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The crypto market is back to its nauseating volatility as it enters under complete bear control. Most cryptocurrencies lost significant value this week, with some recording double-digit losses. Several negative rumors invading the financial markets spurred major liquidations across the board. This movement is one of the many factors influencing the sudden drop in the crypto sector. Meanwhile, the market capitalization strayed farther from the $4 trillion mark following a $230 billion decrease.
Bitcoin started the week trading at around $118,000. The king of cryptocurrencies even attempted an attack on $120,000. However, it stopped at around $119,600 before its throne started shaking. From there on, BTC joined the market downtrend and never recovered. Over the past seven days, its value dropped as low as $112,000. Currently, it has settled its trading price at a little under $114,000.
Ethereum lost its positive momentum after a three-week surge. The second crypto in command failed to reach the much-coveted $4,000 level. Instead, it dropped enough to make that target even more of a mirage. At the moment, ETH is selling for about $3,500.
Most altcoins are trading in the red, with some exceptions. For example, XRP is down 10%, Solana is down 10%, Cardano is down 13%, Avalanche is down 15%, Sui is down 21%, Chainlink is down 15%, TRON is up 1%, and Stellar is down 11%. On the other hand, Hyperliquid is down by 13%.
The memecoins also saw some interesting trajectories. For instance, Dogecoin is down 18%, Shiba Inu is down 13%, and Pepecoin is down 19%.
The Metaverse sector has also seen notable movements in the past week. For instance, Axie Infinity is down 15%, The Sandbox is down 17%, and Floki is down 19%. Meanwhile, Decentraland is down 14%, Render is down 19%, and ApeCoin is down 14%. Stacks decreased by 19%, Virtuals by 25%, and MultiversX by 16%. On the other hand, Wemix is down by 29%.
The DeFi sector lost nearly $9 billion from the total value locked in protocols (TVL), reaching around $132.26 billion.
The bears stopped the crypto market in its tracks just short of a monumental achievement. Another positive week could have pushed the market capitalization above $4 trillion. That would have been a historic event, potentially triggering an even more spectacular bull run. Unfortunately, the market contracted over the past seven days, resulting in losses across the board. Hopefully, the trend will reverse next week.
The post WMA: Bitcoin and Altcoins Drop Abruptly as the Bears Take Control appeared first on Crypto Adventure.
