Weekly Price Analysis: Total Cryptocurrency Market Cap Gains by Over 5% in 7 Days, Bitcoin Gains 6%

The cryptocurrency market is thriving as the month of August draws to a close.

In the last 7 days, the total cryptocurrency market capitalization has increased by about 5.5% and in the last 24 hours it has increased by almost 7%, and the positive and bullish trading trajectory seems to be unstoppable.

Most popular cryptocurrencies are all trading in the green. Bitcoin's price has seen a gain of about 6% in the last 24 hours and about 2% in the last 7 days. Just this week, Bitcoin hit a high of $48,098.68, a price level last seen 3 months ago (May 16).

Bitcoin price to touch $50k

On August 20, Bitcoin changed hands at around 46,950 (+6%) and still dominates the cryptoasset market with 43.8%. BTC, the largest digital currency in the world, has a market cap of $881,549,376,084. However, at the beginning of the week, MC was only $864,345,726,183. This shows that demand is increasing and the use and adoption of BTC in the financial sector is steadily progressing.

To show that the demand for Bitcoin is increasing, Dutch football club PSV Eindhoven recently partnered with a local cryptocurrency exchange as a partner and decided to receive the entire sponsorship amount in Bitcoin, as reported by CoinIdol, a world blockchain news outlet. The event of accepting sponsorship money entirely in Bitcoin was the first in football.

Top gainers and losers

During the week, some cryptocurrencies such as UNIDOWN (UNIDOWN, $4.51) gained more than 10902912%, LTCDOWN (LTCDOWN, $5.46) increased by about 10237608%, Ryoshi Token (RYOSHI, $0.00000008247) soared by 3853%, Folgory Coin (FLG, $9.3) gained more than 1353% and Moonlana (MOLA, $0.002166) ballooned by more than 879%.

On the other hand, some digital currencies had a tough trading week in the market. Cryptocurrencies like Bitrise Token (BRISE, $0.000000016) dropped about 99.6%, Bitcoin Networks (BTCN, $0.01738) fell about 96.37%, Cheecoin (CHEE, $0.001691) fell over 92.18%, Idea Chain Coin (ICH, $0.3237) dropped 89.78%, and Ducato Protocol Token (DUCATO, $1.69) shrank about 83.92%.

Solana (SOL, $71.5) and Cardano (ADA, $2.46) were the best performers among the top 10 cryptocurrencies.

In the last 7 days, the price of Solana (SOL /USD) has risen over 62% to reach its all-time high (ATH) of $80.12 (August 18). Cardano also recorded its ATH of $2.55 this week on August 20 - showing that this period has been a bull market.