The cryptocurrency market never stays still—every week brings new surprises, highs, and lows. From sudden market shifts to unexpected trends, staying informed is crucial for anyone watching the crypto market.
So, what’s been happening this week? Is the market set for a rebound, or are we in for more twists and turns? Let’s break it down and see what’s driving the market. Ready to dive in? Keep reading to find out!
US Market Weekly Update
The US market saw a drop of 1.32% over the past seven days. While Europe and Australia saw 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 other hand, Europe rose by 1.49%, and Australia increased by 0.40%.
This week, a number of key economic indicators were released, including the US S&P Global Composite PMI Final and the US Unemployment Rate. In December 2024, the US S&P Global Composite PMI Final rose from 54.9 to 55.4, marking the fastest growth since April 2022. Similarly, the US S&P Global Services PMI Final rose 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%, against expectations of a 0.3% decline. On a positive note, US exports grew from $266.309 billion to $273.4 billion, and 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, exceeding the expected 160K decline. The US Unemployment Rate fell from 4.2% to 4.1% in December.
The US dollar strengthened against many major currencies, including 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. Similarly, the altcoin market saw 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 hit a peak of $102,195.06 on January 6, but quickly dropped by 9.45% between January 7 and 9. Buyers tried to push the price back up on January 10, with a 2.34% gain. As of writing, Bitcoin stands at $94,289.79, about 8.21% below its peak this week.
Ethereum Market Scenario Analysis
Ethereum also experienced major fluctuations. On January 6, it peaked at $3,743.68, but on the second working day of the week, it saw a sharp drop of 8.2%. By January 9, the price hit a low of $3,159.43. On January 10, Ethereum saw a slight rebound of 1.46%. Currently, Ethereum is priced at $3,244.47, about 13.32% lower than its peak earlier in the week.
Top Ten Cryptos: Weekly Performance Review
This week, none of the top ten cryptocurrencies showed strong bullish trends. Bitcoin fell by 3.8%, Ethereum dropped by 9.7%, XRP declined by 4.9%, BNB by 3.4%, Solana by 14.2%, Dogecoin by 14.7%, and Cardano by 14.8%.
Trending This Week
At the time of writing, Binance Alpha Spotlight, Pump.fun Ecosystem, DeFAI, AI Meme and Solana Meme are the top five trending categories. In the last 24 hours, DeFAI has registered a rise of 53.9%.
ANDY, MEOW, Virtuals Protocols, Hey Anon, and aixbt by Virtuals are the top five trending cryptocurrencies as of now. In the last seven days, Hey Anon has recorded a surge of 260.1%.
Crypto Category Overview
Over the past week, several crypto categories saw declines. 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%. Other sectors like GameFi, NFT, and Social also saw 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 keeps the crypto world so fascinating.
