As of 9:08 p.m. on the 7th, the cryptocurrency market is showing a rebound compared to the previous day based on CoinMarketCap data. However, on a recent one-week basis, most major coins have recorded double-digit declines, indicating that they have yet to escape the weak market phase.

Market cap leader Bitcoin (BTC) traded around $62,565, rising 2.58% on a 24-hour basis. However, its 7-day return recorded -15.22%, showing that the shock of the recent sharp drop still lingers. Second-ranked Ethereum (ETH) rose 4.09% from the previous day to $1,626, showing a relatively strong rebound among major coins. However, on a weekly basis, it fell 19.39%, demonstrating a contraction in overall market investment sentiment.

Major altcoins are also showing mixed trends of short-term rebounds and weekly declines. Ripple (XRP) traded at $1.13, rising 4.43% over 24 hours. However, compared to a week ago, it is down 15.00%, leading to evaluations that it is too early to discuss a recovery despite the short-term rebound. Solana (SOL) rose 3.78% to $64.95, but plunged 21.30% over the past 7 days, recording one of the largest drops among major altcoins. BNB also rose 3.26% on a daily basis, but showed a weekly return of -17.75%.

In the meme coin sector, Dogecoin (DOGE) traded around the $0.084 mark, rising 3.70% on a 24-hour basis. However, it fell 16.01% over the past week, showing that investment sentiment for meme coins remains contracted. Tron (TRX) also rose 2.74% in 24 hours but fell 5.53% on a weekly basis.

While some market analyses suggest a technical rebound is occurring following the recent plunge, there are observations that it remains to be seen whether a full trend reversal will take place, as major coins including Bitcoin are still recording double-digit declines compared to seven days ago. The global cryptocurrency market cap has shown an upward trend over the past 24 hours, indicating signs of recovery, but investment sentiment has not yet fully stabilized.