{"id":45125,"date":"2025-01-11T10:05:51","date_gmt":"2025-01-11T10:05:51","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-struggles-while-sui-and-xdc-top-weekly-crypto-gains\/"},"modified":"2025-01-11T10:05:51","modified_gmt":"2025-01-11T10:05:51","slug":"bitcoin-struggles-while-sui-and-xdc-top-weekly-crypto-gains","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-struggles-while-sui-and-xdc-top-weekly-crypto-gains\/","title":{"rendered":"Bitcoin struggles while SUI and XDC top weekly crypto gains"},"content":{"rendered":"

(Originally posted on : Invezz )<\/b>
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Bitcoin met a rocky start to 2025, with its first full week of the new year defined by extreme volatility.<\/p>\n

After briefly recovering to a weekly high of $102,290 on January 7, the flagship cryptocurrency went on a downward spiral to end the week around a low just below $92,000 as a risk-off sentiment prevailed across the cryptocurrency market.<\/p>\n

The total cryptocurrency market capitalisation dropped over 5% in the past seven days to $3.37 trillion, as Bitcoin’s dominance went up 2% during the same period.<\/p>\n

Losses were even more pronounced across the altcoin market, with only a few top altcoins remaining in the green by late trading hours on Friday.<\/p>\n

The Crypto Fear and Greed Index reflected a lack of investor confidence, with the metric hovering at neutral levels of 50 when writing.<\/p>\n

Why did Bitcoin crash?<\/h2>\n

Bitcoin bulls started the week on a positive note, but strength waned as hawkish signals from the Federal Reserve hinted at prolonged higher interest rates, which dampened risk appetite across the market.<\/p>\n

Two key economic reports further exacerbated the situation. <\/p>\n

The Institute for Supply Management\u2019s December PMI showed stronger-than-expected economic activity, coming in at 54.1, up from 52.1 in November.\u00a0<\/p>\n

Meanwhile, the November JOLTS report revealed a rise in job openings but hiring slowed, and the quit rate dropped to 1.9% from 2.1% in October. Many perceived this as a sign of potential uncertainty in the labour market.<\/p>\n

Additionally, stronger-than-expected nonfarm payroll data released on Friday raised concerns that the Federal Reserve may not cut rates anytime soon, further dampening market sentiment.<\/p>\n

Adding to the woes, fears of the US government, which recently decided to green light selling $6.5 billion worth of Bitcoin seized from darknet marketplace Silkroad, sparked fears of a looming sell-off that could add significant selling pressure.<\/p>\n

Will Bitcoin go back up?<\/h2>\n

Apart from agreeing on Bitcoin\u2019s long-term price target, analysts were mostly divided on its short-term trajectory.<\/p>\n

Resonating a bearish note, analyst Eugene Ng Ah Sio said Bitcoin was retesting the December 5 range lows, and traders are weighing in on the idea that these levels might not hold. Pointing to the $90k support as key, the analyst speculated a drop towards $85k if the level doesn\u2019t hold.<\/p>\n

Similar insights came from Asymmetric VC fund founder Joe McCann, who expects the bellwether to test $75k if the $90k support breaks. <\/p>\n

According to Swarn markets co-founder Philipp Pieper, current conditions are expected to hold as investors are awaiting to gain better clarity on incoming president Donald Trump\u2019s crypto policies.<\/p>\n

For now, a bullish case for Bitcoin was presented by prominent trader Rekt Capital, who believes a trend reversal is due soon. <\/p>\n

Notably, BTC was showing signs of bullish divergence around its range low support at $91k. <\/p>\n

This, paired with the fact that its current -15% pullback during week 7 of price discovery, positions Bitcoin for a reversal, in line with historical tendencies observed during previous bull market corrections.<\/p>\n

Meanwhile, well-followed analyst Capt. Parabolic Toblerone remains optimistic, suggesting that Bitcoin has completed its 4th wave and is now entering the 5th wave. <\/p>\n

He anticipates that this 5th wave could push Bitcoin to $210,000 before Valentine’s Day, marking a key blow-off top.<\/p>\n

At press time, Bitcoin was trading at $93,509, down 4.3% over the past week.<\/p>\n

The altcoin market held some gains this week, and the top performers were:<\/strong><\/p>\n

Sui<\/h2>\n

Sui (SUI) led the highest gains among the top 100 crypto assets this week.<\/p>\n

The altcoin gained 11.2% over the last 7 days, trading at $5.01 at press time while its market was standing at nearly $15 billion.<\/p>\n

\"SUI\/USD<\/figure>\n

Source: CoinMarketCap<\/a><\/p>\n

The gains accumulated after announced robust growth within its DeFi ecosystem in its 14 report. <\/p>\n

Per the report, the layer-2 network reached a peak TVL of $1.8 billion, with an average TVL of $1.4 billion, more than doubling over the previous quarter. <\/p>\n

Meanwhile, its cumulative volume surged nearly 10 times compared to the previous quarter.<\/p>\n

XDC Network<\/h2>\n

Over the past week, XDC Network (XDC) rose 10.7%, with its market cap soaring past $1.4 billion. <\/p>\n

The price rally came along with a jump in its daily trading volume from $35 million to nearly $60 million at the time of publication.<\/p>\n

\"XDC\/USD<\/figure>\n

Source: CoinMarketCap<\/a><\/p>\n

The altcoin gained traction as it gained interest from its derivative traders, as seen from the rising open interest in its futures market. <\/p>\n

Notably, the OI for XDC rose from $2 million to $5.85 million on Jan. 7.<\/p>\n

Another factor fueling its rally was its advancements in the RWA tokenisation sector, which were marked by notable partnerships with Archax and InvestaX, two leading RWA platforms.<\/p>\n

Fasttoken<\/h2>\n

Fasttoken (FTN) rose for 5 consecutive days with a weekly gain of 7.2% at press time along with a market cap of over $1.6 billion.<\/p>\n

\"FST\/USD<\/figure>\n

Source: CoinMarketCap<\/a><\/p>\n

While no particular reason for the altcoin\u2019s rally could be identified at press time, the majority of its gains likely followed over hype among its community members following a community Christmas event rewarding from a pool of 500 FTN tokens to its winners.<\/p>\n

Meanwhile, whales have also taken an interest in the token, which has helped push prices higher over the past week.<\/p>\n

The post Bitcoin struggles while SUI and XDC top weekly crypto gains<\/a> appeared first on Invezz<\/a><\/p>\n

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