Crypto market performance report for the week ending Feb 6

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The crypto market has been extremely volatile this week too. However, as the week ended, Bitcoin gave a vicious surprise to investors as the entire crypto market emerged from its bearish trend. At the time of writing, the market cap of the entire crypto market stands somewhere around $1.9 trillion while Bitcoin is the most dominant cryptocurrency with a 41.39% market dominance. 

Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Terra (LUNA), Ripple (XRP), Polkadot (DOT), The Sandbox (SAND) crypto market weekly report we will assess how the market has performed this week followed by the expectations for the week next. However, it is also important to note that the bearish trend is not yet over for the market and on an average, many tokens are 50% low from their all-time highs. 

Crypto market performance report

Let us discuss, in brief, the perfouyrmance of each of the tokens below and what we can expect from them in the near future. However, please note, that TheCoinRise is not responsible for your investment and you are solely responsible for your decisions. 

In our crypto market performance report, we will address the data starting from January 31 to February 5. 

Bitcoin (BTC)

Bitcoin ended January at a loss of nearly 19%, as TheCoinRise reported. This was another bearish month which continued the bearish trend that BTC has followed since mid-November sell-off. Moreover, it is to be added that this is the second consecutive week for a bullish weekly BTC candle.

The price for BTC closed January above $37K and by the time February 1 candle began, BTC had reclaimed $38K and aimed for $40K. It is also important to note that the daily candle for February 1 began at a price of $38.4K and reached a daily high of $38.6K. On the other hand, BTC wasn’t able to push above $39K as per our Bitcoin price analysis for February 2, 2022. 

After this price surge, Bitcoin fell bearish and as a result, BTC fell back below $37K. This was due to a surge in selling volume, as per our Bitcoin price analysis for February 3, 2022. On the other hand, the world’s biggest cryptocurrency broke above $37.4K as per BTC price analysis for February 4

The surprise came for investors when Bitcoin broke above $41K and reached as high as $41.6K, as per Bitcoin price analysis for February 5, 2022. Below is the weekly candle chart for the BTC.

Bitcoin price analysis

Source: TradingView

Ethereum (ETH)

The crypto market has been quite bullish in recent days. As Bitcoin rose above $41K, it seems that the world’s second-biggest cryptocurrency is also back above $3K. It is to be noted that Ethereum ended January at a 30% loss.

As per our Ethereum price analysis for February 1, 2022, we saw ETH rise 12% in 7 days. The token started the day at a price of $2686 and reached a daily high of $2706 on February 1. Moreover, the weekly candle for Ethereum can be seen in the chart below.

Ethereum price analysis

Source: TradingView

Furthermore, on February 2, 2022, Ethereum rose towards $2.8K and rose by nearly 9% in 24 hours. $2.8K is an important support level for the token after underperforming in the month of January.  

The token started February on a bullish note, but on February 3, 2022, Ethereum was back below $2.7K, as TheCoinRise reported. Ethereum once again neared $2.8K on February 4. It is also important to note that the token finally broke above $3K, as per our Ethereum price analysis for February 5, 2022.

Solana (SOL)

The SOL token dipped towards a $90 price level, and since then, SOL reclaimed the $100 price level as per our Solana price analysis for February 1, 2022. By February 1, 2022, there was a huge surge in buying prices. For February 2, 2022, SOL broke above $107 and reached $110 price levels. The crypto market was bullish on February 2, 2022.

For Solana price analysis on February 3, 2022, the token dropped by nearly 12%. The SOL token started the day at a price of $101 and reached a daily high of $103 for February 3. On the other hand, for February 4, 2022, our Solana price analysis witnessed SOL back above $105. 

Finally, Solana was back to the $120 price level, as per our Solana price analysis for February 5, 2022. The team surged by nearly 23% in the last 7 days. A detailed analysis can be seen on the weekly chart below.

Solana price analysis

Source: TradingView

Terra (LUNA)

The Terra (LUNA) token dropped below $50 by the time January ended, as per our previous reports. It is also important to note that by February 4, 2022, LUNA broke above $50 and aimed for higher price levels. LUNA has seen a few bearish weeks, as seen in our Terra (LUNA) weekly chart below but, the week ending February 6, 2022, seems to be quite bullish.

Terra price analysis

Source: TradingView

It is also important to note that as per our LUNA price analysis for February 5, 2022, the token now aims for $60, and soon, we might witness Terra (LUNA) break towards $70.

Ripple (XRP)

The Ripple price analysis for January 31, 2022 confirms that the daily candle was initiated on January 31 at a price of $0.6012 and reached a daily high of $0.6021. The selling volume for Ripple surged recently due to Bitcoin being bearish. The weekly chart below shows that there have been quite a few bearish weeks for XRP. 

XRP price analysis

Source: TradingView

The crypto market turned a little bullish as buying volumes surged recently. Moreover, the $0.6 price level was achieved by the XRP token as per our Ripple price analysis for February 1, 2022. This was an important support level that the token eventually retested on Ripple price analysis for February 2, 2022.

Polkadot (DOT)

Polkadot is one of the most promising tokens that dropped out of the top 10 biggest cryptocurrencies by market cap recently. This was one of the best times to buy DOT. Moreover, after reaching an all-time high of $55, the token is more than 50% low from that region. 

Furthermore, DOT has recently reclaimed $20, as per our DOT price analysis for February 1, 2022. $20 is vital to price support for Polkadot. The weekly chart below confirms that the price action for DOT has stayed above $15 despite the bearish trend.

DOT price analysis

Source: TradingView

As per our Polkadot price analysis for February 4, 2022, the DOT token retested the $20 price level, which continued to hold as support. Following the bullish outbreak in the market, the DOT token broke above $22 as per our Polkadot price analysis for February 5, 2022.

The Sandbox (SAND)

The Sandbox (SAND) price trajectory has been quite bullish in the year 2021. It seems that the metaverse and gaming firm aims to continue this in 2022. Looking at the weekly chart below, an extremely bullish scenario for The Sandbox can be seen.

DOT price analysis

Source: TradingView

The weekly candle for the week starting January 31, 2021, shows that the candle was initiated at a price of $3.85 and reached the weekly high of $4.6. On the other hand, the weekly low stands at a price of $3.4. 

The crypto market has been quite bullish this past week. February 4, 2022, SAND price analysis shows that the neared the $4 resistance. However, this resistance was broken, and the token reached as high as $4.6, as seen in our SAND price analysis for February 5.

Conclusion

The crypto market has been quite bullish for the past few days. It seems that the metaverse and gaming platform has been quite popular with investors recently. While Bitcoin has reclaimed $41.6K, Ethereum is also above $3K. It seems that soon, we can witness higher prices for Bitcoin and altcoins as well.

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