Crypto Highlights of the Week| 13 May 2024

The crypto market has witnessed a major correction over the last week, with top cryptocurrencies such as Bitcoin and Ethereum suffering tremendous losses by falling below important support levels.

The events of the previous week sparked negative emotions in the cryptocurrency sector, and we’re excited to see what this month has in store. Before you begin, check out our Crypto Highlights of the Week.

According to CoinMarketCap, the current market cap is ₹188.13 Trillion on 13 May. However, in the past few months, even the top-performing coins were seen as moving bearish and were trying to set a new market trend.

As of the past week, Bitcoin is priced at ₹5,103,600.96, reflecting a 0.35% jump within the last 24 hours with a massive drop of 5.62% over 7 days. Talking about Ethereum, ETH is currently valued at ₹241,058.78, showing a 1.19% fall in the past 24 hours, with a ground-breaking fall of 9.17% over 7 days.

Crypto Highlights of the Week: Top Trending Coins

In the past week, three cryptocurrencies have remained the talk of the town because of some recent developments related to these cryptocurrencies: Toncoin (TON), Render (RNDR), and Dogecoin (DOGE). 

In the past week, the price of Toncoin (TON) showed a 13.70% jump. However, the token experienced a marginal drop of 1.27% in the past 24 hours. The token is currently trading at the price of ₹570.47.

Talking about Render (RNDR), the token illustrated a 5.08% spike as compared to other major cryptocurrencies. Meanwhile, RNDR has shown a 3.83% drop in the past 24 hours, trading at a price range of ₹878.21.

In addition, the Dogecoin (DOGE) token dropped by 16.11% in the last 7 days. Moreover, in the past 24 hours, the token also surged by more than 4.19%. In addition, the price of the DOGE token is trading at ₹11.49. 

Top Crypto Gainers & Losers

The past week remains one of the most confusing weeks for the crypto market in 2024. So, let’s have a look at some of the top crypto gainers and losers from the past week:

Weekly Crypto Highlights

How the Crypto Market Became Bearish?

The crypto market has lately witnessed a correction, following the previous Halving price pattern. Aside from that, the huge outflow from the 9 Spot Bitcoin ETFs influenced crypto investor emotions, causing the main cryptocurrencies to face a brief decline.

Furthermore, with the recent delay in Ethereum ETF approval by the US SEC, investor confidence in the Ethereum ETF’s debut in the next months plummeted, resulting in a sharp drop in Ethereum price.

Crypto Highlights of the Week: Trending News From the Last Week

▪️ Binance, a global cryptocurrency exchange, has received clearance from the Financial Intelligence Unit (FIU), an Indian financial regulator, to offer its services in India.

▪️ Render Token (RNDR) has risen dramatically in the last week after Apple briefly highlighted Octane — a 3D design program powered by the Render Network — in its keynote presentation showcasing its M4 processor on the new iPad.

▪️ Ripple Labs and the United States Securities and Exchange Commission (SEC) have made substantial headway in their legal dispute, with the SEC filing its final response during the lawsuit’s remedies stage.

SunCrypto Views

The recent bearish trend in the cryptocurrency market demonstrates its dynamic evolution, which has included substantial losses and confusing investor confidence. This development reflects optimistic institutional interest and technological advancements.

Despite these growing developments, the market’s intrinsic volatility persists. To navigate potential risks, investors should exercise caution, perform extensive research, and apply a variety of tactics. While the recent bearish trend is encouraging, it’s critical to approach the cryptocurrency market with care and a long-term mindset.

For more crypto-related content like Crypto Highlights of the Week, informational blogs, and crypto news, check out Suncrypto Academy.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision. You may write to us at [email protected].

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