The cryptocurrency market is always on the move, with new developments, highs, and lows every week. Staying informed is key for anyone involved in the crypto space. So, what has been happening this week? Are we on track for a market rebound, or are more surprises in store? Let’s take a closer look at what’s driving the market trends this week.
### US Market Weekly Update
The US market saw a slight decline of 1.32% over the past week. 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 other hand, Europe rose by 1.49%, and Australia increased by 0.40%.
This week, key economic indicators were released, including 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%, against expectations of a 0.3% decline. On a positive note, US exports and imports showed growth. US Initial Jobless Claims dropped to 201K on January 4, 2025. Additionally, US Non-Farm Payrolls in December exceeded expectations, growing from 212K to 256K. The US Unemployment Rate also fell 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.
### Crypto Market Scenario This Week
The total market capitalization of the cryptocurrency sector fell by 5.86% this week, with the altcoin market seeing a decline of 8.84%. Excluding the top ten cryptocurrencies, the sector’s market cap dropped by around 11.25%.
### Bitcoin Market Overview
Bitcoin reached a peak of $102,195.06 on January 6 but experienced a 9.45% drop between January 7 and 9. As of now, Bitcoin stands at $94,289.79, about 8.21% below its peak this week.
### Ethereum Market Scenario Analysis
Ethereum also saw significant fluctuations this week. It peaked at $3,743.68 on January 6 but dropped by 8.2% on the second working day of the week. Ethereum is 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. DeFAI registered a rise of 53.9% in the last 24 hours. The top five trending cryptocurrencies are ANDY, MEOW, Virtuals Protocols, Hey Anon, and aixbt by Virtuals, with Hey Anon recording 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 saw losses. However, Stablecoins grew by 0.31%, and CeFi saw a small increase of 1.98%.
The crypto markets may be unpredictable, but that’s what makes the crypto world so exciting. Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.