Weekly Price Analysis: Total Cryptocurrency Market Gains by 6% in 7 Days

In the last 7 days, the total cryptocurrency market cap has increased by about 5.7% (from $2.074T to $2.114T). As of the weekend, the total crypto market capitalization stands at $2.114 trillion. During the week, it recorded a low of $1.902T and a high of $2.2T.

The price performance of several altcoins is worrying and it is difficult to predict which token will crash or gain in this fledgling market.

Top losers

The past 7 days have been bearish for several top digital currencies including Solana (SOL, $139.29, -22.44%), Terra (LUNA, $34.8, -6.75%), Bitcoin Cash (BCH, $619.18, -4.82%), Internet Computer (ICP , $55.86, -2.71%), Cardano (ADA, $2.36, -3.63%), XRP (XRP , $1.06, -3.04%) and Dogecoin (DOGE, $0.241, -2.30%).

The top five 7-day losers in the cryptocurrency market are Channels (CAN, $0.04531, -99.75%), MoonWilly (MNWL, $0.0000901, -95.05%), UnderMineGold (UMG, $0.003702, -83.31%), GreenTrust (GNT, $0.0000008023, -81.86%) and ZomaInfinity (ZIN, $0.0003888, -78.76%).

Top gainers

Despite being the week's worst performer among the top 10 altcoins, Solana managed to reach its all-time high of $214.96 on September 9, 2021. Due to the volatility of these digital currencies, SOL has dropped about 35.4% in just 8 days.

Among the top 10 altcoins, only Bitcoin (BTC, $47,382 +3.21%), Ethereum (ETH, $3,466, +3.77%), Binance Coin (BNB, $411, +0.24%) and Polkadot (DOT, $33.78, +10.44%) have survived the 7-day downtrend.

The top five 7-day gainers in the cryptocurrency market are Xenon Pay (X2P, $0.1157, +267213114%), TRXDOWN (TRXDOWN, $10.02, +4501178%), MaticVerse (Mverse, $0.00004813, +6403%), Shiba Floki (FLOKI, $0.00000001172, +1958%) and Axia Protocol (AXIA, $1.92, +1061%).

Elon Musk was responsible for the unprecedented growth of Shiba Floki and Floki Inu tokens. According to the report by CoinIdol, a world blockchain news outlet, the price of these tokens surged enormously after Musk tweeted a picture of his new puppy of Shiba Inu breed.

Good news causing downtrend

Bitcoin experienced an unexpected price downtrend after it was announced that the coin was recognized as a national currency by El Salvador. After a series of legislative debates and financial research, El Salvador set up over 250 Bitcoin ATMs in different parts of the country and finally launched BTC as a new currency on September 7. Before the announcement, BTC hit a high of $52,000, but then collapsed to around $43,000 in a couple of hours afterwards.

Since then, Bitcoin has made some gains and is trading at $47,390 on weekend, with a market cap of $890.551 billion and 24-hour trading volume of $30.773 billion. Bitcoin's 7-day low and 7-day high were $43,591.32 and $48,486.83, respectively - and the price is now eyeing to break through the $50k resistance.