The cryptocurrency industry started the year on a positive note as major crypto tokens successfully surpassed their key levels, indicating increased buying pressure in the crypto space. Furthermore, the market showed a jump of more than 5% in its valuation in the first three days.
Furthermore, the market experienced significant volatility over the past two days as major cryptocurrencies recorded a significant correction in their respective value. Overall, the industry is trading under strong bullish influence, indicating the possibility of massive price action ahead.
Bitcoin Performance:
The price of Bitcoin started the year with a price of $42,580 and in the first two days it recorded a jump of more than 7.5%. This resulted in the BTC price successfully surpassing its upper limit of $45,000 for the first time in 20 months.
However, the rally was short-lived as the price faced short selling, causing all of its gains to level out. Since then, the price has been trading in a consolidated range.
Furthermore, the technical indicator, the Relative Strength Index (RSI), is showing a neutral trend as the averages continue to record flat lines. Furthermore, the indicator highlights an uncertainty in the future price action of the star cryptocurrency.
Top 10 Altcoins Performance:
Despite the market leader showing a positive bullish trend, major altcoins continue to trade in the red. The top 10 alternatives have recorded losses compared to last week.
Polygon's MATIC token saw the largest loss of over 14%, followed by the Cardano coin (ADA) with a loss of about 12.5%.
| Yeah. No | Name | Price ($) | Change (%) |
| 1. | Ethereum | $2,235.58 | โ 2.30% |
| 2. | BNB | $305.95 | โ 3.29% |
| 3. | solarium | $94.75 | โ 7.20% |
| 4. | XRP | $0.5668 | โ 8.66% |
| 5. | Cardano | $0.5207 | โ 12.97% |
| 6. | avalanche | $34.80 | โ 10.15% |
| 7. | Dogecoin | $0.0806 | โ 10.37% |
| 8. | tron | $0.1036 | โ 1.89% |
| 9. | Moles | $7.20 | โ 12.31% |
| 10. | Polygon | $0.8247 | โ 13.78% |
Ethereum being the leader of the altcoins, it recorded a correction of approximately 2% in its valuation during the same time. The market has shown a shift in interest as mid-cap and small-cap altcoins have gained huge traction, leading them to add enormous value to their respective portfolios.
Main winners and losers:
The cryptocurrency market has been very volatile this week as major tokens showed significant jumps and corrections consistently and in short intervals, indicating mixed feelings in the space. Here's a list of this week's top winners and losers:
Main winners:
Akash Network (AKT) has successfully claimed the position of this week's biggest gainer by adding over 40% to its portfolio. The project has attracted great market attention for its unique mechanism and efficiency.
The growing bullish sentiment towards this token indicates the strong fundamentals of this project.
Celestia has added over 28% to its valuation this week, making it one of the biggest gainers among the top 100 tokens in the crypto industry. They are followed by Sei, Arbitrum and Internet Computer, each with gains of more than 21%.
Main losers:
Even though the market is trading on a positive note, Bonk price has recorded a correction of over 26% over the last 7 days, making it the industry's top loser this week. The memecoin category has recorded a significant correction in its value, indicating weak buying pressure for these coins.
FTX Token (FTT) had been trading with strong bullish influence but recorded a loss of 21.34% during the last weak period, highlighting a trend change for this token in the market. Furthermore, IOTA is in second place with a correction of about 23%, followed by Helium and MultiversX with a loss of 21.11% and 20.85%.
DeFi Market:
On the other hand, the decentralized finance (DeFi) market has recorded a stable week compared to the other categories. The DeFi market started the year with a TVL of $117 billion and is currently trading at a value of $113.427 billion, a change of over -3% over the past week.
Major DeFi tokens have recorded a significant loss in their respective portfolios. The Loopring tops the list with a value correction of more than 21%. Followed by PancakeSwap with a correction of approximately 20% in its market capitalization.
Overall, the DeFi category has added significant value to its valuation over the past month, indicating growing investor interest in it.
NFT Market:
The NFT market has followed market sentiment and recorded a significant drop in value. The valuation of the NFT industry has fallen from $298 million to $220 million, a correction of more than 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 the NFTs of the Bitcoin chain with a loss of more than 26% in their respective valuations.
Chain analysis:
As the market leader, Bitcoin price reached its $45,000 mark during the first trading week of 2024, the number of active addresses saw a sharp increase for BTC over the past week, highlighting a higher number of unique investors showing interest in the crypto star.
On the other hand, Ethereum saw a drop in its active users, indicating HODL sentiment for the altcoin leader in the industry. ETH price has been showing minor price fluctuations, indicating neutral buying and selling pressure in the market.
