Weekly Price Analysis: Total Cryptocurrency Market Cap Drops By 7.4%

The first week of September was bullish for the entire cryptocurrency market, but this one looks to be a rough one.

The overall digital currency market opened this week with a market cap of $2.269T, continued to rise to a high of around $2.374T, and now sits at $2.102T, a loss of nearly 7.36%.

Top gainers of the week

In the last 7 days, some cryptocurrencies such as XTZDOWN (XTZDOWN, $9.99) gained dramatically by 5942871%, Plethori (CVA, PLE) by 3293, Giftedhands (GHD, $0.008376) by 1645%, AirCoin (AIR, $0.00000002805) by about 801% and IDEX (IDEX, $0.4405) by over 581%.

So the best performer among all coins listed on CoinMarketCap is XTZDOWN. However, XTZDOWN is now facing a serious trading challenge and its price has fallen about 51.5% in the last 24 hours - it is currently changing hands at $9.99 and judging by the trend, it looks like it will continue to fall.

Among the top 100 tokens, Fantom (FTM, $1.6) is the top performer over the last 7 days, up 84.4%, followed by Quant (QNT, $329.5), up 75.9%, Algorand, up 66.5%, IOST (IOST, $0.07875), up about 64.23%, NEAR Protocol (NEAR, $9.36) that is up 45%.

Last week, the best performer among the top 100 tokens was Revain (REV), which recorded a 7-day increase of 101%, according to CoinIdol, a world blockchain news outlet.

Top losers

Still, not all cryptoassets enjoyed the week. The market saw the prices of numerous digital currencies fall. For example, cryptocurrencies such as Didcoin (DID, $0.00001379) fell nearly 99.93%, Pet Games (PETG, $0.0005604) dropped about 92.7, PAWGcoin ($PAWG, $0.000000000461) fell 89.36%, and PalGold (PALG, $0.856) fell 83.56%.

Surprisingly, Didcoin hit its all-time high of $0.2395 (Aug. 11) just a month ago, but since then it has fallen 99.94%. DID also hit its all-time low of $0.0001272 on September 9, 2021, but is now trying to recover - it's up about 8.5% in the last 24 hours.

Also, among the biggest losers among the world's 100 largest coins is Uniswap (UNI is among the 15 largest coins by market cap), which is down 24.85% and currently trading at $23.21, followed by BitTorrent (BTT, $0.003987), which is down 21.86%, Telcoin (TEL, -21.85%), Maker (MKR, -19.93%) and Aave (AAVE, -19.69%).

Last time around, the worst performer was PancakeSwap (CAKE), which was down 7.07%, followed by Llaytn (KLAY, -2.9%). This simply shows that trading was down this week compared to last week.

Bitcoin struggles to recover

The week also was not kind to Bitcoin (BTC), the world's largest digital currency by market cap. In the last 7 days, the Bitcoin price hit a low of $43,285 and a high of $52,853. The price may seem good to many as it is still above other competing coins such as ETH, currently trading at $2,436 (with a 7-day decline of 14%), and Cardano (7-day decline of 16%).

Currently, BTC is trading at $46,280, which is a big loss for many venture capitalists who had expected continued growth after the coin recently reached a high of over $52,000. After waiting so long for massive growth and miracles from Bitcoin, which has not been the case so far, several people, including Russians, have lost interest in Bitcoin, according to data from CoinIdol, a world blockchain news outlet.

Among the top 10 cryptocurrencies from MC, Solana (SOL, $185) is the best performer, up over 31% in the last 7 days, followed by USD Coin (USDC, $1.00), up only 0.02%. The remaining 8 top coins are all trading in the red.