The crypto industry started the year trading on a positive note as top crypto tokens successfully broke out of their key levels, indicating increased buying pressure in the crypto space. Moreover, the market showed a jump of more than 5% in its valuation within the first three days.
Furthermore, the market experienced significant volatility during the past two days as the major cryptocurrencies recorded significant correction in their respective value. Overall, the industry is trading under a strong bullish influence, indicating a possibility of a massive price action in the near future.
Bitcoin performance:
The Bitcoin price started the year trading with a price tag of $42,580, recording a jump of over 7.5% within the first two days. This resulted in the BTC price successfully breaching 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 sale, which resulted in it paring all its gains. Since then, the price has been trading in a consolidated range.
Furthermore, the technical indicator, Relative Strength Index (RSI) shows a neutral trend as the averages continue to record flat lines. Moreover, the indicator highlights an uncertainty in the future price action of the star crypto.
Top 10 Altcoin Performance:
Despite the market leader, showing a positive upward trend, the top altcoins continue to trade in the red. The top 10 alts all posted losses compared to last week.
Polygon’s MATIC token saw the biggest loss of over 14%, followed by Cardano (ADA) coin with a loss of around 12.5%.
Ethereum is the altcoin leader and recorded a correction of around 2% in its valuation during the same time. The market has seen a shift in interest as mid-cap and low-cap altcoins have gained traction, resulting in them adding massive value to their respective portfolios.
Top winners and losers:
The cryptocurrency market has been very volatile this week, as major tokens have shown significant jumps and corrections continuously and in short intervals, indicating a mixed sentiment in the space. Here is a list of this week’s top winners and losers:
Top winners:
Akash Network (AKT) has successfully claimed the spot of this week’s top gainer by adding more than 40% to its portfolio. The project has attracted great market attention with its unique mechanism and efficiency.
The increasing bullish sentiment towards this sign indicates the strong fundamentals of this project.
Celestia added more than 28% to its valuation this week, making it one of the top gainers in the top 100 tokens in the crypto industry. This is followed by Sei, Arbitrum and Internet Computer each with gains of more than 21%.
Top Losers:
Despite the market trading on a positive note, Bonk price has recorded over 26% correction in the last 7 days, making it the biggest loser in the industry for this week. The memecoins category has recorded significant correction in their value, indicating weak buying pressure for these coins.
FTX Token (FTT) traded on a strong bullish influence, but recorded a loss of 21.34% over the recent weak, highlighting a trend reversal for this token in the market. Furthermore, IOTA stands second with a correction of about 23%, followed by Helium and MultiversX with a loss of 21.11% and 20.85%.
DeFi Market:
The decentralized finance (DeFi) market, on the other hand, recorded a stable week compared to the other categories. The DeFi market started the year with a TVL of $117 billion USD and currently trades at a value of $113.427 billion USD, a change of over -3% during the last week.
Top DeFi tokens recorded a significant loss in their respective portfolio. The Running Ring tops the list with a correction of over 21% in value. Followed by PancakeSwap with a correction of around 20% in its market cap.
Overall, the DeFi category has added significant value to its valuation over the past month, indicating an increasing investor interest in it.
NFT Market:
The NFT market followed in the footsteps of the market sentiments and recorded significant decline in its value. The valuation of the NFT industry fell from $298 million to $220 million, a correction of more than 26% over the past week.
NFTs on the Solana chain suffered a loss of more than 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 reached its $45,000 mark during the first trading week of 2024, the number of active addresses has seen a sharp rise for BTC in the past week, highlighting more number of unique investors showing interest in the star crypto .
On the other hand, the Ethereum has seen a drop in its active users, indicating a HODL sentiment for the altcoin leader in the industry. The ETH price showed minor price fluctuations, indicating a neutral buying and selling pressure in the market.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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