Crypto market weekly report for the week ending July 16

The crypto market weekly report is back once again to give you an insight the price trajectories followed by few of the major cryptos in the market. Furthermore, it is important to note that this week was followed by back-and-forth movement as Bitcoin continued to move between $19K and $21K. Compared to our previous crypto market weekly analysis, this week is a little more optimistic but it seems that the downtrend for the crypto market will continue in the short term.

The data from CoinMarketCap shows that the market cap of the entire crypto market is currently at $926 billion as the crypto space remains below the $1 trillion market cap but very close to it. It is also important to note that the number of cryptocurrencies listed on CoinMarketCap is above 20,200 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)

The week began with the leading coin in the crypto market dumping to $21K following the announcement of Mt. Gox repayment. The BTC token continued to retest $19K price support as investors predicted $10K for the token. After a 2% price surge BTC reclaimed $20K only to lose it afterwards. The token remained sluggish as the week ended.

Source: TradingView

Ethereum (ETH)

Ethereum dropped 3% as the week opened as prices held above $1,200. The token lost $1,200 and went on to crash 7%, dropping below the $1,100 price level. However, bulls took over and Ether reclaimed $1,100 for a brief moment. As the week ended, Ether jumped 7% and aimed to reclaim $1200 price level.

Source: TradingView

Solana (SOL)

Solana began the week aiming to break $40 but the SOL token failed to break this region. After failing to do this, the SOL bulls suffered heavy damage and aimed to retest the $30 price support. Furthermore, SOL went back above the $33 price level and briefly reclaimed $35. Next, the prices surged more than 7% nearing $40 resistance once again.

Source: TradingView

Dogecoin (DOGE)

Dogecoin dropped 3% as the week began but the token was unable to push above $0.07 causing a 4% price crash. The meme coin dropped to $0.06 support as the token retained the 10th position in the market. The meme coin was about to lose $0.06 but bulls reappeared and the token jumped around 2%.

Source: TradingView

Shiba Inu (SHIB)

Shiba Inu remained above $0.000011 as the week began and despite a sell-off, was one of the least affected tokens. The token dropped to $0.000010 but was back above the $0.000011 price level only to lose it the following day. Furthermore, the SHIB token was able to successfully retain $0.000010 and jumped 3%. However, SHIB continues to underperform in the short term.

Source: TradingView

Conclusion

The crypto market report for the week ending July 16 confirms that the entire crypto market remains bearish and it seems that the chances of cryptocurrencies making higher highs in the coming days remain low. Investors can expect a trend reversal if BTC break out of $22K.