Crypto market performance report for the week ending June 12

The crypto market weekly report is back once again to give you an insight into all the major price actions witnessed by crypto investors in the last few days. Additionally, we can confirm that this was another bearish week for the crypto market as the majority of altcoins, along with Bitcoin and Ethereum, continue to bleed. An important event witnessed this week was the surge in the dominance of the world’s biggest cryptocurrency, Bitcoin. BTC outperformed every altcoin in the industry, and it seems that this token is the favorite of many investors. 

The data from CoinMarketCap shows that the market cap of the entire crypto market is currently at $1.1 trillion as the crypto space might lose the $1 trillion market cap. It is also important to note that the number of cryptocurrencies listed on CoinMarketCap is above 19,800 as more and more projects pour into the crypto space. 

In our crypto market weekly report for this week, we will discuss the following tokens: BTC, ETH, SOL, SHIB, and DOGE.

Crypto market performance report

In this crypto market weekly performance review, we will discuss the trajectory followed by each of the tokens mentioned above: 

Bitcoin (BTC)

Bitcoin began the week on a slightly optimistic note by reclaiming $31K as the world’s biggest cryptocurrency hinted at a trend reversal. Following increased pressure from bears, BTC dropped to $29K. However, in the next few hours, BTC reclaimed $30K but failed to retain prices above $30K. Additionally, BTC closed the weekly candle on a bearish note as prices once again dropped below $28K.

Source: TradingView

Ethereum (ETH)

Ethereum also began the week on a bullish note, but ETH was unable to retain $1900. Following a surge in selling pressure, ETH dropped to $1800. The token aimed to break the $2K price level but failed to do so. However, despite a sell-off, the 2nd biggest token in the crypto market was able to retain $1800 for a few hours after finally dropping 6% and losing the $1600 price region as well.

Source: TradingView

Solana (SOL) 

Solana began the week above the $40 price region, and the token aimed to move towards the $50 price region but failed to do so. Following a surge in selling pressure, SOL dropped below $40. The token remained below $40 and dropped more than 5% in the next 24 hours. The SOL coin continued to bleed as we can see that there are increased chances of losing $30.

Source: TradingView

Dogecoin (DOGE)

Dogecoin opened the week with a 2% price surge and went on to lose the $0.08 price region, which was major support for the meme coin. The meme coin reclaimed the $0.08 price level as bears continued to dominate the price action. A back and forth movement was witnessed as DOGE lost the $0.08 price region once again. A gradual downwards trend was witnessed for the token as DOGE lost the $0.07 price region as well. 

Source: TradingView

Shiba Inu (SHIB)

Shiba Inu began the week on a sluggish note and went on to lose the $0.000011 price region. The meme token’s trading volume dropped, and despite listing on a major crypto exchange, SHIB remained sluggish. Additionally, TheCoinRise advised investors to prepare for a bumpy ride while it was on the verge of losing $0.000010. As the week ended, SHIB dropped to the 17th position in the market. 

Source: TradingView

Conclusion

The crypto market weekly report concludes on a bearish note for all the major cryptocurrencies in the market. Additionally, we can expect further sell-offs as well, and it seems that the crypto winter has set in.