The events of the previous week prompted confusing sentiment in the crypto world, and we are eager to see what this month has in store. Before you get started, check out our Weekly Crypto Market Updates.
According to CoinMarketCap, the current market cap is ₹134.49 Trillion on 08 January. In the past few months, even the top-performing coins were seen as confusing and were trying to set a new market trend.
As of the past week, Bitcoin is priced at ₹3,621,741.51, reflecting a 0.88% fall within the last 24 hours and a 1.44% spike over 7 days. Talking about Ethereum, ETH is currently valued at ₹182,617.07, showing a 2.28% fall in the past 24 hours, with a significant drop of 4.90% over 7 days.
Weekly Crypto Market Updates: 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), Cardano (ADA), and Polygon (MATIC).
In the past week, the price of Solana (SOL) showed a 14.32% loss. In addition, the token also experienced a significant drop of 5.58% in the past 24 hours. And the token is currently trading at the price of ₹7,406.65.
Talking about Cardano (ADA), the token illustrated a 19.80% drop as compared to other major cryptocurrencies. In addition, ADA has shown an 8.09% fall in the past 24 hours, trading at a price range of ₹40.15.
In addition, the Polygon (MATIC) token dropped by 8.09% in the past 24 hours. Furthermore, in the past week, the token fell by more than 21.20%. In addition, the price of the MATIC token is trading at ₹64.12.
Top Crypto Gainers & Losers
The past week remains one of the most bullish weeks for the crypto market in 2023. So, let’s have a look at some of the top crypto gainers and losers from the past week:
How the Crypto Market Became Optimistic?
The cryptocurrency market remained unstable in anticipation of the potential approval of major Spot Bitcoin ETF applications in the coming weeks of January 2024. Apart from that, the recent notice from the Indian finance ministry also affected the sentiments of crypto investors when the government banned the URLs of 9 major offshore crypto exchanges.
Crypto Weekly News Updates: Trending News From the Last Week
- An unknown user recently sent 26 Bitcoins to the wallet of Bitcoin’s pseudonymous creator, Satoshi Nakamoto, causing speculation about the reason for the transfer of over a million dollars in digital assets. The transaction took place on January 6, according to blockchain.com statistics. It was delivered to the first Bitcoin wallet ever created on the network.
- The US Securities and Exchange Commission has begun taking submissions from exchanges in preparation for the launch of a spot Bitcoin exchange-traded fund (ETF). On January 5, asset managers BlackRock, Valkyrie, Grayscale, Bitwise, Hashdex, ARK 21Shares, Invesco Galaxy, Fidelity, Franklin Templeton, VanEck, and WisdomTree filed 19b-4 modifications for spot BTC ETF applications.
- Vitalik Buterin, co-founder of Ethereum, has published the Ethereum plan for 2024, conceding that there are only modest modifications from last year. He noted that, as Ethereum’s technical path becomes apparent, there are just a few small changes to the roadmap until 2023.
The recent confusing trend in the crypto market showcases its dynamic evolution, marked by significant gains and increased investor confidence. This trend reflects growing 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].