In the ever-evolving world of cryptocurrencies, staying informed about the latest market trends is crucial for making informed investment decisions. This week, we have observed significant shifts across various markets. Let’s delve into the details to understand these developments better.
US Market Weekly Update
The US market has experienced a notable decline of 1.32% over the past week. This downward trend was mirrored by major markets like China, Japan, India, and South Africa, which recorded decreases of 1.05%, 1.79%, 2.51%, and 1.34%, respectively. In contrast, Europe and Australia bucked the trend with rises of 1.49% and 0.40%.
This week saw the release of key economic indicators in the US. The US S&P Global Composite PMI Final increased from 54.9 to 55.4 in December 2024, marking the fastest rise since April 2022. Similarly, the US S&P Global Services PMI final climbed from 56.1 to 56.8, the highest since March 2022.
Factory Orders in the US decreased by 0.4% in November, contrary to the expected 0.3% drop. On a positive note, US Exports rose from $266.309 billion to $273.4 billion, while Imports increased from $339.923 billion to $351.6 billion. Initial Jobless Claims fell from 211K to 201K on January 4, 2025. Moreover, Non-Farm Payrolls surged from 212K to 256K, surpassing the anticipated 160K drop. The Unemployment Rate also improved, dropping from 4.2% to 4.1% in December.
The US dollar has shown resilience against major world currencies. The Euro appreciated by 0.62%, the Chinese Yuan by 0.17%, the Japanese Yen by 0.35%, and the Indian Rupee by 0.47% against the US dollar.
Crypto Market Scenario This Week
The cryptocurrency market witnessed a downturn, with the total market capitalization dipping by 5.86% over the past seven days. Altcoins suffered more significantly, with an 8.84% decline. Excluding the top ten cryptocurrencies, the sector’s market cap fell by approximately 11.25%.
Bitcoin Market Overview
On January 6, Bitcoin reached a peak of $102,195.06. However, a correction of 9.45% occurred between January 7 and 9. Buyers attempted to regain control on January 10, resulting in a modest 2.34% growth. Currently, Bitcoin is priced at $94,289.79, approximately 8.21% below the week’s high.
Ethereum Market Scenario Analysis
Ethereum peaked at $3,743.68 on January 6. The following day, the market experienced a sharp decline of 8.2%. By January 9, Ethereum hit a low of $3,159.43. Despite buyers’ efforts to regain dominance, the price only increased by 1.46% by week’s end. Currently, Ethereum stands at $3,244.47, about 13.32% below its peak for the week.
Top Ten Cryptos: Weekly Performance Review
In the second week of January 2025, none of the top ten cryptocurrencies exhibited a bullish trend. Bitcoin fell by 3.8%, while Ethereum dropped by 9.7%. Other notable declines included XRP at 4.9%, BNB at 3.4%, Solana at 14.2%, Dogecoin at 14.7%, and Cardano at 14.8%.
Trending This Week
Currently, the top five trending categories are Binance Alpha Spotlight, Pump.fun Ecosystem, DeFAI, AI Meme, and Solana Meme. DeFAI has seen a notable rise of 53.9% in the last 24 hours. Among trending cryptocurrencies, ANDY, MEOW, Virtuals Protocols, Hey Anon, and aixbt by Virtuals stand out, with Hey Anon experiencing a 260.1% surge in the past week.
Crypto Category Overview
Over the past seven days, the market cap for various cryptocurrency categories has shifted. Currency categories fell by approximately 3.65%, chains by 9.37%, meme coins 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%. Meanwhile, Stablecoin and CeFi categories displayed resilience, with increases of 0.31% and 1.98%, respectively.
