It has undoubtedly been a week of turmoil, not just for cryptocurrencies, but for global indices and foreign exchange markets.
But while cryptocurrencies have spent most of the past seven days in a weaker position, there was sweet relief on Friday as nearly 5% was added to the global market cap.
At $ 952 billion, the markets are now only 1% lower than the week.
Ethereum’s wild downside saw a 6% reversal that took it back to $ 1,350 after a dangerously close one thousand, although it is still down nearly 9% on the week.
Bitcoin, which has shown slightly more stability, is trading at US $ 19,400 after adding more than 3% this morning.
The real big hit was Ripple’s XRP token, which gained over 60% this week; nearly half of these gains occur in the last day alone.
The payment token is now at a four-month high, buoyed mostly by potentially good news coming out of its lengthy legal dispute with the Securities and Exchange Commission.
Other major drivers this week include the Stellar network’s XLM token, which saw its market capitalization rise to $ 3.3 billion with a 27% increase, and Algorand (ALGO), which added over the 30% to its current market capitalization of $ 2.7 billion.
Cronos (CRO), the native currency of the Crypto.com exchange, got some relief after being completely decimated this year: a 13% weekly gain took its market cap to over $ 3 billion.
After a valiant effort by short squeezers, Terra Classic (LUNC) finally ended the week in a worse position, with the bears managing to depress the community-run project by nearly 6%.
But the two biggest losers this week were the two post-Merge Ethereum alternatives – Ravencoin and Ethereum Classic – which fell by 25% and 15% respectively.
In the decentralized finance (DeFi) sector, Curve’s recent weak performance saw a small reversal today, with 5% added to its market cap, while Compound Finance and MakerDAO are also doing well.
Total locked-in value across all DeFi platforms increased 5.5% to $ 55.5 billion on the last day, thus leading TVL to a markedly positive position over the week.
Elsewhere in the news
Washington State Assistant Attorney General Stephen Manning has asked to be listed as an interested party in the Celsius network failure case.
A CoinDesk report suggested that state regulators want to take a more proactive approach to the case (and regulation in general) with the “growing belief that the Fed is moving too slowly.”
The proposal Draft law on economic crime and corporate transparency in the UK “will make it easier and faster for law enforcement agencies such as the National Crime Agency to seize, freeze and recover cryptocurrencies.”
A second reading before the House of Commons is scheduled for 13 October.