The global market cap of cryptocurrencies is $1.27T, down 14% in 7 days. This was one of the worst trading periods in the cryptoasset market since May 23.
This week we have seen cryptocurrencies like Bondly (BONDLY, $0.002795) fall over 96%, TriumphX (TRIX, $0.002512) fall over 94%, OptionRoom (ROOM, $0.01797), plunge 91%, MoonRise (MOONRISE, $0.0000008979) dive about 81%.
This dramatic bearish trades in the cryptoasset market has caused the total market cap to fall from $1.4 trillion to now $1.2 trillion.
The value of Bitcoin (BTC, $31,412), the largest token by market cap, has lost over 7.2% in the last 7 days. The BTC/USD 7d low and high prices are $31,100.67 and $34,592.16, respectively.
This means that Bitcoin has fallen by more than half (about 51.62%) since April 24, when it reached its all-time high of $64,863.10.
However, analysts at the giant Wall Street Goldman Sachs recently revealed that BTC's lower price could be good for profits.
The drop in the price of many digital currencies is due to the ongoing crackdown on bitcoin mining and trading that is taking place in various countries, including China and Iran.
Due to travel restrictions and border closures because of the Covid-19 pandemic, cryptoasset miners are finding it difficult to move from countries like China and Iran that are against mining activities to countries like the United States that are still friendly to bitcoin mining.
As a result, the business has stalled and the supply of many coins on the market is still low. Cryptocurrency transactions are also destabilized, a thing that has painted a bad picture for the public to think that cryptoasset transactions are not effective.
With many governments hitting hard on cryptocurrency, many new investors are also afraid to invest in the cryptocurrency industry because they think it is a risky business that can make them lose all their money, and all these factors have caused a decline in the cryptoasset industry.
Nonetheless, not all cryptocurrencies suffered a bearish trade during the week. Some cryptocurrencies such as EIFI FINANCE (EIFI, $77.2) registered a gain of over 6834096.12% over the last 7 days, Binamon (BMON, $0.2124) hit a gain of over 1514%, CryptoBlades (SKILL, $13.13) posted a gain of over 982%, and Fear NFTs (FEAR, $2.0) saw a rise of over 441%.
The top gainers and losers of the week among the top 100 coins on the market are NEM (XEM, $0.1576), which gained over 30%, and THORChain (RUNE, $4.19), which plunged over 31%, respectively.
Various cryptocurrency creators keep on introducing new features and new things that attract customers to use their products.
This increases their values as their adoption, usage and investment increases.
Some of them follow the rules and regulations of the country they want to operate in so that they do not violate the regulations of the financial industry, as in the case of Ripple and the US Securities and Exchange Commission.