Weekly Price Analysis: Crypto Market Gains 14% in First Week of June

The first week of June saw the entire cryptocurrency market register bullish gains. The crypto market cap opened the week at $1.435 trillion and is now at $1.631 trillion which shows a gain of about 14%.

Currently, the best gainer and loser of the week is YFIDOWN with +8772304% and Crypto Village Accelerator (CVA, with -98.25%), respectively.

The market registered a significant rise following the report that Google has lifted a ban on cryptocurrency-related adverts on its platform, according to CoinIdol, a world blockchain news outlet. On the same day the ban on crypto ads was lifted, the crypto market ballooned by over 5% due to an increase in the adoption and use of tokens following the massive excitement among the investors and users.

All the top 10 coins traded in the green, and the best gainer among the top 10 at that time was Polkadot (DOT, +15%) and the best performer among the top 100 coins was KuCoin Token (KCS, with over 32%).

Top gainers of the week

However, the best 5 performers of the week among the top 100 tokens in the market is Curve DAO Token (CRV, price of $2.21, volume of $306M) with an increase of 38%, followed by Kusama (KSM, $387.04, vol $498M) with a gain of 36%, UNUS SED LEO (LEO, $2.73, vol $4M) with an increase of 33%, Filecoin (FIL, $86, vol $3.6B) with a growth of 27%, and OKB (OKB, $15.67, vol $726M) with a gain of 22%.

Top losers of the week

The worst 5 crypto performers among the top 100 crypto assets in the first week of June is BakeryToken (BAKE, price of $3.76, volume of $109.98M) with a decline of 13%, followed by Polygon (MATIC, $1.58, 24h vol of $2.22B) with a drop of -12.16%, Revain (REV, $0.0113, vol of $3.7M) with a fall of 11.83%, Chiliz (CHZ, $0.2574, vol of $236.4M) with a decline of 11.19% and Helium (HNT, $14.13, vol of $17.9M) with a drop of 10.07%.

Investors attracted by Bitcoin

Joe Biden’s $6 trillion budget also prompted several Americans to turn to Bitcoin (BTC), the largest crypto asset by market cap, a thing that has led to the increase of its price. The BTC/USD price opened the week at $34,607.41 with a market cap of $667.976B and volume of $31.646B, but currently, the price of BTC is at $36,940, with a market cap of $692.32B and volume of $40.8B. This indicates a positive trajectory.

In the same week of last year (2020), Bitcoin opened the week at $9,461, later increased to $10,143, indicating an increase of 8%, and closed that very week at $9,754. At press time BTC is trading at over $36.9k. This shows that from June last year to June 2021, Bitcoin has grown by about +540% thanks to the Covid-19 pandemic that has made cryptocurrency the next big thing.