What Happend in Crypto Market This Week?
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. stock market has suffered a heavy decline of 1.32% in the past seven days. Barring Europe and Australia, almost all major markets including China, Japan, India and South Africa reflected the bearish trend. China fell by 1.05%, Japan fell by 1.79%, India fell by 2.51%, and South Africa fell by 1.34%. Meanwhile, Europe rose 1.49% and Australia gained 0.40%.
This week, the U.S. market announced a number of important indices ranging from the final value of the S&P Global Composite PMI to the U.S. unemployment rate. In December 2024, the final value of the US S&P Global Composite PMI rose from 54.9 to 55.4, the fastest increase since April 2022. In the same month, the final value of the US S&P Global Services PMI rose from 56.1 to 56.8, the highest increase since March 2022.
U.S. factory orders fell to -0.4% in November from 0.5% month-on-month, exceeding expectations for a 0.3% decline. In November, US exports increased from US$266.309 billion to US$273.4 billion, and US imports increased from US$339.923 billion to US$351.6 billion. On January 4, 2025, the number of people applying for unemployment benefits for the first time in the United States dropped from 211,000 to 201,000. In December, U.S. nonfarm payroll employment rose from 212,000 to 256,000, exceeding expectations for a decline of 160,000. Importantly, the U.S. unemployment rate fell to 4.1% in December from 4.2%.
The U.S. dollar has performed strongly against almost all major currencies including the euro, Chinese yuan, Japanese yen and Indian rupee this week. The euro rose by about 0.62% against the dollar, the yuan rose by 0.17%, the Japanese yen rose by 0.35%, and the rupee rose by 0.47%.
Cryptocurrency market conditions this week
The total market value of the cryptocurrency industry has fallen by 5.86% in the past seven days. Likewise, the altcoin market also fell by 8.84%. It is worth noting that the total market capitalization of the cryptocurrency industry, excluding the top ten cryptocurrencies, fell by approximately 11.25%.
Bitcoin Market Overview
On Monday, January 6, the Bitcoin market hit a peak of $102,195.06. From January 7th to 9th, the market pulled back sharply by 9.45%. Buyers attempted to regain control on Friday, January 10, creating a 2.34% gain. As of this writing, Bitcoin is trading at $94,289.79, approximately 8.21% below this week’s peak.
Ethereum market scenario analysis
On Monday, January 6, the Ethereum market peaked at $3,743.68. On the second working day of this week, the trend reversed, with a single-day drop of 8.2%. On January 9, the market bottomed at $3,159.43. As with Bitcoin, the last working day of the week saw an intense scramble by buyers to regain dominance, resulting in a slight gain of 1.46%. As of now, the price of Ethereum remains at $3,244.47, approximately 13.32% lower than this week’s peak.
Top 10 Cryptocurrencies: Weekly Performance Review
None of the top ten cryptocurrencies showed a clear bullish trend in the second week of January 2025. Over the past seven days, Bitcoin has fallen 3.8% and Ethereum has fallen 9.7%. XRP fell 4.9%, BNB fell 3.4%, Solana fell 14.2%, Dogecoin fell 14.7%, and Cardano fell 14.8%.
Trending this week
As of this writing, Binance Alpha Spotlight, Pump.fun Ecosystem, DeFAI, AI Meme, and Solana Meme are the top five popular categories. DeFAI has gained 53.9% in the past 24 hours.
ANDY, MEOW, Virtuals Protocols, Hey Anon, and Virtuals’ aixbt are the top five cryptocurrency trends right now. In the past seven days, Hey Anon has gained 260.1%.
Cryptocurrency Category Overview
In the past seven days, the market value of currencies has fallen by about 3.65%, down 9.37% month-on-month, meme coins have fallen by 15.8%, DeFi has fallen by 14.1%, blockchain infrastructure has fallen by 13%, blockchain services have fallen by 7.74%, and GameFi has fallen by 11.3%. NFT 13.2%, social 5.37%. However, the market capitalization of stablecoins increased by 0.31% and that of CeFi increased by 1.98%.
