The occurrences of the past week have sparked a pessimistic sentiment within the cryptocurrency realm, and we are curious to observe what developments this month will bring. Prior to diving in, take a look at our Crypto Weekly Review.
According to CoinMarketCap, the current market cap is ₹139.63 Trillion on 22 January. In the past few weeks, even the top-performing coins were seen as bearish and were trying to set a new market trend.
As of the past week, Bitcoin is priced at ₹3,420,469.69, reflecting a 1.24% fall within the last 24 hours and a 4.77% drop over 7 days. Talking about Ethereum, ETH is currently valued at ₹202,043.34, showing a 1.66% fall in the past 24 hours, with a significant drop of 4.07% over 7 days.
Crypto Weekly Review: Top Trending Coins
In the past week, three cryptocurrencies have remained the talk of the town because of some recent developments related to these cryptocurrencies: Solana (SOL), Ripple (XRP), and Dogecoin (DOGE).
In the past week, the price of Solana (SOL) showed an 8.45% drop. In addition, the token experienced a drop of 4.10% in the past 24 hours. And the token is currently trading at the price of ₹7,394.57.
Talking about Ripple (XRP), the token illustrated a 9.31% fall as compared to other major cryptocurrencies. In addition, XRP has shown a 2.24% drop in the past 24 hours, trading at a price range of ₹44.91.
In addition, the Dogecoin (DOGE) token dropped by 4.02% in the past 24 hours. Meanwhile, in the past week, the token jumped by more than 1.00%. In addition, the price of the DOGE token is trading at ₹6.92.
Top Crypto Gainers & Losers
The past week remains one of the most bullish weeks for the crypto market in 2024. So, let’s have a look at some of the top crypto gainers and losers from the past week:
How the Crypto Market Became Bearish?
The cryptocurrency market became bearish in the past week after some major developments have transpired in the international market. In addition, the approval of Bitcoin ETF also failed to improve the sentiments of retail investors, resulting in significant losses.
Moreover, the imminent FOMC meeting on 1st Feb is instilling apprehension in the global cryptocurrency market, indicating the possibility of the US SEC introducing new adjustments related to interest rate hikes.
Crypto Weekly Review: Trending News From the Last Week
▪️ The latest enhancement to the Ethereum network, known as “Cancun-Deneb” or “Dencun,” has been successfully launched on the Goerli testnet for the first time. This development was announced in a social media post by Ethereum developer Parithosh Jayanthi on January 17th.
▪️ Microsoft and Vodafone, a UK-based telecommunications company, have unveiled a 10-year strategic partnership that encompasses the incorporation of generative artificial intelligence (AI) capabilities and various other collaborative initiatives.
In this collaboration, Vodafone is set to allocate $1.5 billion for the next decade towards cloud and AI services tailored for customers, developed in conjunction with Microsoft. Concurrently, Microsoft will make use of Vodafone’s fixed and mobile connectivity services as part of the partnership.
▪️ Manta Network, a layer-2 blockchain utilizing zero-knowledge proofs, encountered a significant distributed denial-of-service (DDoS) attack on January 18, coinciding with the successful listing of its token on various exchanges. Fortunately, the issue has been addressed and resolved.
The recent bearish trend in the crypto market showcases its dynamic evolution, marked by significant losses and decreased investor confidence. This trend reflects the loss of institutional interest and technological advancements.
However, despite these confusing strides, the market’s inherent volatility persists. Investors should remain vigilant, conduct thorough research, and employ diversified strategies to navigate potential uncertainties. While the recent bullish trend inspires optimism, it’s essential to approach the crypto market with caution and a long-term perspective.
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision. You may write to us at [email protected].