In the crypto market report prepared by the ICRYPEX Research team and covering the week of January 8 – 15, 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 below, and you can find all the developments that took place in the 7-day period in the Weekly Crypto Market Reports: January 8, 2024.
January 8 Weekly Crypto Market Report Overview
Last week was the last week of the spot Bitcoin ETF process in crypto assets. On Wednesday, January 10, the deadline for the decision, the SEC announced its approval decision and ETFs began listing on US exchanges. While the fake news on Tuesday caused sharp price movements, the SEC’s evaluations and sharp statements on crypto assets drew attention in the approval text on Wednesday.
While there was a significant rise in Bitcoin before the approval process, the price rose to 49,000 levels during the week, and the price retreated to the 42,000 region with the realization of the news in ETFs and the lack of expected inflows afterwards.
In this process, especially with the approval on Wednesday, we see that Ethereum experienced an intense appreciation and rose to the 2600-2700 band, and then closed the week at $ 2470 with some retracement in the market.
Ethereum’s appreciation and Bitcoin’s decline have had an intense impact on dominances. Bitcoin dominance closed the week at 51.05%, down from 54%, while Ethereum dominance rose from 16.60% to 18.50%.
The cryptocurrency market ended the week above $1.6 trillion, with very low inflows. The crypto assets that marked the week were ENS with a 70% rise, OVR with a 60% rise and UNIBOT with a 58% rise.
For more comprehensive information on the week from January 8 – 15, check out the Weekly Crypto Market Reports: January 8, 2024.
