The cryptocurrency market has started the week off on a bearish footing, losing more than 8% and shrinking to $2.01 trillion since yesterday’s peak valuation of $2.18T. Virtually all coins in the top 100 are posting considerable losses, except Celo, which managed to ignore the bears and grow by more than 7% in the meantime.
Last week we reported that the total cryptocurrency market capitalization is finally back above $2 trillion, but at the end of Week 33 the total valuation of all cryptocurrencies in circulation combined already exceeded $2.1 trillion. Nevertheless, for the second week in a row, market leaders Bitcoin and Ethereum were pushed in the background of attention while altcoins like AVAX, ADA, LUNA, DOT, and SOL claimed the spotlight with their high weekly gains. Furthermore, several altcoins are either at or very near their ATH prices. Together with a drop in BTC dominance, this has led a few analysts to believe that we are at the beginning of a new altcoin season.
Interest in DeFi has grown significantly in recent months, and this has contributed to the congestion on the Ethereum blockchain. DeFi users on Ethereum are now paying high transaction costs, which has resulted in a lot of criticism and users looking for alternative DeFi platforms. SushiSwap, an automated market maker protocol, says that they will be launching their service on the Avalanche blockchain in addition to Ethereum.
The cryptocurrency markets continue moving at a rapid pace, and we are seeing leading crypto and blockchain projects coming out with significant updates every day. However, it can be hard to keep up with all of the innovation that’s happening in crypto – here’s where we can help you out. Let’s check out 3 projects that will be particularly interesting to follow this week.