The Crypto Report: Bitcoin and Ethereum wrap up volatile week in the right direction

It’s been another week of volatility for cryptocurrencies, but ultimately the markets went into Friday in essentially the same position across the seven-day period.

Global market capitalisation stands at US$946bn following a 1.3% daily bump.

Bitcoin is changing hands at US$19,600, with bullish support being witnessed as the day progresses. Across the seven-day window, it’s up 1.7%.

Ethereum is up around 2% against the day and half a percentage point across the weekly period, thus managing to keep its head above the US$1,300 support line.

Ripple’s XRP payment coin has been one of the most volatile of the large-cap cryptocurrencies as its securities lawsuit with the US Securities Exchange Commission (SEC) comes to a head.

Another partial victory for Ripple yesterday sent XRP soaring 12%, pushing its market cap to near US$50bn.

But despite the daily gains, XRP is still down 7% compared to this time last week.

Solana and Binance’s BNB coin added 3% and 2% respectively this morning and Polygon went up nearing 5%, while other large-cap network tokens saw more conservative gains.

In the decentralised finance (DeFi) space, MakerDAO’s MKR token was clearly the strongest performer.

The governance token for the DAI stablecoin added 7% this morning, but is up over 14% over the seven-day period.

Total value locked across all DeFi protocols is currently 1.5% up against the week at US$55.5bn.

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