The cryptocurrency markets have ended the seven-day period in a stronger position to where it started off, although there is scarce evidence of an imminent rally to resuscitate global market capitalisation.
At US$853.5bn, total market value across all crypto assets represented close to 3% gains week on week.
Bitcoin (BTC) looks set to end the week approximately 3.3% higher barring any shocks in the afternoon session.
While the benchmark cryptocurrency’s market price of US$16,970 is still heavily compressed following the collapse of the FTX exchange in early November, it at least represents the second straight week of gains.
Bitcoin (BTC) remains heavily compressed following the FTX collapse – Source: currency.com
Bitcoin bulls face the challenge of securing the coin comfortably above the US$17,000 resistance wall before even considering a return to US$20,000.
Ethereum (ETH) added 7% in the week and is currently changing hands at US$1,280.
While ETH briefly managed to recapture US$1,300, bearish pressure remains firmly planted at that price point.
Dogecoin (DOGE) substantially outperformed the market this week due to ongoing speculation of a Twitter integration.
Despite no true evidence to support the hype, the meme coin standard bearer managed to rally over 20% week on week, bringing its market cap to US$13.2bn.
Polygon (MATIC) also staged a recovery this week, having added 11%, while Cardano (ADA), Polkadot (DOT, Litecoin (LTC) and Tron (TRX) all look set to finish in the green.
But Layer-1 blockchain Fantom (FTM) was the top mover this week, having added nearly 40% to its market value.
Fantom’s rally comes amid seemingly promising news emerging from the treasury regarding the blockchain’s cash flow-positive position.
Binance’s BNB coin, on the other hand, shed 2% from its value, while Ripple (XRP) is currently down over 4%.
In the DeFi space
A number of decentralised finance (DeFi) tokens also posted losses, including Curve and Convex Finance, both having dipped over 6%.
On the flipside, decentralised exchange Uniswap posted double-digit gains across the seven-day period, bringing its market cap back to US$4.5bn.
Total value locked across all DeFi protocols stands at US$42.3bn, representing a 2% week-on-week uptick.
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