In the crypto market report prepared by the ICRYPEX Research team and covering the week of January 1 – 8, we have compiled the latest developments on crypto assets, price movements of crypto assets and macroeconomics.
You can take a look at the general flow of this report just below, and you can find all the developments that took place in the 7-day period in the Weekly Crypto Market Reports: January 1, 2024.
January 1st Weekly Crypto Market Report Overview
The first week of 2024 was a week of heightened anticipation and volatility for crypto assets. ETF filings
The divergent news flows caused major price movements.
In this process, Bitcoin rose to $ 46,000 after its weekly and annual opening from the 42,280 region and reached its highest level in the last 1.5 years and faced selling pressure from here. Ethereum, on the other hand, failed to break the 2400 region and retreated back to the 2200 region. Although the total market capitalization exceeded the level of 1.7 trillion dollars for the first time in 20 months, it could not stay there and retreated to 1.59 trillion dollars.
Spot ETF approval is expected to come this week as clearer insights into the ETF process become available. This is precisely why we see Bitcoin diverging positively again and increasing its dominance. Bitcoin dominance rose as high as 54% in the first week of the year after a 2-week decline. In the process where Bitcoin gained close to 4.00%, altcoins lost 5.42%. DeFi coins, on the other hand, started the year 6.80% below the level they started the year with intense selling pressure immediately after reaching over $ 80 billion.
For more comprehensive information on the week from January 1 – 8, check out the Weekly Crypto Market Reports: January 1, 2024.
