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 analyze 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 for Europe and Australia, almost all major markets, including China, Japan, India, and South Africa, have reflected a bearish trend. Specifically, China has declined by 1.05%, Japan by 1.79%, India by 2.51%, and South Africa by 1.34%. In contrast, Europe has surged by 1.49%, and Australia by 0.40%.
This week, the US market has seen the release of several prominent indices, 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. Similarly, the US S&P Global Services PMI Final rose from 56.1 to 56.8, marking the highest gain since March 2022.
On the manufacturing side, the US Factory Orders MoM, in November, dipped to -0.4% from 0.5%, defying the expectation of a 0.3% decline. In terms of trade, US Exports increased from $266.309 billion to $273.4 billion in November, while Imports rose from $339.923 billion to $351.6 billion. Notably, Initial Jobless Claims decreased from 211K to 201K on January 4, 2025. Furthermore, the US Non-Farm Payrolls climbed from 212K to 256K, surpassing the expectation of a 160K drop. Importantly, the US Unemployment Rate, in December, decreased to 4.1% from 4.2%.
This week, the US dollar has demonstrated strength against almost all the major currencies, including the Euro, the Chinese Yuan, Japanese Yen, and 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 cryptocurrencies 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. Currently, 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. The second working day of the week saw a massive single-day fall of 8.2%. On January 9, the market hit a low of $3,159.43. Similar to Bitcoin, on the final working day, buyers mounted a strong effort to reclaim control, resulting in a modest growth of 1.46%. Presently, the Ethereum price is 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 exhibited a clear bullish trend. Bitcoin has declined by 3.8% and Ethereum by 9.7% over the past week. Additionally, we observed drops in XRP by 4.9%, BNB by 3.4%, Solana by 14.2%, Dogecoin by 14.7%, and Cardano by 14.8%.
Trending this Week
As of this moment, Binance Alpha Spotlight, Pump.fun Ecosystem, DeFAI, AI Meme, and Solana Meme are the top five trending categories. Notably, in the last 24 hours, DeFAI has reported a remarkable rise of 53.9%.
Among cryptocurrencies, ANDY, MEOW, Virtuals Protocols, Hey Anon, and aixbt by Virtuals are currently trending. Over the past seven days, Hey Anon has recorded an incredible surge of 260.1%.
Crypto Category Overview
In the last seven days, various categories within the cryptocurrency market have experienced declines. The market cap of currencies has shrunk by approximately 3.65%, while the chain category decreased by 9.37%. Meme coins faced a significant drop of 15.8%, and the DeFi sector also contracted by 14.1%. Other categories like blockchain infrastructure saw a decline of 13%, blockchain services decreased by 7.74%, GameFi by 11.3%, NFT by 13.2%, and social coins by 5.37%. On a brighter note, the market cap of Stablecoins has increased by 0.31%, while CeFi climbed by 1.98%.
