Cryptocurrency Market Drops 4% in 7 Days as Bitcoin Surges 8%
In the last month (since May 12), the entire cryptocurrency market capitalisation has lost by over $943 billion, representing a decline of over 37%, meaning that the market needs to multiply by about 1.6 times if it is to match the figures it recorded 30 days ago. According to the data by TradingView, the entire market cap is standing at about $1.599T, which simply shows that the crypto market is in complete turmoil.
For the last 7 days, some upcoming coins faced the roughness of the market. For example, the price of FinNexus (FNX, price of $0.06964, 24h volume of $655,535) dropped by over 93%, Kingdom Game 4.0 (KDG, $0.002982, $313,922) touched the ground by 90%, TriumphX (TRIX, $0.009026, $293,076) plummeted by about 79.3%, Crypto Village Accelerator (CVA, $0.0000001056, $85,755) declined by over 70.84% and LunaDoge (LOGE, <$0.00000001, $64,543) dived by over 65%, and many others.
However, not all tokens performed bearishly in the market. We have seen cryptocurrencies that have gained dramatically. For instance, Amun Ether 3x Daily Short (ETH3S, price of $0.1142, 24h volume of $7,903,489) surged by over 532%, Litecash (CASH, $0.01684, $128,576) gained by over 214%, Save Planet Earth (SPE, $0.0000000684, $1,352,242) soared by over 212%, Aerdrop (AER, $0.000003795, $72,223) increased by over 202% and Streamr (DATA, $0.1905, $216,110,546) gained by more than 144%.
Among the top 50 cryptocurrencies by market cap, it's only the 7-day prices of Bitcoin (BTC), Wrapped Bitcoin (WBTC), Amp (AMP), Theta Fuel (TFUEL), UNUS SED LEO (LEO) and TerraUSD (UST) that are trading in green. The rest are facing it hot.
Top gainers and losers of the week
The 7d biggest gainer and loser among the top 50 coins is Amp and Bitcoin BEP2, respectively.
At press time, the price of Amp (AMP), the crypto in Rank #39 by MC, is sitting at about $0.06561 with a 7d gain of 41.47%, with a market cap of 2.77B and 24h volume of $43,431,341.
Also, the current price of Bitcoin BEP2 (BTCB), the crypto in Rank #38 by MC, is sitting at nearly $0.1501 with a 7d drop of 100%, with a market cap of $10,977 and 24h volume of $5,772,632 (-19.27%).
The major reason why the prices of cryptocurrencies including Bitcoin are turbulently falling is because of the decision by social media platforms, China and Iran to ban cryptocurrency ads, mining and trading, and to no longer accept BTC as payment for its e-cars. Following the shock statement from Elon Musk, CEO of Tesla saying that Bitcoin and crypto mining is not environmentally friendly, there was an immediate visible impact on BTC’s value where it shrank by $6B and sent agitating shockwaves throughout the entire crypto asset market, and since then the market has never stabilized again.