Get ready for a quick update on the latest happenings in the cryptocurrency market this week. Keeping yourself informed about market developments is crucial for making informed decisions. Let’s take a closer look at the market trends. Are you ready? Let’s get started!
US Market Weekly Update
The US Standard and Poor’s 500 index experienced a 0.88% decline in the past week. The global market performance has been a mixed bag with Europe rising by 0.67%, Japan by 1.91%, India by 0.85%, and Australia by 0.16%. In contrast, China witnessed a 5.48% decrease and South Africa a 0.34% decline.
This week, the US saw significant index releases. The US States Pending Home Sales YoY rose from 5.4% to 6.9% in November. However, the US Chicago PMI dropped from 40.2 points to 36.9 points in December. The US Dallas Fed Manufacturing Index increased from -2.7 points to 3.4 points in the same month. The US S&P/Case Shiller Home Price YoY index decreased from 4.6% to 4.2% but surpassed the expected 4.1%.
By the end of December, the US MBA 30-Year Mortgage Rate climbed to 6.97% from 6.75%. Initial Jobless Claims in the US decreased from 219K to 211K during the same period. The S&P Global Manufacturing PMI Final dropped to 49.4 in December from 49.7 in the previous month. On the other hand, the US ISM Manufacturing PMI increased to 49.3 points in December from 48.4 points.
The US dollar displayed strength against major currencies like the Euro, Yuan, and Rupee this week. The Euro surged by 1.08%, the Chinese Yuan by 0.3%, and the Indian Rupee by 0.43% against the US dollar. Conversely, the Japanese Yen slipped by 0.31%.
The US market outlook for 2025 looks positive with anticipated economic growth driven by strong consumer spending, rising real incomes, and stable household finances. Supportive government policies are expected to contribute to this growth. Inflation is projected to ease further, while the labour market remains stable, creating a conducive environment for sustained economic advancement.
Crypto Market Scenario This Week
The total market cap of the cryptocurrency sector surged from 3.19T to 3.41T this week, marking a remarkable growth of 6.89%. Similarly, the altcoin market cap jumped from 1.34T to 1.47T, registering a surge of approximately 9.7%. The total crypto market cap excluding the top ten cryptos index also reported a rise of 11.59%.
Bitcoin Market Overview
The bitcoin market witnessed a growth of 5.87% in the past week. On December 30, the price hit a low of $92,802.93. By January 3, 2025, it reached a weekly peak of $98,980.05. Currently, the BTC price stands at $98,023.99, approximately 0.96% below the weekly peak.
Ethereum Market Scenario Analysis
The Ethereum market surged by almost 7.05% this week. The price of Ethereum was at $3,361.95 on December 30. Despite a sharp drop to $3,337.65 on December 31, it rebounded to a weekly peak of $3,630.09 on January 3, 2025. Currently, the ETH price is at $3,591.11, around 1.07% below the weekly peak.
Top Ten Cryptos: Weekly Performance Review
The first week of January 2025 has been largely positive for the crypto sector. Almost all the top ten cryptocurrencies have shown growth in the last seven days. Besides the 5.87% growth of BTC and 7.05% growth of Ethereum, XRP (14.5%), BNB (3.4%), Solana (17.6%), Dogecoin (24.5%), and Cardano (25%) have also seen significant growth.
Trending this Week
PolitiFIi, The Boy’s Club, Frog-Themed, Elon Musk-Inspired, and AI Agents are the top five trending categories currently. Among them, PolitiFi has shown the highest seven-day growth of 47.6%.
Bio Protocol, ai16z, Sui, Virtuals Protocol, and Hyperliquid are the top five trending cryptocurrencies this week. Among these cryptos, ai16z displays the highest seven-day rise of 75.8%.
Crypto Category Overview
In the past seven days, the market cap of different crypto categories has experienced varied growth. Currency category market cap grew by 4.36%, chain by 9.32%, stablecoins by 0.31%, meme coins by 21.7%, DeFi by 6.96%, blockchain infrastructure by 8.98%, blockchain services by 11.4%, GameFi by 11%, NFT by 5.67%, social by 2.12%. However, the market cap of CeFi declined by approximately 5.82% during the same period.
Stay tuned to Coinpedia’s Crypto Market Weekly Report – where we bring you everything you need to know about the crypto market in the simplest and shortest way!
