwhile, ApeCoin decreased by 4%, ICP by almost 8%, and The Sandbox by 7%. Last week’s surprising overachiever, Stacks, is coming down from a 100% high with a 12% drop in value.
The DeFi sector lost nearly $0.5 billion from the total value in locked protocols (TVL), now at almost $49.82 billion.
Crypto Market Analysis – What’s in the News?
- The SEC sent Coinbase a wells notice regarding its listing of unregistered securities.
- Allegedly, Terra’s infamous Co-Founder, Do Kwon, has been arrested in Montenegro.
- Telegram has integrated Tether (USDT) payments on the Tron network.
Next Week’s Crypto Market Forecast
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TRADE NOWThe crypto market is showing excellent resilience in front of the storm ravaging the banking sector. The continuous news and rumors about financial organizations facing bankruptcy would have had a terrible impact on cryptocurrencies last year. However, the crypto market is stronger this year, with multiple assets defying the financial crisis. Hopefully, this trend will continue for the year’s remainder and beyond.
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