Weekly Price Analysis : Total Cryptocurrency Market Cap Plummeted by Over 10% in 7 Days
Over the week, total cryptocurrency capitalization for over 10,520 cryptos plunged from $1.63T (June 13) to a low of $1.098 on June 15, then rose to a high of $1.759T on the same day, and then fell to $1.461T.
In fact, the 7d prices of all top 50 coins by market cap were trading in red, with the exception of only 12 tokens such as Tether (USDT, $1.00, 7d change of +0.04%), USD Coin (USDC, $1.00, +0.07%), Binance USD (BUSD, $1.00, +0.08%), Polygon (MATIC, $1.4, +1.40%) THETA (THETA, $8.67, +4.12%), Dai (DAI, $1.00, +0.07%), Monero (XMR, $263.31, +2.27%), Amp (AMP, $0.0889, +47.14%), SHIBA INU (SHIB, $0.000007901, +17.14%), Theta Fuel (TFUEL, $0.5778, +9.57), Cosmos (ATOM, $12.24, +1.68%) and TerraUSD (UST, $1.00, +0.12%).
Top gainers of the week
All in all, Amp was the top gainer of the week among the top 100 tokens, followed by XinFin Network (XDC, $0.06945), up more than 34%, Quant (QNT, $71.42), up more than 26%, Waves (WAVES, $17.94), up more than 19% and Fantom (FTM, $0.3148), up more than 18%.
Among all tokens on the market, the best 5 gainers in the last one week were DINGO TOKEN (DINGO, $0.00000001) which gained by over 2529%, followed by Wrapped Conceal (WCCX, $0.9245) up over +315%, ZEON (ZEON, $0.002092) up over 308%, BurnX (BURNX, $0.0000000127) up over 287% and O3Swap (O3, $5.86) up over 261%.
Top losers of the week
And the top 5 losers among the top 100 coins in the last 7 days are Kusama (KSM, $308) which lost over 30%, Internet Computer (ICP, $48.45) which chopped over 23%, BitTorrent (BTT, $0.002913) lost over 17%, Qtum (QTUM, $7.48) fell over 16.4%, and Siacoin (SC, $0.01322) fell over 16%, respectively.
The overall top 5 losers in the market were SUN (SUN, $0.0943), which shrank over 99.64%, Galaxium (GLXM, $0.00000001), which fell over 97.37%, SatisFinance Token (xSAT, $0.681), which plunged over 94.64%, Krill (KRILL, $0.166), which reduced over 92.57%, and HakunaMatata (TATA, $0.00000001), which fell over 91.64%.
Part of the reason the cryptocurrency market turned bearish was due to recent negative comments made by the former U.S. President Donald Trump about Bitcoin, the largest and oldest cryptocurrency. In an interview, Trump revealed that he thought BTC was a scam, and this statement contributed to the current cryptocurrency market crash. After the statement, the price of Bitcoin and other popular tokens dropped dramatically, and as a result, the entire cryptoasset market crashed.
The continued crackdown on cryptocurrency mining and trading activities by key authorities in various countries, including China and Iran, has also contributed a lot to the fall of the cryptocurrency market, as CoinIdol, a world blockchain news outlet reported.
China is expected to shut down more than 90% of its bitcoin and crypto mining capacity following local bans. So far, various provinces such as Sichuan, Inner Mongolia, Xinjiang Uygur (XUAR), Ya'an, Yunnan and others have all announced rules banning crypto mining.
As a result traders, investors, and miners are afraid of the heavy penalties and jail sentences after being caught violating the imposed ban on such crypto-related activities.