The cryptocurrency market is always on the move, with surprises, highs, and lows every week. Staying informed is essential for anyone keeping an eye on the crypto market. So, what’s been happening this week? Are we in for a rebound, or more twists and turns? Let’s delve into what’s driving the market this week.
### US Market Weekly Update
The US market saw a decline of 1.32% over the past seven days. While Europe and Australia experienced some positive movement, most major markets were in the red. China dropped by 1.05%, Japan fell by 1.79%, India declined by 2.51%, and South Africa saw a drop of 1.34%. On the flip side, Europe rose by 1.49%, and Australia increased by 0.40%.
This week, key economic indicators were released, such as the US S&P Global Composite PMI Final and the US Unemployment Rate. The US S&P Global Composite PMI Final rose from 54.9 to 55.4 in December 2024, marking the fastest growth since April 2022. Similarly, the US S&P Global Services PMI Final increased from 56.1 to 56.8, the highest gain since March 2022.
However, not all data was positive. The US Factory Orders MoM in November fell by 0.4%, contrary to expectations of a 0.3% decline. On a positive note, US exports grew from $266.309 billion to $273.4 billion, while imports increased from $339.923 billion to $351.6 billion. US Initial Jobless Claims dropped from 211K to 201K on January 4, 2025. Additionally, US Non-Farm Payrolls in December grew from 212K to 256K, surpassing the expected 160K decline. The US Unemployment Rate decreased from 4.2% to 4.1% in December.
The US dollar strengthened against major currencies like the Euro, Chinese Yuan, Japanese Yen, and Indian Rupee. The Euro rose by 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 capitalization of the cryptocurrency sector fell by 5.86% this week, with the altcoin market experiencing a decline of 8.84%. Excluding the top ten cryptocurrencies, the market cap of the sector dropped by around 11.25%.
### Bitcoin Market Overview
Bitcoin reached a peak of $102,195.06 on January 6, but then dropped by 9.45% between January 7 and 9. There was a 2.34% gain on January 10, bringing Bitcoin to $94,289.79, about 8.21% below its peak this week.
### Ethereum Market Scenario Analysis
Ethereum also saw significant fluctuations, hitting a peak of $3,743.68 on January 6. However, it experienced an 8.2% drop on the second working day of the week, reaching a low of $3,159.43 by January 9. A slight rebound of 1.46% was observed on January 10, with Ethereum currently priced at $3,244.47, approximately 13.32% lower than its peak earlier in the week.
### Top Ten Cryptos: Weekly Performance Review
None of the top ten cryptocurrencies showed strong bullish trends this week. Bitcoin fell by 3.8%, Ethereum by 9.7%, XRP by 4.9%, BNB by 3.4%, Solana by 14.2%, Dogecoin by 14.7%, and Cardano by 14.8%.
### Trending This Week
Binance Alpha Spotlight, Pump.fun Ecosystem, DeFAI, AI Meme, and Solana Meme are the top five trending categories at the moment. DeFAI registered a 53.9% rise in the last 24 hours.
ANDY, MEOW, Virtuals Protocols, Hey Anon, and aixbt by Virtuals are the top five trending cryptocurrencies currently. Hey Anon recorded a surge of 260.1% in the last seven days.
### Crypto Category Overview
Several crypto categories saw declines over the past week. The currency category dropped by 3.65%, the chain category by 9.37%, meme coins by 15.8%, DeFi by 14.1%, and blockchain infrastructure by 13%. GameFi, NFT, and Social sectors also experienced losses ranging from 5.37% to 15.2%. However, Stablecoins grew by 0.31%, and CeFi saw a small increase of 1.98%.
The markets may be unpredictable, but that’s what makes the crypto world so intriguing.
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