Weekly Updates

Cryptocurrency Weekly Report(May 3rd-May 9th): ETH hit a new record price of $3800

May 10, 2021

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Cryptocurrency Weekly Report(May 3rd-May 9th): ETH hit a new record price of $3800

Most of the cryptocurrencies had good performance in the past week, EOS especially was up over 55% a week, pushing the total market cap back above 2 trillion.

Crypto Market Data Weekly View

(May 3rd-May 9th

As for Bitcoin, even though the price was only up 3.17% last week, it bounced to nearly $60000. Meanwhile, the recovery of the leading cryptocurrency brought confidence to traders. Now,Bitcoin is trading around $59000 and attempt to break out $ 60000.

Despite bitcoin’s price recovery, the bitcoin dominance ratio declined to 44.4%, which is the lowest level since 2018. This ratio measures bitcoin’s market cap as a percentage of the entire cryptocurrency market. According to analysts, because lower-price tokens (such as dogecoin) offer the possibility of larger gains, which attract retail traders to output money in it and lesser interested in bitcoin. If this trend continues, it is likely that bitcoin’s dominance ratio could continue to slide.

On the contrary, Ether(ETH), as the second-largest cryptocurrency, its dominance ratio now has risen to 21%, with a market value of 521 billion. The price of ETH made a new record price of over 3800, up 32% in the past week. ETH was viewed as one of the strongest performances among altcoin and attracted more traders to hold it. In fact, the strong trend of ETH has continued since the beginning of Apri. Because of the well-known DeFi, ETH’s price is expected to continue to breakthrough.

EOS pumped 55% in the past week. Its price hit $13 on May 7, with 100% gains only in three days. But, it currently trades around $10, signaling the possibility for significant upward movement.

The price of Litecoin(LTC) surged by up to 36% last week. Litecoin kept strong this year and exceeded its previous historic high of $ $371, hit $372 last week. Later, it will attempt to reach $400.

XRP’s price dropped about 3% in the past week. Owing to Dogecoin’s strong melt-up, the rank of XRP slide to become the fourth largest cryptocurrency from the top 3.

The trend may continue in the crypto space, don’t mistake the chance to earn profit from cryptocurrencies.

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