What Happened in Crypto Market This Week? Bitcoin, Ethereum, and More

The post What Happened in Crypto Market This Week? Bitcoin, Ethereum, and More appeared first on Coinpedia Fintech News

This is a very short and simple update on what we have witnessed this week in the cryptocurrency market. Staying up-to-date with the latest developments in the market is essential for making better decisions. Let’s analyse the market. Ready? Dive in!   

US Market Weekly Update 

This week, the S&P 500 index stands at $6,051.08 – lower than December 2’s $6,091.35. 

The US market is expecting a 25 basis point Federal Open Market Committee rate cut next week. The Federal Reserve is likely to announce the rate cut on December 18, at the end of the two-day meeting.   

This week, Google’s quantum computing breakthrough created extreme excitement in the market. The AI growth narrative was also well-received. 

The Chinese politburo’s economic stimulus assurance also made impressive headlines.   

The US Core Inflation rate, PPI, Initial Jobless Claims, Export Prices and Import Prices were the major indices released this week. The core inflation rate YoY, as expected, remained at the same level as last month, 3.3%. The US Core PPI YoY also remained unchanged, though the expectations were for it to drop from 3.4% to 3.2%. This week, the US initial jobless claims index sharply raised from 224 thousand to 242 thousand. The US Export Prices YoY index surged from 0.1% to 0.8%, and the US Import Prices YoY climbed from 0.6% to 1.3%.  

The US dollar has shown impressive performance against all major currencies, including the Euro, Chinese Yuan, Japanese Yen, and the Indian Rupee. This week, against the US dollar, the Euro has changed from 0.9461 Euro to $09519 Euro, the Chinese Yuan from 7.2695 CNY to 7.2751 CNY, the Japanese Yen from 149.955 JPY to 153.579 JPY, and the Indian Rupee from 84.64 INR to 84.76 INR. 

Crypto Market Scenario This Week  

The crypto market cap has dropped from $3.62T to $3.57T this week. The altcoin market cap has also declined from $1.61T to $1.55T. The total market cap, excluding BTC and ETH, has fallen from $1.13T to $1.08T. The crypto market cap, excluding the top ten cryptos, has slipped to $407.51B from $435.92B. 

Bitcoin Market Overview 

In the last seven days, Bitcoin has seen a rise of 2.1%. At the start of this week, the price was at $97,382.37. On December 11, it climbed to $101,034. On December 12, it witnessed a minor correction. Now, the price stands at $101,698.45. 

Ethereum Market Scenario Analysis 

In the last seven days, the Ethereum market has witnessed a fall of 2.2%. At the start of this week, the price was at $4,005.27. On December 10, it dropped to a low of $3,632.39. Now, the price standing at $3,916.22, the market has not yet recovered from the said correction.

Top Ten Cryptos: Weekly Performance Review 

In the last seven days, except Bitcoin and XRP, the top ten crypros have shown negative growth. Cardano has slipped by over 8.5% and Dogecoin by 6.0%. With 2.2%, XRP has emerged as the top performance – slightly better than BTC’s 2.1%.

Trending This Week 

Anime-Themed, Impossible Finance Launchpad, Telegram Apps, Terminal of Truths, and Morpho Ecosystems are the top five trending categories of the week. Anime-Themed has displayed a massive growth of 217.9%. 

Happy Cat, Velodrome Finance, Hyperliquid, Virtuals Protocol and MAD are the top trending cryptos this week. Happy Cat has recorded a gain of 50.8% in the last seven days. 

Crypto Category Overview 

In the last seven days, the Smart Contract Platform category has dropped by 0.5%, Meme Coin by 3.9%, Artificial Intelligence by 7.8%, DePIN by 12.2%, NFT by 9.3%, Layer 2 (L2) by 6.1%, Gaming (GameFi) by 7.9%, Layer 0 (L0) by 14.0%, Real World Assets by 4.9%, Metaverse by 10.1%, Internet of Things by 11.8%, 

Meanwhile, the Layer 1 (L1) category has surged by 0.1%, Stablecoins by 2.8%, USD Stablecoins by 5.6%, Decentralised Finance by 1.3%, Decentralised Exchanges by 1.8%, Yield Farming by 1.7%, Lending/Borrowing Protocols by 9.6%, AI Agents by 5.2%, Perpetuals by 23.6%, AI Meme by 17.35, and Telegram Apps by 105.9%.

In conclusion, this week has been an eventful one for both the US market and the crypto market. With the FOMC rate cut expected to be announced on December 18, the next week could bring even more surprises.