Crypto Highlights of the Week | 20 May 2024

The crypto market has experienced a short bull rally over the last week, with top cryptocurrencies such as Bitcoin and Ethereum experiencing massive gains by breaking above important resistance levels.

The events of the previous week sparked positive sentiments 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 ₹202.62 Trillion on 20 May. Meanwhile, in the past few months, even the top-performing coins were seen as moving bullish and were trying to continue their current market trend.

As of the past week, Bitcoin is priced at ₹5,586,740.01, reflecting a 0.03% fall within the last 24 hours with a massive surge of 8.55% over 7 days. Talking about Ethereum, ETH is currently valued at ₹259,961.84, showing a 0.04% fall in the past 24 hours, with a ground-breaking jump of 6.84% 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: Solana (SOL), Chainlink (LINK), and Near Protocol (NEAR). 

In the past week, the price of Solana (SOL) showed a 24.66% jump. Moreover, the token also experienced a marginal surge of 0.36% in the past 24 hours. The token is currently trading at the price of ₹14,558.47.

Talking about Chainlink (LINK), the token illustrated a 27.63% spike as compared to other major cryptocurrencies. Furthermore, LINK has also shown a 3.94% jump in the past 24 hours, trading at a price range of ₹1,423.64.

In addition, the Near Protocol (NEAR) token jumped by 20.21% in the last 7 days. Moreover, in the past 24 hours, the token also surged by more than 1.80%. In addition, the price of the NEAR token is trading at ₹669.83. 

Top Crypto Gainers & Losers

The past week remains one of the most stress-reducing 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:

Crypto Highlights

How the Crypto Market Became Bullish?

The cryptocurrency market has seen a dramatic spike over the last week as a result of recent happenings. The first and foremost is the release of CPI data by the US government; the data reveals a reduction in the inflation rate, which is often a bullish indicator for the crypto market.

Aside from that, recent US election-related developments have provoked or enhanced the attitudes of crypto traders. Experts believe that this sentiment is going to last till the outcome of the US general election in 2024.

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

▪️ According to previously leaked papers obtained by Reuters, the Securities and Exchange Board of India (SEBI) has advised that various authorities monitor cryptocurrency trading in the nation.

The papers recommend that regulatory monitoring be handled by a branch of India’s financial authority. In a separate document, the Reserve Bank of India (RBI) said that digital currencies are a macroeconomic danger to the country.

▪️ Vitalik Buterin, co-founder of Ethereum, has proposed a new Ethereum enhancement protocol, EIP-7706, which focuses on a new gas model for transaction call data.

Gas fees for Ethereum transactions are currently classified into two sorts. Buterin’s EIP-7706 proposes a third type of gas for call data, which is the component of an Ethereum transaction that contains important data sent to smart contracts.

New Coin Listing on SunCrypto

Over the past week, SunCrypto has listed 4 new cryptocurrencies on users’ urgent demand. The names of the listed coins are;

▪️ Notcoin (NOT)

▪️ Grok (GROK)

▪️ GameStop (GME)

▪️ Popcat SOL (POPCAT)

SunCrypto Views

The recent bullish trend in the cryptocurrency market demonstrates its dynamic evolution, which has included substantial profits and improved 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 bullish 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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