The digital currency market saw significant growth this week.
The total market capitalization of cryptocurrencies managed to reach a high of about $2.168 trillion, which was last seen on May 16, 2021 (about 4 months ago). Just this week, the price of Bitcoin hit its new 90-day high of $50,482.08, which means that the last 7 trading days have been bullish.
Bitcoin opened the week with a low of $46,394.28, but later rallied and reached a high of over $50k, which means a gain of about 9%.
On August 27, the world's largest cryptocurrency was trading at about $47,158, with a market cap of $888,159,867,422 and volume of $31,161,061,197.
The drop in Bitcoin volume may be due to the decision by China's Central Bank to reinstate the illegal status of BTC and other virtual coins in the territory. Bank officials have commented that cryptocurrencies are not backed by any real value, so any transaction made with virtual currency is just "pure hype."
In the pat 7 days, the market has seen some cryptocurrencies such as XLMDOWN (XLMDOWN, $11.12) gain over 12631660%, BinaryX (BNX, $35.47) rise over 588%, Marginswap (MFI, $1.49) rose 409%, TakoDefi (TAKO, $0.4159) rose 397%, and Lydia Finance (LYD, $0.05022).
When it comes to the top 100 cryptocurrencies in the world, we saw Avalanche (AVAX, $44.79) gain by about 25.13%, Tezos (XTZ, $4.57) rose by 25.10%, Celo (CELO, $3.86) grew by about 23.57%, Telcoin (TEL, $0.02319) ballooned by almost 18.59%, and Revain (REV, $0.01369) gained by about 18.10%.
Solana (SOL, $82.87) and Binance Coin (BNB, $477.96) are the best performers among the top 10 cryptocurrencies by market cap. SOLO gained about 15.49% while BNB rose about 11.73%.
Solana allows users to conduct banking transactions on its blockchain network and also offers DeFi solutions. This open-source project has attracted most of the users to use the token massively.
However, not all cryptocurrencies performed bullishly during this trading period. We saw some digital currencies like Ryoshi Token (RYOSHI, $0.000000466) drop by around 97%, Lendefi (LDFI, $0.01101) plunge by around 95.5%, King Swap ($KING, $0.001301) fell by 84.83%, QANplatform (QANX, $0.02164) dropped by around 82.32%, and SonoCoin (SONO, $0.01927) shrank by around 78.39%.
Among the top 100 coins, Audius (AUDIO, $2.37) lost by 26.55%, The Graph (GRT, $0.876) fell by about 17.47%, XinFin Network (XDC, $0.1396) shrank by over 17.06%, Internet Computer (ICP, $55.87) plunged by about 17.03%, and SHIBA INU (SHIB, $0.000006994) lost by 16.25%.