Crypto market performance report for the week ending May 15

The crypto market weekly report returns to give you an insight into all the good and the bad that happened in the crypto space in the last 7 sevens. It has been a major ride for everyone in the crypto industry as the UST and LUNA tokens collapsed and the whole market did too. On the other hand, we have seen Bitcoin, Ethereum, and others bleed heavily in the last few days. Most of the cryptocurrencies are more than 50% low than their all-time highs and stuck in a downtrend.

The data from CoinMarketCap shows that the market cap of the entire crypto market is currently at $1.2 trillion as the market remains below the $2 trillion market cap. It is also important to note that the number of cryptocurrencies listed on CoinMarketCap is above 19,432 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, LUNA, 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 (BTC)

Bitcoin began the week at $33,000 while a further sell-off pushed BTC to $30K the next day. The bulls continued to efforts to maintain price action above $30K but in vain as the world’s biggest crypto fell 10% in the following 24 hours. Investors took advantage of lower prices and Bitcoin jumped 7% as a result. The crypto market continued to bleed as BTC failed to retain price action above $30K.

Source: TradingView

Ethereum (ETH)

Ethereum entered the week with 5 consecutive bearish daily candles and went on to drop another 7% in 24 hours. The price action remained sluggish with a 2% price surge and as a result, Ethereum lost the $2000 price level the following day. With Ether below $2K, bulls took advantage, and back and forth movement continued as per ETH analysis for May 14. As the week ends, Ether mains $2K as minor support.

Source: TradingView

Solana (SOL)

Solana began the week above $70 although it lost this price region the following day. On the other hand, the $65 price region turned out to be minor support for SOL. The very next day, SOL dropped to the 8th position in the market. The bulls brought the price action above $50 which turned into minor support, as per SOL analysis for May 14. Finally, the token rebounded from $45 as the week ended on a slightly optimistic note. 

Source: TradingView

Terra (LUNA)

The worst crash occurred with LUNA losing major price levels this week. The token began the week on the verge of losing $60 and dropped over 50% the very next day. By May 11, the price of LUNA was $10, and the very next day, the token dropped to $1. As noted in our analysis for May 13, LUNA’s price was negligible. However, the bulls somehow returned as LUNA jumped more than 50% as per our analysis for May 15.

Source: TradingView

Dogecoin (DOGE)

Dogecoin began the week below $0.13 as $0.10 presented minor support for the biggest meme coin in the crypto market. By May 11, the meme coin was back in the top 10 cryptocurrencies. The bears regained control as DOGE dropped to the $0.07 price region. Investors took advantage of low prices and DOGE jumped 20% as a result. However, the meme coin was unable to push into the $0.1 price level and now, we can see Dogecoin getting support at $0.08.

Source: TradingView

Conclusion

The crypto market has been under the influence of bears and it seems that we might not see the bulls back in action for a long time. The market is in a sluggish situation at the time of writing as the situation remains uncertain.

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