Crypto market weekly report for the week ending August 20

The crypto market weekly report comes on a bearish note for almost every cryptocurrency as the bearish sentiment in the market prevails for now. Moreover, it is also important to note that most of the coins were down by significant percentages and investors could see major downfall in prices as well. The gains made in the past month were all lost and it seems that the market won’t recover in the near future if the sentiment doesn’t change.

Furthermore, the data from CoinMarketCap shows that the market cap of the entire crypto market is currently at $1.03 trillion. It is also important to note that the number of cryptocurrencies listed on CoinMarketCap is nearly 20,600 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 (BTC) began the week on a bullish note as it aimed to reclaim $25K but it was not able to break $25K. As a result, BTC dropped below $24K. However, the biggest coin in the crypto market went on to reclaim $24K. Finally, Bitcoin dropped to $23K and then dropped to $21K. At last, BTC aimed to retest the $20K price level.

Source: TradingView

Ethereum (ETH)

Ethereum began the week on a bullish note and went on to form 4 consecutive bullish candles. However, Ether underwent correction and as a result, ETH dropped to $1900. The token continued to hold above $1800 but eventually dropped to $1700, marking a price decline of 11%.

Source: TradingView

Solana (ETH)

Solana began the week by breaking $45 but the resistance at $50 prevailed. The token aimed to retest $40 and did not show any signs of positive movement. This $40 region region was seen as support but SOL eventually lost 11%. SOL ended the week with 6 bearish candles.

Source: TradingView

Dogecoin (DOGE)

Dogecoin opened the week as it was very close to $0.075 and went on to jump 4% while losing the gains made the very next day. The token soared almost 15% and broke through $0.08. However, the 10th biggest token in the crypto market fell below $0.070 and now eyes the nearest support at $0.060.

Source: TradingView

Shiba Inu (SHIB)

Shiba Inu underperformed as the week started and marked a 12% gain as well. Overall, SHIB rose by 33% and continued to retain the 12th position in the crypto market. The token dropped by 7% and went on to drop 13% as well. The selling pressure continued to surge as the week ended.

Source: TradingView

Conclusion

The crypto market report for the week ending on March 21 comes on a bearish as almost every cryptocurrency lost the gains it had made in the last few months. There are strong chances of the market capitalization of the industry shredding more in the coming days as well.