BlocksInform
The past seven days have seen the total market capitalization of cryptocurrencies increase by approximately $35 billion, and the industry continues to recover from the multitude of failures in 2022.
Some argue that the pace of the recovery is slowing and that this could be the cause of another downturn. Others are optimistic that the U.S. federal reserve will change course in monetary policy and slow the rise in interest rates. This is supported by this week's fomc meeting, where the Fed raised rates to 25 basis points—exactly the number that was forecasted. This has had a positive effect on markets overall.
Bitcoin has surged to an all-time high above $24,000 for the first time since August 2022, while the rest of the market has also rebounded. There has been a correction since then, and at the time of writing this document, Btc's transactions were approximately $23,500, which represents a 2.7% increase in the week.
That said, the growth in Btc dominance has slowed in recent weeks, indicating that spare parts are beginning to catch up. Some of the larger caps, like fantom (ftm), are up 30% over the week. The atom increased by 15 per cent, while the avalanche increased by 17.4 per cent.
The area of decentralized finance is also increasing, with ethereum layer-two scaling solution leading optimism. Its native cryptocurrency (op) has increased by 45 per cent in the last seven days alone, bringing its total earnings to over 230 per cent for the month.
Overall, there was also a significant improvement in market sentiment in January. Currently, he is holding on to "greed" after being trapped in the "fear" and "extreme fear" area for several months. It is interesting to see if the positive trend will be maintained over the next few days.
Market Data
Market Cap: $1128B | 24H Vol: 133B | BTC Dominance: 40.4%
BTC: $23,636 (+2.7%) | ETH: $1,666 (+4%) | BNB: $332 (+9%)
MetaMask Unveils New Privacy Features for Crypto Wallets. One of the leading self-custodial cryptocurrency wallets, MetaMask, unveiled several privacy features. This came in response to growing criticism of the company in recent weeks.
Meta lost $13.7 billion in support of the metaverse initiative in 2022. Tech giant and social media mogul Meta (formerly: Facebook) lost a whopping $13.7 billion on its Metaverse initiative in 2022. Other tech giants missed profits in the final quarter of 2022 as well.
The optimism chip clings to a record of almost $3 following a new proposal. Optimism’s OP has been one of the best performers of the past week, recording an increase of around 40% in the past seven days alone. The cryptocurrency is on the rise of approximately 230% for the last month.
Ten hundred million dollars stolen from the bonqdao challenge protocols and alliance block. This week saw another set of challenge protocols – BonqDAO and Alliance.Block were hacked for a considerable $110 million.
The United Kingdom for the application of "robust" standards in the cryptography industry following the FTX crash. The United Kingdom is set to implement “robust, transparent, and fair standards” for the cryptocurrency industry in the country. Strong regulatory pressure comes in response to the FTX scandal.
How Bitcoin responded to the very early FMRAC meeting in January. The U.S. Federal Reserve increased interest rates by 25 bps. This was in line and, as a result, markets have recovered. Bitcoin tracked and crashed over $24k for the first time in five months.
Charts
This week we have a chart analysis of Ethereum, Ripple, Cardano, Polygon, and Fantom – click here for the complete price analysis.
