Weekly Price Analysis: Total Crypto Market Cap Gains By 27%

May 31, 2021 at 10:32 // News
Coin Idol
Is the cryptocurrency market recovering after a drop?

The last week in May was a bullish period for the entire cryptocurrency market. The entire cryptocurrencies opened the week with the total market capitalization of $1.23 trillion, it kept on increasing and it is now standing at $1.558 trillion, indicating a gain of about 27%.


Top gainers and losers of the week

In the past 7 days, some tokens such as Doge Token (DOGET) increased dramatically as higher as 623149.72%, Crypto Village Accelerator (CVA, +1355%), Pegazus finance (PEG, +1043%), BlossomCoin (BLOSM, +825%), and Bezoge Earth (BEZOGE, +624%). 


However, not all cryptocurrencies enjoyed the week. We have seen the prices of several cryptocurrencies touch the ground. For instance tokens like Bogged Finance (BOG) declined by about 99.99%, Polar (POLARV3, -97.66%), Zurcoin (ZUR, -97.07%), JustLiquidity Binance (JULB, -81.77%), and Amun Bitcoin 3x Daily Short (BTC3S, -80.49%).

Among the top 100 coins, the best performer of the week was Polygon (MATIC) with a 7d gain of over 84.29%, followed by BakeryToken (BAKE, +72.37%), Enjin Coin (ENJ, +59.16%), Helium (HNT, +54.43%), and THORChain (RUNE, +43.69%). Last time the best performer was TrueUSD (TUSD, +0.15).


Also, the top losers among the top 100 tokens globally were Internet Computer (ICP is among the top 10 coins by market cap) that dropped by about 19.4%, followed by Synthetix (SNX, -14.42%), Waves (WAVES, -13.3%), UNUS SED LEO (LEO, -9.79%), and Revain (REV, -7.02%). Last time, the worst performer was 3X Long OKB Token (OKBBULL, -98.28%) and SHIBA INU (SHIB).


Bitcoin is struggling to recover

The week was also not friendly to Bitcoin, the world’s biggest cryptocurrency by market cap. In the past 7 days, the price of Bitcoin touched a low of $31,227.34 and a high of $40,782.08. The price may seem good to many since it is still trading above other rival coins such as Ethereum that is currently trading at $2,436 (with a 7d gain of +20.28%.

BTC is changing hands at $35,770  which is a big loss to several investors who predicted further growth after the coin registered a new all-time high of $64,000 in April. Unfortunately, the rally has ended with Bitcoin declining by over 44.65%, and it's hard to predict its next price movement. 

However, at the beginning of the week, BTC had a market cap of $602.681 billion but at press the MC is standing at $674.314 billion, indicating that the coin is experiencing a positive trajectory.


At the beginning of last week, Bitcoin had a trading volume of $67,359,584,098, but as of now, its volume is $45,199,631,557, indicating a heavy fall of about 33% in just 7 days. In the last 24 hours, its volume has plummeted by over 11.72%. This shows how high volatile cryptocurrencies are.

Bull run among the giant coins

Among the top 10 cryptocurrencies by MC, the best performer is Uniswap (UNI) that has gained over 44.5% in the past 7 days, followed by Binance Coin (28.96%), Cardano (ADA, +28.81%), Ethereum (ETH, 17.43%) and Ripple (XRP, 10%). Last time it was only Tether and USD Coin that had survived the 7d bearish trend.


Also, ICP and Dogecoin (DOGE, -3.57%), USD Coin (USDC, -0.07%) and  Tether (USDT, -0.02%) are the worst performers among the top 10 coins. 

Show comments(0 comments)