Zcash Leaves Crypto Market Behind with 50 Percent Weekly Spike

The cryptocurrency markets are flashing red as the third week of May comes to close.

The total market capitalization of cryptocurrencies has dropped by 14.48 percent to $366 billion in the last 7 days, taking the month-to-date losses close to 30 percent, according to CoinMarketcap.

Further, the probability that the cryptocurrency market will regain poise next week looks low, given that the bear grip around bitcoin seems to have strengthened, according to technical charts.

The world's largest cryptocurrency by market value fell below one-month lows under $8,000 today, showing losses of 3.6 percent on a weekly basis.

Other larger cryptocurrencies like bitcoin cash and EOS are reporting at least a 14 percent decline, while ethereum's ether has largely remained flat-lined on a weekly basis, while Ripple has depreciated by 1.96 percent.

Amid the broad-based losses lesser-known cryptocurrencies like zcash, binance coin and lisk have managed to put on a good show and are ranking higher on the list of gainers among the top 25 cryptocurrencies by market cap.

All-time high: $953.Closing price on May 11: $238.83.Current market price: $358.12.Rank as per market capitalization: 20.

Zcash picked up a bid earlier this week after Gemini Trust Co. which was founded by the Winklevoss twins, announced support for trading the privacy-focused cryptocurrency.

All-time high: $22.48.Closing price on May 11: $12.99.Current market price: $15.06.Rank as per market capitalization: 18.

All-time high: $39.31.Closing price on May 11: $10.05.Current market price: $10.44.Rank as per market capitalization: 24.