Weekly Crypto Updates | 29 January

In the past week, the crypto market has shown some unexpected bullish trends, showing some remarkable gains. As major institutions gain control of the industry, leading cryptocurrencies gain significant traction.

The events of the previous week prompted bullish 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 Updates.

According to CoinMarketCap, the current market cap is  ₹135.61 Trillion on 29 January. In the past few months, even the top-performing coins were seen as bullish and were trying to set a new market trend.

As of the past week, Bitcoin is priced at ₹3,517,570.62, reflecting a 0.18% surge within the last 24 hours and a 1.67% rise over 7 days. Talking about Ethereum, ETH is currently valued at ₹188,904.04, showing a 0.58% fall in the past 24 hours, with a significant drop of 7.66% over 7 days.

Weekly Crypto 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), Celestia (TIA), and Internet Computer (ICP). 

In the past week, the price of Solana (SOL) showed an 8.10% jump. In addition, the token experienced a rise of 0.94% in the past 24 hours. And the token is currently trading at the price of ₹8,121.32.

Talking about Celestia (TIA), the token illustrated a 4.47% spike as compared to other major cryptocurrencies. In addition, TIA has shown a 1.82% jump in the past 24 hours, trading at a price range of ₹1,470.11.

In addition, the Internet Computer (ICP) token dropped by 2.66% in the past 24 hours. Meanwhile, in the past week, the token jumped by more than 11.06%. In addition, the price of the ICP token is trading at ₹1,033.79. 

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:

Weekly Crypto Updates

How the Crypto Market Became Bullish?

In the last week, the cryptocurrency market has become bullish in anticipation of the US Federal Reserve’s interest rate meeting. Crypto investors are expecting a pause to the rise in interest rates in the United States that is scheduled for February 01.

Furthermore, the month of February is quite crucial for the stock market of various nations as many big giants are expected to launch their profit results this month. Apart from that, February 01 is also crucial for Indian investors as the Indian government will officially announce the Budget 2024-25 in which investors are expecting a decrease in TDS rates.

Weekly Crypto Updates: Trending News From the Last Week

▪️ The US Securities and Exchange Commission (SEC) has pushed out its judgment on BlackRock’s proposed spot Ether (ETH) exchange-traded fund (ETF) a day before the deadline, citing the need for more time to evaluate the proposed rule change.

▪️ Polygon Labs and Warner Music Group (WMG), a music industry powerhouse, announced two award recipients for their inaugural Web3 Music Accelerator program on January 25. The Web3 Music Accelerator program, announced in June 2023, aims to foster innovation at the confluence of Web3 and music.

▪️ On January 26, BlackRock’s Bitcoin exchange-traded fund (ETF) topped $2 billion in assets under management (AUM), barely two weeks after its Nasdaq launch. 

SunCrypto Views

The recent bullish trend in the cryptocurrency market demonstrates its dynamic evolution, which has included large gains and improved investor confidence. This development reflects increasing institutional interest and technological advancements.

Despite these perplexing developments, the market’s intrinsic volatility persists. To navigate potential risks, investors should exercise caution, perform extensive research, and apply a variety of tactics. While the recent upward trend is encouraging, it’s critical to approach the cryptocurrency market with care and a long-term mindset.

For more crypto-related content like Weekly Crypto Updates, informational blogs, and crypto news, check out Suncrypto Academy.

 

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].

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