🔊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 😎

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