Bitcoin rises in the new year, but altcoins dominate the market: this week’s crypto roundup

It’s been an interesting week. While most cryptocurrencies are trading well in the green, the entirety of these gains came after New Year’s Eve. In fact, the total market capitalization currently stands at around $3.57 trillion, which is up about $110 billion compared to the same time last week. And most of that comes from positive developments in the altcoin space.

Bitcoin is trading more or less on the week, currently sitting at $96,600 after tumultuous price action over the past seven days. The bears were hoping to pull back below $90,000 after Christmas, and to be honest, they almost did. The price fell to a low near $91,000 before touches finally decided to rise and show some strength.

Once the new year arrived, buyers entered the market and began to move forward. BTC recovered to where it was trading before the Christmas shenanigans, which in turn pushed the entire market into positive territory.

As for altcoins, many of them fared better than Bitcoin, which is also reflected in the market dominance of the latter. It’s down 2 percent over the past week.

Some of the best performers include Ripple’s XRP, which rose 11%, Solana (SOL) – up 13%, DOGE – up 14%, ADA – soared 21%, and so on. All in all, it’s been a good week for top-tier altcoins.

At the same time, however, the growing narrative around artificial intelligence has also helped AI agent-centric coins explode as well. In just a few days, its total market capitalization increased by more than 25% and some experts even argue that it will erase the dominance of meme coins.

It will be interesting to see how the market plays out in the coming days, but if one thing is certain, it’s that volatility is on the way, given that Donald Trump will assume his position as the next US president on January 20.

Market data

Source: Quantify CryptoSource: Quantify Crypto

Market capitalization: $3.57T | 24 Hour Flight: $132 million | BTC Domain: 53%

BTC: $97,000 (+0.6%) | ETH: $3,510 (+3.5%) | XRP: $2.43 (+11%)

This week’s crypto headlines you can’t miss

MicroStrategy shares are down 36% from November high despite continued BTC rally. CryptoPotato reported earlier this week that MicroStrategy shares had fallen from their November peak by 36%. However, its price performance only worsened in the following days, even briefly dipping below $300 as of Thursday’s closing bell.

Tether Expands Bitcoin Reserves by $700M Amid FUD Over State of USDT in Europe. Tether faced some FUD at the end of the year due to the official start of MiCa regulations in the European Union. However, the company’s CEO refuted the rumors of the demise and also indicated that the company has continued to expand its BTC reserves with another transfer of $700 million.

Investors are moving their BTC away from exchanges, what does this mean? Bitcoin investors have moved their holdings out of exchanges in large chunks over the past few months. In fact, trading centers recently recorded the lowest levels of deposits in recent years, while withdrawals are increasing. These developments usually lead to an appreciation in the price of the underlying asset.

These price levels are the key to the resilience or deeper correction of Bitcoin (Glassnode). BTC ended the year on the wrong foot, falling to a monthly low of $91,300 on Monday before managing to regain some ground. Glassnode took the opportunity to outline certain key support zones that could help the asset in the event of another correction. The company said that the level around $88,000 will be crucial if BTC turns south.

Seller pressure from US investors drags Coinbase Bitcoin Premium Index to 12-month low: CryptoQuant. U.S. spot Bitcoin ETFs posted some painful net outflows at the end of the year, which showed overall investor sentiment toward the U.S. asset. The Coinbase BTC Premium Index consolidated the negative trend as it had fallen to a yearly low.

Terraform Labs co-founder Do Kwon pleads not guilty in US court. After several appeals, Montenegrin authorities ruled that Terraform Labs CEO Do Kwon should be extradited to the United States instead of South Korea. Almost immediately after landing, he pleaded not guilty to all charges he faces in the United States, including conspiracy to commit commodity, wire and securities fraud, as well as money laundering.

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This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin and Solana – click here for the full price analysis.

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