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 analyse the market. Ready? Dive in!
US Market Weekly Update
The US Standard and Poor’s 500 index has seen a drop of 0.88% in the last week. The global market has shown mixed performance. Europe has grown by 0.67%, Japan by 1.91%, India by 0.85%, and Australia by 0.16%. Meanwhile, like the US market scenario, China has fallen by 5.48% and South Africa by 0.34%.
This week, the US has witnessed several crucial index releases. In November, the US States Pending Home Sales YoY surged from 5.4% to 6.9%. In December, the US Chicago PMI declined from 40.2 points to 36.9 points. The US Dallas Fed Manufacturing Index, in December, grew from -2.7 points to 3.4 points. The US S&P/Case Shiller Home Price YoY index dropped from 4.6% to 4.2%, but performed slightly better than the expectation of 4.1%.
In the last week of December, the US MBA 30-Year Mortgage Rate raised to 6.97% from 6.75%. The US Initial Jobless Claims declined from 219K to 211K during the same period. The S&P Global Manufacturing PMI Final decreased to 49.4 in December from 49.7 in the previous month. The US ISM Manufacturing PMI grew to 49.3 points in December from 48.4 points in the previous month.
This week, the dollar has displayed strength against almost all the major currencies, including the Euro, Yuan and the Rupee. Against the US dollar, the Euro has surged by at least 1.08%, the Chinese Yuan by 0.3%, and the Indian Rupee by 0.43%. On the contrary, the Japanese Yen has slipped by 0.31%.
The US market outlook for 2025 is positive. Economic growth is expected, driven by strong consumer spending, rising real incomes, and healthy household finances. Supportive government policies are also a factor. Inflation is likely to ease further, while the labour market remains stable, creating a favourable environment for sustained economic progress.
Crypto Market Scenario This Week
The total market cap of the cryptocurrency sector has climbed from 3.19T to 3.41T this week, marking an impressive growth of 6.89%. Similarly, the altcoin market cap has 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 has also reported a rise of 11.59%.
Bitcoin Market Overview
The bitcoin market has recorded a growth of 5.87% in the last week. On 30 December, the price stood at a low of $92,802.93. On January 3, 2025, it reached a weekly peak of $98,980.05. At the time of writing, the BTC price remains at $98,023.99 – approximately 0.96% below the weekly peak.
Ethereum Market Scenario Analysis
This week, the Ethereum market has surged by nearly 7.05%. On December 30, the Ethereum price stood at $3,361.95. Though on December 31, it plummeted sharply to a low of $3,337.65, it rebounded to a weekly peak of $3,630.09 on Friday, 3rd January, 2025. As of now, the ETH price remains 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. Apart from the 5.87% growth of BTC and 7.05% growth of Ethereum, the market has seen the growth of XRP (14.5%), BNB (3.4%), Solana (17.6%), Dogecoin (24.5%), and Cardano (25%).
Trending this Week
PolitiFIi, The Boy’s Club, Frog-Themed, Elon Musk-Inspired and AI Agents are the top five trending categories at the time of writing. Among them, PolitiFi shows 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 last seven days, the market cap of the currency category have grown by 4.36%, chain by 9.32%, stablecoins by 0.31%, meme coin 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, during the same period, the market cap of CeFi has fallen by approximately 5.82%.
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!
