The post What Happend in Crypto Market This Week? appeared first on Coinpedia Fintech News
This is a very short and simple update on what we have witnessed this week in the cryptocurrency market. Staying up-to-date with the latest developments in the market is essential for making better decisions. Let’s analyse the market. Ready? Dive in!
US Market Weekly Update
The US market has witnessed a serious fall of 1.32% in the last seven days. Except Europe and Australia, almost all major markets, including China, Japan, India and South Africa, have reflected the bearish trend. China has declined by 1.05%, Japan by 1.79%, India by 2.51% and South Africa by 1.34%. At the same time, Europe has surged by 1.49%, and Australia by 0.40%.
This week, the US market has seen the release of several prominent indexes, from the US S&P Global Composite PMI Final to the US Unemployment Rate. In December, 2024, the US S&P Global Composite PMI Final grew from 54.9 to 55.4, registering the swiftest rise since April 2022. Likewise, in the same month, the US S&P Global Services PMI final rose from 56.1 to 56.8, marking the highest gain since March 2022.
The US Factory Orders MoM, in November, dropped to -0.4% from 0.5%, defying the expectation of a 0.3% decline. The US Exports grew from $266.309 Billion to $273.4 Billion in November, and the US Imports from $339.923 Billion to $351.6 Billion. The US Initial Jobless Claims declined from 211K to 201K on Jan 4, 2025. In December, the US Non Farm Payrolls climbed from 212K to 256K, beating the expectation of a 160K drop. Importantly, the US Unemployment Rate, in December, came down to 4.1% from 4.2%.Â
This week, the US dollar has demonstrated strength against almost all the major currencies, including the Euro, the Chinese Yuan, Japanese Yen and the Indian Rupee. Against the US dollar, the Euro has grown by around 0.62%, the Yuan by 0.17%, the Yen by 0.35% and the Rupee by 0.47%.
Crypto Market Scenario This Week
The total market cap of the cryptocurrency sector has recorded a drop of 5.86% in the last seven days. Likewise, the altcoin market has reported a decline of 8.84%. Notably, the total market cap of the crypto sector excluding the top ten cryptos has slipped by approximately 11.25%.
Bitcoin Market Overview
On January 6, Monday, the Bitcoin market touched a peak of $102,195.06. Between January 7 and 9, the market witnessed a severe correction of 9.45%. On January 10, Friday, buyers attempted to regain control, creating a 2.34% growth. At the time of writing, the Bitcoin price stands at $94,289.79 – around 8.21% below the peak of the week.
Ethereum Market Scenario Analysis
On January 6, Monday, the Ethereum market reached a peak of $3,743.68. On the second working day of the week, the trend overturned, contributing a massive single day fall of 8.2%. On January 9, the market touched a bottom of $3,159.43. Like Bitcoin, on the last working day of the week, buyers strongly fought to regain dominance, causing a small growth of 1.46%. As of now, the Ethereum price remains at $3,244.47 – approximately 13.32% below the peak of the week.
Top Ten Cryptos: Weekly Performance Review
In the second week of January, 2025, none of the top ten cryptocurrencies have shown a clear bullish trend. Bitcoin has declined by 3.8% and Ethereum by 9.7% in the last seven days. XRP has dropped by 4.9%, BNB by 3.4%, Solana by 14.2%, Dogecoin by 14.7%, and Cardano by 14.8%.
Trending this Week
At the time of writing, Binance Alpha Spotlight, Pump.fun Ecosystem, DeFAI, AI Meme and Solana Meme are the top five trending categories. In the last 24 hours, DeFAI has registered a rise of 53.9%.
ANDY, MEOW, Virtuals Protocols, Hey Anon, and aixbt by Virtuals are the top five trending cryptocurrencies as of now. In the last seven days, Hey Anon has recorded a surge of 260.1%.
Crypto Category Overview
In the last seven days, the market cap of the currency category has declined by approximately 3.65%, chain by 9.37%, meme coin by 15.8%, DeFi by 14.1%, blockchain infrastructure by 13%, blockchain services by 7.74%, GameFi by 11.3%, NFT by 13.2%, and Social by 5.37%. However, the market cap of Stablecoin has increased by 0.31%, and CeFi by 1.98%.
