Weekly Market Index

Last week’s crypto market prices dropped by -2.46%. Volume increased by +3.39% and volatility decreased by -9.93%.

Chart of the Week

Global asset classes ended the year 2023 mostly up in terms of price action. BTC led significantly with a +154.3% gain, followed by ETH at +91.3%. Check out more key trends of 2023, followed by our outlook for 2024 in our new report: 2023 Year Review & 2024 Year Ahead.

Weekly Performance

Bitcoin (BTC) and Ethereum (ETH) rose by +3.3% and +4.9%, respectively, in the past seven days. Price action for other selected top-cap tokens was mixed.

Selected key categories mostly rose in terms of market cap change in the past seven days, led by Layer-2.

News Highlights

• Asset managers BlackRock, Valkyrie and Van Eck submitted amended S-1 forms to the US Securities and Exchange Commission (SEC). The forms are revisions of their previous applications to create Bitcoin exchange-traded funds (ETFs) and contain updates such as Blackrock’s naming of Jane Street and JPMorgan Securities as authorised participants.

• MicroStrategy, one of the largest corporate holders of Bitcoin, boosted its holdings in December 2023, buying 14,620 BTC at an average price of US$42,620 This purchase brings their total to 189,150 BTC.

• Ethereum co-founder Vitalik Buterin has shared the Ethereum roadmap for 2024 in a series of posts on X (formerly Twitter). This follows a recent blog also by Buterin in which he opined wanting to bring back the original idea of the “cypherpunk” revolution for the blockchain. Buterin highlighted that rollups, zero-knowledge proofs, account abstraction, and second-generation privacy solutions could support certain values associated with “cypherpunk” principles.

• Bitcoin network computing power — or mining hash rate — reached a new all-time high last week, but has put more pressure on miners amid a slump in profitability.

Recent Research Reports

• Exploring the Future of Blockchain Gaming: Trends and Opportunities: A comprehensive review of the blockchain gaming industry, the state of the gaming market, current challenges and opportunities, and what lies ahead for on-chain games.

• Research Roundup Newsletter [November 2023]: We present to you our latest issue of Research Roundup, featuring trending market insights in November, charts of the month, and our exploration of new developments within the Bitcoin ecosystem.

• 2023 Year Review & 2024 Year Ahead: 2023 has been an eventful year for the crypto industry. In this report, we curate the top crypto events and trends of 2023, followed by our outlook for 2024.

Recent University Articles

• Bitcoin Halving 2024: What to Know: In this article, learn the dynamics of Bitcoin halving — what previous events have shown, and what future ones may involve.

• Crypto Index Funds: Everything to Know About Diversifying Crypto Portfolios: Trading in a crypto index fund can provide diversification and reduce risk in a trader’s cryptocurrency portfolio. Here’s how.

• A Guide to Ethereum’s ERC-4337 Standard and Account Abstraction: Explore Ethereum’s ERC-4337 standard and the concept of account abstraction, plus the potential to revolutionise smart contract wallets.

Catalyst Calendar

Disclaimer:

The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.

The brands and the logos appearing in this report are registered trademarks of their respective owners.

Thank you for reading! We hope you find Market Pulse, our new weekly market insights newsletter enlightening!

Hungry for more? Visit our Research Hub and University to access other insightful crypto research! 

Share with a friend if you like our email!

Share