Weekly Cryptocurrency Price Analysis : Total Market Cap Gains by 15.6% in 7 Days

The total market capitalization of cryptocurrencies is up over 15% in the last 7 days. At the beginning of the week, the market was worth $1.7 trillion. On August 15, it was around $2.0 trillion.

Also, the total trading volume of all cryptocurrencies was around $102 billion at the beginning of the week, but at the time of writing cryptocurrencies are trading like hot cakes and their total trading volume now stands at $115 billion, a significant increase of almost 13%.

Bitcoin (BTC) alone has gained more than 7% in the last 7 days. The flagship cryptocurrency opened the week at $43,791.93. On August 15, with a market cap of $874.679 billion and volume of $31.985 billion (+3.35%), BTC/USD changed hands at around $46.565.

Within a week, the price of Ethereum (ETH) also rose by over 6%. The rise in value was triggered by the recent hard fork, where an upgrade of EIP-1559 took place in the first week of August. The upgrade caused the price of ETH to reach a high of $3,329 this week.

Top gainers and losers of the week

The top 5 performers of the week are IoTeX (IOTX, $0.09112) which gained over 276%, XinFin Network (XDC, $0.147) which gained over 81.73%, XRP (XRP, $1.31) which gained almost 58%, Ravencoin (RVN, $0.1455) which gained over 48.29% and Axie Infinity (AXS, $66.4) which grew 45.89%.

The top 5 worst performers in the cryptocurrency market over the last 7 days among the top 100 tokens are Celsius (CEL, $6.08), which shrank by about 8.23%, followed by Compound (COMP, $462.73) which fell 8.16%, OKB (OKB, $22.39) dropped 6.48%, SHIBA INU (SHIB, $0.000008077) plunged 4.22%, and Quant (QNT, $150.72) fell 3.54%.

In general, the market has been trending up over the past 7 days compared to the previous week.

On August 15, ETH /USD changed hands at around $3,227 on a $377.817 billion market cap and $20.566 billion volume. Ethereum needs to gain 25.5% if it is to reach and surpass its all-time high of $4,362, which it last reached 3 months ago.

The overall best and worst performers of the week in the cryptocurrency market were OptionRoom (ROOM), up over 6557%, and DAOFi (DAOFI, $0.003666), down about 93%.