Last week's developments created a buzz in the crypto users' minds. We have to see what this month is planning for the crypto community. But before that check out Crypto Weekly Report Update here.
According to CoinMarketCap, the current market cap is ₹87,778,339,586,216 on 21 August. In the past year, even the top-performing coins were seen struggling in these challenging times and are trying to make a comeback.
For this last week, Bitcoin is at the price of ₹2,165,877.88 and has decreased by 0.14% in the last 24 hours, and a dip of 12.50% is seen in the duration of 7 days.
The price of Ethereum at the moment is ₹139,300.88 and has increased by 0.50% in the last 24 hours, and a dip of 10.45% is seen in the duration of 7 days.
Crypto Weekly Report Update: Top Trending Coins
In the past week, three cryptocurrencies remain the talk of the town because of some recent developments transpired related to these cryptocurrencies, which are Litecoin (LTC), Ripple (XRP), and Tron (TRX).
In the past week, the price of Litecoin Network’s native token LTC showed 20% of downturn. However, the token recovered some of its losses in the past 24 hours by illustrating 3% of gains. And the token is trading at the price of ₹5,514.69.
Apart from that, Ripple Network’s XRP token also fall by 16% in the past week due to its Ripple Vs SEC case. Meanwhile, in the past 24 hours, the token has shown some bullish momentum, increasing by more than 3%. In addition, the price of the XRP token is trading at ₹44.27.
Talking about the Tron (TRX), the token illustrated only 3% of loss as compared to other major cryptocurrencies. On the other hand, TRX shows 2.15% of gains in the past 24 hours, trading at a price range of ₹6.30.
Top Crypto Gainers & Losers
The past week remains one of the most bearish weeks for the crypto market in 2023 because only three cryptocurrencies come as top gainers in the last week. So, let’s have a look at some of the top crypto gainers and losers from the past week:
Why Crypto Market Remains Bullish?
The crypto market remain bullish in the last 7 days because of two major events that transpired in the industry. Firstly, the delay of the Bitcoin ETFs by the US Securities and Exchange Commission (SEC) till March 2024 has created a negative sentiment in the market.
Secondly, the unexpected liquidation of Bitcoins by Elon Musk’s SpaceX. As per a Wall Street Journal report, SpaceX liquidates million dollar worth of Bitcoins in the last week, prompting the price of Bitcoin to fall significantly.
Crypto Weekly Report Update | Trending News From the Last Week
▪️ On August 16, the Shiba Inu Shibarium mainnet became officially operational, following months of anticipation among the SHIB Army. Shytoshi Kusama, the lead creator of SHIB, displayed Shibarium at the Blockchain Futurist Conference in Canada.
▪️ The Economic Offences Wing (EOW) of the Indian state of Odisha detained another person on August 18 in connection with a $120 million cryptocurrency Ponzi scheme. Police have charged all three defendants with participating in a large-scale cryptocurrency Ponzi scheme employing the Solar Techno Alliance (STA) Token.
▪️ Last week, Mastercard announce plans to collaborate with blockchain and cryptocurrency startups on its central bank digital currency (CBDC) program. The company has emphasized the advantages of state-controlled programmable money and plans to expand its partner program.
Market fluctuations are a common occurrence and part of any investment landscape. While the broader crypto market has experienced losses, it's essential to remember that volatility is inherent to the sector. Such downturns offer valuable opportunities for strategic investors to enter at favorable prices.
However, we remain committed to providing our users with insightful market analysis, ensuring they make informed decisions. The crypto market's resilience has been proven time and again, and we believe that prudent investors will see this phase as a chance to position themselves for future growth.
For more crypto-related content like Crypto Weekly Report Update, informational blogs, and crypto news, check out Suncrypto Academy.
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