Market Updates and Key Performers
This is a very brief update on what we are witnessing in the cryptocurrency markets this week. Staying abreast of the latest developments in the market is crucial to making better decisions. Let’s analyze the market. Ready? Dive in!
US Market Weekly Update
The U.S. S&P 500 index fell 0.88% last week. Global market performance was mixed. Europe increased by 0.67%, Japan increased by 1.91%, India increased by 0.85%, and Australia increased by 0.16%. Meanwhile, as was the case in the U.S. market, China fell 5.48% and South Africa fell 0.34%.
This week, the United States released a number of important indexes. In November, US state home sales surged from 5.4% to 6.9% year-on-year. In December, the Chicago PMI dropped from 40.2 points to 36.9 points. The Dallas Fed manufacturing index rose from -2.7 points to 3.4 points in December. The U.S. S&P/Case Shiller house price index fell from 4.6% to 4.2% year-on-year, but the performance was slightly better than the expected 4.1%.
In the last week of December, the US MBA 30-year mortgage rate increased from 6.75% to 6.97%. During the same period, the number of people applying for unemployment benefits for the first time in the United States fell from 219,000 to 211,000. The final S&P Global Manufacturing PMI fell to 49.4 in December from 49.7 in the previous month. The US ISM manufacturing PMI rose to 49.3 points in December from 48.4 points in the previous month.
The dollar has been strong against almost all major currencies including the euro, yuan and rupee this week. The euro rose at least 1.08% against the U.S. dollar, the yuan rose 0.3% against the U.S. dollar, and the Indian rupee rose 0.43% against the U.S. dollar. In contrast, the Japanese yen fell 0.31%.
The outlook for the U.S. market in 2025 is positive. The economy is expected to grow, driven by strong consumer spending, rising real incomes and healthy household finances. Government support policies are also a factor. Inflation is likely to slow further while the labor market remains stable, creating a favorable environment for continued economic progress.
Cryptocurrency market conditions this week
This week, the total market value of the cryptocurrency industry climbed from 3.19T to 3.41T, an increase of 6.89%. Similarly, the market value of altcoins also jumped from 1.34T to 1.47T, an increase of approximately 9.7%. The total market value of cryptocurrencies excluding the top ten cryptocurrency indexes also increased by 11.59%.
Bitcoin Market Overview
The Bitcoin market grew by 5.87% last week. On December 30, the price fell to a low of $92,802.93. On January 3, 2025, it reached a weekly peak of $98,980.05. As of this writing, BTC price remains at $98,023.99, approximately 0.96% below its weekly peak.
Ethereum market scenario analysis
This week, the Ethereum market rose nearly 7.05%. On December 30, the price of Ethereum was $3,361.95. Despite a sharp plunge to a low of $3,337.65 on December 31, it rebounded to a weekly high of $3,630.09 on Friday, January 3, 2025. As of now, ETH price remains at $3,591.11, about 1.07% below the weekly high.
Top 10 Cryptocurrencies: Weekly Performance Review
The first week of January 2025 has been largely positive for the cryptocurrency industry. Almost all of the top 10 cryptocurrencies have seen growth over the past seven days. In addition to BTC growing by 5.87% and Ethereum growing by 7.05%, the market also saw growth in XRP (14.5%), BNB (3.4%), Solana (17.6%), Dogecoin (24.5%), and Cardano (25%).
Trending this week
As of this writing, PolitiFIi, Boys Club, Frog Theme, Elon Musk Inspired, and AI Agents are the top five popular categories. Among them, PolitiFi had the highest increase on the 7th, reaching 47.6%.
Bio Protocol, ai16z, Sui, Virtuals Protocol, and Hyperliquid are the five hottest cryptocurrencies this week. Among them, ai16z had the highest 7-day increase, reaching 75.8%.
Cryptocurrency Category Overview
In the past 7 days, the market value of currencies increased by 4.36%, a month-on-month increase of 9.32%, stable coins increased by 0.31%, meme coins increased by 21.7%, DeFi increased by 6.96%, blockchain infrastructure increased by 8.98%, and blockchain services increased by 11.4%. , GameFi 11%, NFT 5.67%, social 2.12%. However, during the same period, CeFi’s market value fell by approximately 5.82%.
stay tuned Coinpedia’s weekly cryptocurrency market report – We provide you with everything you need to know about the cryptocurrency market in the easiest and shortest way possible!
