🔊Weekly Market Highlights #79: January 1 - January 7

✨Much of the news in the first week of the new year 2024 has been about the Bitcoin Spot ETF, with many signaling that these proposals are very close to being approved by the SEC.

✨Over the past week, the crypto market decreased by ~$10B (from ~$1,655B to ~$1,645B) of its total capitalization.

✨BTC Stalls at $44K
✅The first week of 2024 brought significant volatility to the crypto space. A substantial surge drove BTC to a 21-month peak of nearly $46K on Tuesday, possibly linked to expectations of an ETF approval. However, subsequent reports denying the imminent arrival of such a product led to a sharp reversal. Bitcoin plummeted by over four thousand dollars, reaching $41,5K.

✅As clarifications debunked these speculations, BTC resumed its upward momentum with several attempts to surpass $44K. Yet, there hasn't been a definitive breakthrough, and BTC currently hovers around that level, occasionally dipping below in the past 48 hours.

✅Despite the fluctuations, BTC's market capitalization maintains a strong position above $860B.

✨This Week’s Movements
✅Most altcoins experienced significant price movements during the business week, but the 7-day charts show substantial declines. Solana is among the biggest losers, having been dumped by 10%. As a result, SOL currently sits way below $100.

✅More losses on a weekly scale come from ADA (-14%), AVAX (-14%), MATIC (-14%), DOT (-16%), LINK (-11.5%), and DOGE (-12%).

✅ETH, BNB, and TRX are also in the red, but in a less painful way. BONK, HNT, MINA, and EGLD lead the way regarding weekly losses from the mid-cap alts.

✅In contrast, GMT, AKT, and TIA lead the way with impressive gains.

✅BSCS is trading at $0,01391: +10,3% from its 7-day all-time low of $0,01261.

✨Bitcoin Fear and Greed Index is 71 - Greed, higher than at the beginning of the week (65)

✨Dominance:
✅BTC: 52.3%
✅ETH: 16.5%

📣See you next week 😎

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🔊Weekly Market Highlights #80: January 8 - January 14

✨The latest historical milestone of the cryptocurrency industry has been established: the Bitcoin spot ETF being approved by the SEC. But in what appears to be a sell-the-news event, the ETF approvals in the US led to price declines for BTC.

✨Over the past week, the crypto market decreased by ~$60B (from ~$1,645B to ~$1,585B) of its total capitalization.

✨BTC Down on ETF Approval Week
✅After years of delaying and rejecting numerous applications, the US securities regulator finally approved spot Bitcoin ETFs on Wednesday, and the products entered the markets a day later.

✅However, this development faced challenges, including a hack and a controversial statement by the SEC's chair, Gary Gensler. As a result, the underlying asset experienced increased volatility, surging to over $49K on Thursday after the ETFs went live and dropping by more than $7K in the next 36 hours.

✅The weekend has been relatively calm in comparison. BTC recovered some losses and has maintained a tighter range, hovering around $43K for the past two days. Its market cap has decreased to $840B.

✨ETH Outperforms
✅While BTC has declined during the week it saw multiple ETFs approved, Ethereum has gone in the other direction, perhaps fueled by hype that it will also have exchange-traded products launching at some point. ETH has risen by more than 13% weekly and trades above $2,5K.

✅TRX and LINK have posted similar gains on a weekly scale. DOT, AVAX, SOL, MATIC, LTC, and DOGE follow suit. BNB is the only top 10 alt with a minor daily decline.

✅BSCS is trading at $0,01579: +24,94% from its 7-day all-time low of $0,01264.

✅The total crypto market cap is up by $40B since last Sunday but down by more than $80B since the peak on Thursday.

✨Bitcoin Fear and Greed Index is 52 - Neutral, lower than at the beginning of the week (71)

✨Dominance:
✅BTC: 52.8%
✅ETH: 19.1%

📣See you next week 😎

⭐️ BSCS Official Media Channels:
Website | Telegram | Substack | Twitter | Discussion