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Crypto Market Monthly Report: In-Depth Market Overview Of January

With the first month of 2024 ending, the crypto markets perform like a high-speed roller coaster ride. With the new year rally to Bitcoin Spot ETF approvals, January is on the path to an indecisive or a lesser profitable end for Bitcoin after four months of bull run. 

Taking the DeFi and NFTs market on a roll, the sharp spikes in the market reflect an increased volatility in 2024. With the anticipation of a bullish trend with Bitcoin halving and potential rate cuts in the coming months, let’s find out what highly volatile January tells us about the coming market trends.

Fact: Compared to the 39% return in January 2023, 2024 brings a slow start with a 0.62% rise. 

Turning the tides in favor of bulls from the slowdown in Grayscale’s Bitcoin trust to the reclamation of the $40K mark, 2024 finally shows recovery. With the rising anticipations and the year finally shaping to be bullish as Bitcoin takes the recovery path, the buyers dream about Bitcoin reaching the $100,000 mark.

Wondering the same thing? 

Check out our BTC price prediction to determine if Bitcoin will reach the $1 Million mark. 

Tried So Hard, But Got So Far; Volatile Bitcoin Remains Indecisive

The 5% jump to start 2024 started the New Year’s rally for Bitcoin well above the $42K mark. Fueled by the anticipation of a bullish trend and then the approval of Bitcoin ETFs, the BTC price reached the height of $49K on 11th January. However, the quick and intense outflows from Grayscale’s Bitcoin Trust led to a quick reversal of under $47K that day.

The following days for Bitcoin they have led to a more intense correction and a drop to $38,505 to test the 38.20% Fibonacci level. Nevertheless, the buyers find the slowdown in the GBTC outflow and the sharp rise of inflow in Blackrock’s ETF, reaching the $2B mark and in Fidelity’s ETF. 

Potentially leading to a slightly bullish month, the recovery at the month’s end sets a bullish stage for February. Further, the recovery rally shows a bullish solid engulfing candle formation to puncture above the $43K mark. 

Hence, the bullish ending to the high volatile month teases a sharp upside in the coming month. 

Bitcoin Dominance Over The Market

The crypto market is witnessing intriguing trends as of the latest update. Bitcoin (BTC) solidifies its position as the market leader with a price of $42,610.95 and a commanding market cap dominance of 51.12%. Further, there is a modest 30-day increase of 0.40%. Ethereum (ETH), trailing behind, marked a minimal growth of 0.08%, pushing its price to $2,302.21 and securing a 16.92% slice of the market cap pie. 

BNB isn’t far behind, priced at $302.22, reflecting a 2.49% rise over the last month and holding a market cap that commands 2.76% of the crypto universe. Solana (SOL) and XRP are also in the spotlight, with SOL climbing to $99.67 (a 5.58% 30-day increase) and XRP jumping to $0.51, marking an impressive 18.65% rise. 

# Name Price Market Cap Dominance 30d %
1 BitcoinBTC $42,610.95 $835,770,401,532 51.12% 0.40%
2 EthereumETH $2,302.21 $276,686,010,043 16.92% 0.08%
3 BNBBNB $302.22 $45,195,458,757 2.76% 2.49%
4 SolanaSOL $99.67 $43,063,028,085 2.65% 5.58%
5 XRPXRP $0.51 $27,028,544,851 1.68% 18.65%
6 CardanoADA $0.50 $17,742,782,520 1.09% 16.86%
7 AvalancheAVAX $34.56 $12,686,569,105 0.78% 12.43%
8 DogecoinDOGE $0.08 $11,287,033,357 0.69% 12.61%
9 TRONTRX $0.11 $9,877,949,379 0.60% 4.82%
10 ChainlinkLINK $15.59 $8,855,927,710 0.54% 1.81%

Cardano (ADA) echoes this positive sentiment, priced at $0.50 and witnessing a 16.86% increase over the same period. Meanwhile, Avalanche (AVAX) and Dogecoin (DOGE) show steady gains, with AVAX at $34.56 (up 12.43%) and DOGE at $0.08 (up 12.61%), indicating a bullish trend across altcoins.  

The First Month Of Bitcoin Spot ETF 

Source: https://twitter.com/JSeyff/status/1752081949470986329/

Within the first two weeks, the Grayscale Bitcoin Trust, GBTC, leads the pack of Bitcoin ETFs group, which was recently approved by the SEC. The GBTC has an asset under management of $20 billion, which has dropped from the peak of $30 billion worth of Bitcoin. 

Secondly, the IBIT, i.e., iShares Bitcoin Trust by Blackrock, leads the rising pack and shows a positive inflow and has finally reached the $2 billion mark of assets under management, which is approximately almost 50,000 bitcoins under management. Fidelity is close to reaching this mark as it holds $1,941 Million worth of Bitcoin. 

Further, The US Spot ETFs, excluding the GBTC, which has seen high volumes of outflows, have bought almost 140,000 BTC in just 12 trading days. 

Bittersweet End For Altcoins

With a 3.64% drop in the cryptocurrency market cap, excluding Bitcoin, the altcoins have an overall negative month. Trading close to the $750 Billion mark, the altcoins are awaiting a reversal opportunity and preparing for a positive February.

Top Gainers Performance Change (%)
Ethereum Naming Service (ENS) 94.00%
SUI 92.00%
Manta Network (MANTA) 65.00%

Amidst this volatile week, the Ethereum Naming Service (ENS), SUI, and Manta Network (MANTA) came out on top with 94%, 92%, and 65%, respectively. On the downside, we have SATS, PancakeSwap (CAKE), and BitTorrent (BTT) each recording a fall of 36%, 28%, and 27%, respectively. 

Top Losers Performance Change (%)
SATS -36%
PancakeSwap (CAKE) -28%
BitTorrent (BTT) -27%

Defi Market 

The total market cap of the DeFi token is resurfacing above the $85 Billion mark, and the network health of top protocols is on the path of recovery. Supporting the recovery, the total value locked in all protocols adds up to $56.411 Billion from $54.613 Billion at the start of 2024. 

The overall sector, the DeFi tokens are recovering to end January on a bullish note. Amongst the top DeFi altcoins, the small-cap tokens are the top performers with DFI.Money (YFII), UMA, and Alephium (ALPH) with 202%, 136%, and 93% growth, respectively.

On the flip side, the bearish side took over on the Tellor(TRB), BakeryToken (BAKE), and Terra Classic (LUNC), with a downfall of 55%, 36%, and 33%, respectively.

NFT market

With a sharp drop in the NFT market earlier this month, the sales dropped from $237 Million to a low of $156 Million. However, the recovery over the weeks resurfaced the sales above $210 Million and projected a trend continuation in February. 

With this recovery, the sales are up by 23.44%, and the active market wallets have increased by 4.68%. Further, this month’s top sales are from the Legends of Multiverse, FOUND Smart Claim collection. With two significant sales in Legends of Multiverse of $1.41M and $1.29M, the FOUND collection hits the mark of $1.36M. 

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