What happened in the cryptocurrency market this week?

This is a very short and simple update on what we have seen 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 analyze the market. ready? Dive in!

Weekly update for the US market

The US market has seen a serious decline of 1.32% in the past seven days. With the exception of Europe and Australia, almost all major markets, including China, Japan, India and South Africa, reversed the downward trend. China decreased by 1.05%, Japan by 1.79%, India by 2.51%, and South Africa by 1.34%. Meanwhile, European stocks rose 1.49%, and Australian stocks rose 0.40%.

This week, the US market saw the release of several notable indicators, from the final S&P US Global Composite PMI to the US unemployment rate. In December 2024, the final US S&P Global Composite PMI rose from 54.9 to 55.4, marking the fastest rise since April 2022. Likewise, in the same month, the final US S&P Global Services PMI rose from 56.1 to 56.8, marking Highest gains. Since March 2022.

US factory orders fell on a monthly basis in November to -0.4% from 0.5%, defying expectations for a decline of 0.3%. American exports rose from $266.309 billion to $273.4 billion in November, and American imports from $339.923 billion to $351.6 billion. US Initial Jobless Claims fell from 211K to 201K on January 4, 2025. In December, US Nonfarm Payrolls rose from 212K to 256K, beating expectations for a decline of 160K. More importantly, the US unemployment rate fell in December to 4.1% from 4.2%.

The US dollar showed strength this week against almost all major currencies, including the euro, Chinese yuan, Japanese yen and Indian rupee. Against the US dollar, the euro rose by 0.62%, the yuan by 0.17%, the yen by 0.35%, and the rupee by 0.47%.

Cryptocurrency market scenario this week

The overall market capitalization of the cryptocurrency sector recorded a decline of 5.86% in the past seven days. Likewise, the altcoin market recorded a decline of 8.84%. It is worth noting that the total market capitalization of the cryptocurrency sector, excluding the top ten currencies, decreased by about 11.25%.

Bitcoin market overview

On January 6, Monday, the Bitcoin market touched a peak of $102,195.06. Between January 7 and January 9, the market witnessed a sharp correction of 9.45%. On January 10, Friday, buyers attempted to regain control, resulting in 2.34% growth. At the time of writing, Bitcoin is at $94,289.79 – about 8.21% below the week’s peak.

Ethereum market scenario analysis

On January 6, Monday, the Ethereum market reached a peak of $3,743.68. On the second business day of the week, the trend reversed, contributing to a massive one-day decline of 8.2%. On January 9, the market bottomed at $3,159.43. Like Bitcoin, on the last business day of the week, buyers fought hard to regain dominance, causing a slight growth of 1.46%. As of now, Ethereum’s price remains at $3,244.47 – approximately 13.32% below the week’s peak.

Top 10 Cryptocurrencies: Weekly Performance Review

In the second week of January 2025, none of the top ten currencies showed a clear upward trend. Bitcoin is down 3.8% and Ethereum is down 9.7% in the past seven days. XRP fell 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 five most popular categories. Over the past 24 hours, DeFAI registered a 53.9% rise.

ANDY, MEOW, Virtuals Protocols, Hey Anon, and aixbt by Virtuals are among the five most popular coins so far. In the past seven days, Hey Anon has risen by 260.1%.

Encryption class overview

In the past seven days, the market capitalization of the coin category has fallen by about 3.65%, blockchain by 9.37%, meme by 15.8%, decentralized finance by 14.1%, blockchain infrastructure by 13%, blockchain services by 7.74%, and GameFi by 7.74%. 11.3%, NFT 13.2%, and Social 5.37%. However, the market cap of the stablecoin rose by 0.31%, and CeFi by 1.98%.