The crypto industry started trading the year on a positive note as top crypto tokens successfully broke out of their key levels, indicating a increased buying pressure in the crypto space. Moreover, the market displayed a jump of over 5% in its valuation within the first three days.
Furthermore, the market experienced a significant volatility during the past two days as the major cryptocurrencies have recorded significant correction in their respective value. Overall, the industry trades under a strong bullish influence, indicating a possibility of a massive price action in the coming time.
Bitcoin Performance:
The Bitcoin price started trading the year with a price tag of $42,580, and within the first two days recorded a jump of over 7.5%. This resulted in the BTC price successfully breaching out of its upper limit of $45,000 for the first time in 20 months.
However, the rally was short-lived as the price faced a short selling, resulting in it leveling out all its gains. Since then, the price has been trading in a consolidated range.
Further, the technical indicator, Relative Strength Index (RSI) displays a neutral trend as the averages continue to record flatlines. Moreover, the indicator highlights an uncertainty in the future price action of the star crypto.
Top 10 Altcoin Performance:
Despite the market leader, displaying positive uptrend, the top altcoins continue trading in the red. The top 10 alts have all recorded losses when compared to the past week.
Polygon’s MATIC token witnessed the highest loss of over 14%, followed by Cardano (ADA) coin with a loss of approximately 12.5%.
| SL.no | Name | Price ($) | Change (%) |
| 1. | Ethereum | $2,235.58 | – 2.30% |
| 2. | BNB | $305.95 | – 3.29% |
| 3. | Solana | $94.75 | – 7.20% |
| 4. | XRP | $0.5668 | – 8.66% |
| 5. | Cardano | $0.5207 | – 12.97% |
| 6. | Avalanche | $34.80 | – 10.15% |
| 7. | Dogecoin | $0.0806 | – 10.37% |
| 8. | Tron | $0.1036 | – 1.89% |
| 9. | Polkadot | $7.20 | – 12.31% |
| 10. | Polygon | $0.8247 | – 13.78% |
Ethereum being the altcoin leader, recorded a correction of roughly 2% in its valuation during the same time. The market has displayed a switch in interest as mid-cap and low-cap altcoins have gained major traction, resulting in them adding a massive value to their respective portfolios.
Top Gainers And Losers:
The cryptocurrency market has been highly volatile this week as major tokens displayed significant jumps and correction constantly and in short intervals, indicating a mixed sentiments in the space. Here is a list of top gainers and losers of this week:
Top Gainers:
Akash Network (AKT) has successfully claimed the spot of the top gainer of this week by adding over 40% to its portfolio. The project has attracted major market attention with its unique mechanism and efficiency.
The increasing bullish sentiment toward this token, indicates the strong fundamentals of this project.
Celestia has added over 28% to its valuation this week, making it one of the top gainers in the top 100 tokens in the crypto industry. Followed by this are Sei, Arbitrum, and Internet Computer each with gains of over 21%.
Top Losers:
Despite the market trading on a positive note, Bonk price has recorded correction of over 26% during the past 7 days, making it the top loser in the industry for this week. The memecoins category have recorded significant correction in their value, indicating a weak buying pressure for these coins.
FTX Token (FTT) had been trading on a strong bullish influence but has recorded a loss of 21.34% over the past weak, highlighting a trend reversal for this token in the market. Further, IOTA stands second with a correction of approximately 23%, followed by Helium and MultiversX with a loss of 21.11% and 20.85%.
DeFi Market:
The Decentralized Finance (DeFi) market on the othe rhand has recorded a stable week when compared to the other categories. The DeFi market startd the year with a TVL of $117 Billion USD and is currently trading at a value of $113.427 Billion USD, a change of over -3% during the past week.
Top DeFi tokens have recorded a significant loss in their respective portfolio. The Loopring tops the list with a correction of over 21% in value. Followed by PancakeSwap with a correction of approximately 20% in its market cap.
Overall, the DeFi category has added significant value to its valuation over the past month, indicating a rising interest of the investors toward it.
NFT Market:
The NFT market has followed in the footsteps of the market sentiments and has recorded significant drop in its value. The valuation of the NFT industry has dropped from $298 Million to $220 Million, a correction of over 26% over the past week.
NFTs on the Solana chain have suffered a loss of over 45%, making it the highest in the category. Followed by Bitcoin chain NFTs with a loss of over 26% in their respective valuations.
On-Chain Analysis:
As the market leader, Bitcoin price achieved its $45,000 mark during the first trading week of 2024, the number of active address saw a sharp spike for BTC over the past week, highlighting more number of unique investors showing interest toward the star crypto.
On the other hand, the Ethereum saw a drop in its active users, indicating a HODL sentiment for the altcoin leader in the industry.The ETH price has been displaying minor price fluctuations, indicating a neutral buying and selling pressure in the market.
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- Source: https://coinpedia.org/price-analysis/crypto-market-weekly-report-key-trends-and-performances-in-the-first-week-of-2024/
