Weekly Price Analysis : Total Cryptocurrency Market Cap Gained by 0.86% in the Past 7 Days

The industry opened the week with a total MC of $1,386T (24-hour volume of $77,061), but currently the total cryptocurrency market cap stands at $1,398T (24-hour volume of $72,171B), indicating that the market has seen growth of just 0.87% over the past 7 days.

A lot of events happened in the cryptocurrency industry this week. We saw the co-founder of Apple Steve Wozniak, praising Bitcoin and calling it a "mathematical miracle". A popular social video sharing service, TikTok, banned influencers from promoting Bitcoin and other cryptocurrencies on its platform. The Central Bank of Jamaica unveiled its pilot plans for digital currencies, the United Kingdom put ads for cryptocurrencies on red alert, and many others. All these events have affected the market both positively and negatively.

Crypto market growing at a slow pace

The overall top cryptocurrency gainers and losers of the week are ETHDOWN (ETHDOWN, $6.71, volume of $8.537M), which has seen a gain of over +9576381.9%, and 10x.gg (XGG, $0.0001299, volume of $481.844), which is down over -94.37%.

Over the week, the total market cap of about 10,820 coins worldwide recorded a low and a high of nearly $1.304T (24h vol of $70.681B) and a high of $1.49T (24h vol of $63.636B).

This is insignificant growth compared to the times in April and May when Bitcoin traded above $64,000 - during which time all trading saw significant growth and reached a record high of over $2.48T (24h vol of $240.928B).

Considering the low performance of cryptos in the market over the last 7 days, it is not surprising to see all the top 22 of 25 coins trading in red - Internet Computer (ICP, $39.37, 7d change of -13.28%) as the worst performer and Uniswap (UNI, $20.55, 7d change of +13.77%) as the best performer among the top 25 tokens.

Top 5 crypto winners and losers among the top 100 coins

The top gainer in the last 7 days among the top 100 coins is Axie Infinity (AXS, $17.91) with a gain of +206.48%, followed by KuCoin Token (KCS, $12.45) which saw a growth of 71.91%, Flow (FLOW, $16.88) recorded a gain of 65.32%, Synthetix (SNX, $11.12) with an increase of 60.91%, and Stacks (STX, $1.22) which posted a gain of 54.06%.

The top loser of the week among the top 100 tokens is Telcoin (TEL, $0.01829) which shrank by 23.19%, followed by Internet Computer, Celo (CELO, $2.92) which fell by 12.69%, Dogecoin (DOGE, $0.2175) lost by about 10.99%, and VeChain (VET, $0.07695) declined by 10.44%.

Leading cryptocurrency Bitcoin also managed to hit a 7d low / 7d high of $32,133.18 and $35,937.57 respectively. At press time, BTC/USD price is currently in the green and stands at around $33,700 (1.85%), with a MC of $631,192B and volume of $27,499B. 

The world's oldest and largest cryptoasset by market cap, is still dominating the market by 45.2% followed by Ethereum (ETH) which has a market dominance of 17.8%.