The crypto market weekly report is back once again to give you an insight into the volatility of the crypto and the chances of the market turning bullish once again. As noted in our previous crypto market weekly report, most of the cryptocurrencies have remained bearish and there are low chances of these blockchain-based tokens turning bullish anytime soon. This week is no different. Compared to the last week, the market has dropped further and it seems that the crypto winter has arrived.
The data from CoinMarketCap shows that the market cap of the entire crypto market is currently at $895 billion as the crypto space has lost the $1 trillion market cap. It is also important to note that the number of cryptocurrencies listed on CoinMarketCap is above 19,900 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 opened the week by dropping to an 18-month and continued to bleed as prices reached $20K. The biggest token in the crypto market failed to reclaim $23K and as a result, BTC dropped to $21K. Bitcoin found support at $20K, as noted in our BTC price analysis for June 17.
Ethereum dropped to $1200 as the week started and went on to retest $1000. The Ether token continued to hover around the $1K price region the very next day. Ethereum reclaimed $1100 and as per ETH analysis for June 17, 2022, the 2nd biggest token in the crypto market holds above $1100.
Solana dropped 20% as the week started but tried to reclaim $30 the very next day. However, SOL dropped another 9% while the bulls took advantage of lower prices, and finally, SOL was above $30. The token once again retested $29 but was back above $30.
Dogecoin began the week on a bearish note as sellers shorted the biggest meme coin in the crypto market. The meme coin lost the 10th position in the crypto space and investors expected DOGE to lose the $0.05 price region but the meme token jumped 7% on the very next day. The bulls aimed to reclaim the $0.06 price region but have not yet done so.
Shiba Inu (SHIB)
Shiba Inu showed no signs of recovery as the week began and turned sluggish as noted in our SHIB price analysis for June 14. The meme coin lost the $0.000008 price region and dropped to the 16th position in the market as a result. As noted in our SHIB price analysis for June 17, 2022, the meme coin continues to underperform.
The crypto market weekly report for June 18 ends on a bearish note as most of the cryptocurrencies are stuck in a downtrend and we can expect similar movement in the near future. However, according to TheCoinRise, this is the perfect time to buy any cryptocurrency at a huge discount and HODL for the long term.
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