The crypto market weekly report is back once again with an analysis of the price trajectory followed by cryptocurrencies in the last seven days. It is important to note that almost every cryptocurrency has significantly bled in the past few weeks, and there are no signs of any bullish move for the tokens. However, it is also important to note that the dominance of the world’s biggest cryptocurrency, Bitcoin (BTC), rose to its highest value in the past few months. However, it is a fact that investments made in the bearish market are the best ones.
The data from CoinMarketCap shows that the market cap of the entire crypto market is currently at $1.23 trillion as the market remains below the $2 trillion market cap. It is also important to note that the number of cryptocurrencies listed on CoinMarketCap is above 19,700 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 started the week on a bullish note by breaking above $30K, and then the token jumped another 3%. On the other hand, BTC held prices above $31K, but the bears took charge, and as a result, BTC dropped below $30K. The back and forth movement continued as BTC once again reclaimed $30K. There was a decline in trading volume for the biggest token in the crypto market, but it is important to note that $29000 holds.
Ethereum began the week on a bullish note and aimed to breach the $2k price level. However, the bulls failed to reclaim $2K and, as a result, dropped 6% in prices. The bearish trend continued to dominate as bulls retained $1800. Ether dropped another 3% in prices and lost $1800. The 2nd biggest token in the crypto market was unable to reclaim $1800 despite efforts taken by the bulls.
Solana began the week above $40 as prices jumped by 2%. The selling volume jumped as prices aimed to drop below $40. The token then lost the $40 price level but took advantage of lower prices, and the prices soared by 6%. The SOL bulls failed to retain prices above $40 after a 9% drop. The previous support at $40 has now turned into a major resistance for the token.
Dogecoin aimed to breach the $0.09 price level as the week started, but the buying pressure declined by the next day. There was a major support region at the $0.08 price level, and the biggest meme coin in the crypto market continued to hold above $0.08. The trading volume for DOGE dropped by a whopping 50%, although the meme coin remained above $0.08. It can be expected that DOGE will continue to trade above $0.08, as per our DOGE analysis for June 5.
Shiba Inu (SHIB)
Shiba Inu opened the week on a bullish note as prices broke above $0.000012. The token failed to retain $0.000012. Thereafter, the meme coin retested the $0.000011 price level, reclaiming $0.000012 once again. However, bears were back in control as SHIB dropped below $0.000010 while the token continued its attempts to reclaim $0.000011. The meme coin broke $0.000011 but was once again below this price level and also dropped to the 16th position in the market.
The crypto market weekly report for the week ending on June 5 ends on a bearish note for all the cryptocurrencies, and it seems that there is a huge chance for another crash of the market if Bitcoin drops below $28K in the short term. The current bearishness of the market is due to a lack of capital investment.