Bitcoin Reclaims $21,000, Altcoins Thrive, and Solana Gets Google Backing

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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 $1.057 trillion.
  • Bitcoin is up by almost 3% following another successful week.
  • Ethereum gained almost 2% over the past seven days.
  • XRP increased by nearly 6% this past week.
  • Almost all altcoins are trading in the green, with very few exceptions.
  • The DeFi sector increased the total value protocols (TVL) to around $56 billion.

Crypto Trends 31 October – 06 November 2022: Market Analysis and Performance

The crypto market is consolidating after two weeks of steady climbing. Most of its assets are trading in the green and holding tightly to their recent gains. Furthermore, the market capitalization remains above $1 trillion for the second week.

Bitcoin climbed back above $20,000 last week and added over $1,000 more to its value this week. The king crypto has been seesawing between $19k and $20k for almost two months. It now seems to have put that dark period behind it and enhanced its dominance above the psychological level. This positive trend comes just in time for its whitepaper’s 14th birthday.

Ethereum is also on the rise, albeit not showing a strong surge as last week’s 25%. This week, the second crypto in command increased by only around 2%. It may not seem much, but it is enough to maintain its supporters’ optimism. Currently, ETH is trading at about $1,630 and far from the dangerous support levels of around $1,000.

Altcoins & DeFi

None of the major altcoins are trading in the red this week. On the contrary, some record double-digit value boosts, adding to their recent gains. For example, XRP is up by 6%, like Dogecoin and Uniswap.

Elsewhere, Cardano is up by 4%, Polkadot by 8%, and Polygon by a whopping 29%. Meanwhile, Solana is up by nearly 11% after Google Cloud revealed integration with the famous blockchain network. It’s important news for the platform that has struggled with living up to expectations in the past year.

The Metaverse sector is in the same sentiment as the rest of the crypto market. For instance, Axie Infinity is up by almost 10%. Elsewhere, Decentraland has increased by 3%, just like The Sandbox. Also, Theta Network is up by nearly 9% and ApeCoin by 5%

The DeFi sector added almost $2 billion to the total value of locked protocols (TVL), now at nearly $56.57 billion.

Crypto Market Analysis – What’s in the News?

Next Week’s Crypto Market Forecast

The crypto market is finally seeing better days after a terribly bleak October. Most assets have increased and consolidated their winnings in the past two weeks. We can only hope this trend will continue for the rest of this year’s last quarter.

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