The crypto market weekly report is back once again with the necessary details of all the stuff that has been going on it market for the past 7 days. We have seen almost every cryptocurrency turn bullish and make higher highs as well. According to CoinMarketCap, the leading cryptocurrencies Bitcoin (BTC) and Ether (ETH) rose by 3.36% and 7.79% in the last 7 days which means that this week was rather optimistic for investors.
Furthermore, we saw BTC break the $24K price level for a short period in the last seven days as well followed by ETH which broke th $1,700 price level. It seems that the bearishness in the market is gradually being removed.
The data from CoinMarketCap shows that the market cap of the entire crypto market is currently at $1.09 billion and the crypto space has broken above the $1 trillion market cap. It is also important to note that the number of cryptocurrencies listed on CoinMarketCap is nearly 20,400 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 began the week on a slightly bearish note as the biggest token in the crypto market was stuck between $22K and $23K. Additionally, investors saw BTC dump below $22K and $21K also failed to hold. The nearest support for the token was $20K which caused BTC to rebound to $23K and Bitcoin finally broke $24K only to lose it soon after.
Ethereum began the week holding $1500 and outperformed Bitcoin, the biggest coin in the crypto market. The token failed to regain $1600 as volume was low and investors saw a 6% price drop as well. The token remained below $1500 but suddenly turned bullish and broke through the $1600 price region and was finally above the $1700 price resistance.
Solana began the week by retaining $40 but lost it soon after and failed to break through $40 the following day. Furthermore, the SOL token was about to retest $30 but rebounded from $34, witnessing a 10% price surge to above $40. The SOL coin was seen making a move towards $45.
Dogecoin began the week with a failed attempt to break $0.07 and prices dumped 1% as well. The biggest meme coin in the crypto market then retested the lower $0.065 price level and finally dropped to $0.060. This was found to be a strong support for Dogecoin but was able to retain its position among the top 10 cryptocurrencies in the market. A sudden bullish pressure caused DOGE to breach the $0.07 price region.
Shiba Inu (SHIB)
Shiba Inu broke $0.000012 as the week began and prices declined by 3%. However, the following day, SHIB dropped to $0.000010 and lost its position as the 15th biggest coin by market cap. The token briefly broke below $0.000010 but rebounded 5% and formed 4 consecutive bullish daily candles.
The crypto market weekly report ends on a bullish note for almost every cryptocurrency as we can confirm that this week ends on a promising note for the same. It will be interesting to see if the bullish momentum continues in the following week.