{"id":139892,"date":"2021-09-27T10:29:03","date_gmt":"2021-09-27T10:29:03","guid":{"rendered":"https:\/\/precoinnews.com\/?p=139892"},"modified":"2021-09-27T10:29:03","modified_gmt":"2021-09-27T10:29:03","slug":"weekly-cryptocurrency-price-analysis-total-market-cap-drops-by-14-in-7-days","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/weekly-cryptocurrency-price-analysis-total-market-cap-drops-by-14-in-7-days\/","title":{"rendered":"Weekly Cryptocurrency Price Analysis: Total Market Cap Drops by 14% in 7 Days"},"content":{"rendered":"
The total market cap of cryptocurrencies is down 13.4% in the last 7 days. It seems to remain bearish this week as well, with no signs of a trend reversal.<\/strong><\/p>\n At the opening of last week, the total cryptocurrency market was worth $2.140 trillion, but then it faced bearish trades throughout the week, reaching a low of $1.684T (on September 26). Total volume also fell from $155B to about $94.4B now, a drop of about 39%.<\/p>\n <\/p>\n Bitcoin alone has lost about 12.4% in the last 7 days. The flagship digital currency opened the week at $48,268, with a market cap of $889.47B and volume of $26.967B. However, during the week, BTC hit a low of $39,787.61 and a high of $47,328.20.<\/p>\n <\/p>\n Over the weekend, BTC\/USD traded above $42,000 at around $42,163 and the trend did not bode well for Bitcoin trading above $52,000 this week. The market cap of BTC was $793.93 billion (-1.43%) and the 24-hour volume was $29.7 billion, down about 31.45% in 24 hours.<\/p>\n Within 7 days, the price of Ethereum has also fallen by more than 17%. The bearishness in BTC and ETH, as well as the overall market, is due to China’s crackdown on cryptocurrencies.<\/p>\n <\/p>\n Evergrande Group, the giant real estate company in China, was about to default on its debt, causing Bitcoin to fall from $48,000 to $39,000. The world’s largest cryptocurrency recovered from this event to reach $45,000, when Twitter allowed paying tips in Bitcoin.<\/p>\n The announcement of Evergrande’s debt settlement and the Fed’s unchanged monetary policy also contributed to the small comebacks. Nonetheless, Bitcoin and Ethereum fell to $42,000 and $2,800, respectively, in 24 hours due to an old article circulating on the internet about China’s ban, which stated that all cryptocurrency transactions other than ownership were illegal.<\/p>\n The top 5 performers of the week among all coins on the market were Gravitoken (GRV, $9.21) which was up more than 154,582%, GoldFinX (GIX, $29.03) which was up 3,126%, BabySpaceFloki (BSF, $0.000000000707) up over 2,246%, Blizzard Network (BLIZZ, $18.47) up over 1,798% and Nano Dogecoin (INDC, $$0.00000002587) up 1,671%.<\/p>\n <\/p>\n The week’s best performers among the top 20 tokens were Tether (USDT, $1.00, +0.17%), USD Coin (USDC, $1.00), Terra (LUNA, $35.74, +0.80%) and Binance USD (BUSD, $1.00, 0.08%).<\/p>\n <\/p>\n The top 5 worst performing cryptocurrencies in the last 7 days were Deswap (DAW, $0.04605), which shrank by almost 93.5%, followed by 3X Long Huobi Token (HTBULL, $1.60), which fell 87.5%, SafeBull (SAFEBULL, $0.000000000529) fell 85.6%, Coinhunters (CHTR, $0.002125) fell 84.3%, and Nerve Finance (NRV, $0.2877) fell 81.2%.<\/p>\n <\/p>\n The biggest losers among the top 20 tokens were Uniswap (UNI, $19.0, -22.02%), Algorand (ALGO, $1.67, -21.38%), Bitcoin Cash (BCH, $507, -20.19%), Solana (SOL, $131.27, -19.27%) and Ethereum (ETH, $2,830, -17.66%).<\/p>\n <\/p>\nTop weekly gainers and losers<\/h2>\n