Week's Top Gainers and Losers in Cryptocurrencies

Cryptocurrency markets entered the weekend with a predominantly downward and horizontal outlook after experiencing increased volatility in the middle of the week. While the total cryptocurrency market value rose to $1.78 trillion, rapid selling from this point brought it down to $1.45 trillion. However, as new entries from the lower region occurred entering the weekend, the total value found balance at $1.65 trillion.


Expectations regarding ETF approval in the first week of the new year remained valid, and cryptocurrencies started the week with a general increase in demand. However, a report from Singapore-based crypto platform Matrixport claiming that the SEC would reject ETF applications negatively impacted the markets, and we witnessed a rapid acceleration of panic selling.


After this downward volatility, despite the lack of an official statement and the continuation of positive news flow, there was a weakening in the upward momentum. This could be attributed to the employment data announced on Thursday and Friday, which may have influenced it. With the US employment exceeding expectations, supporting the economy, attention turned to the Fed. Since the Fed had previously stated that it would act based on economic data, after these figures, it might decide to adopt a more hawkish approach, keeping interest rates high for a longer period.

This approach, interpreted as an event that reduces risk appetite, could negatively affect the crypto markets as well. However, the main focus of the crypto sector is on the ETF decision expected to be concluded by January 10. The market seems to have lost some of its enthusiasm after the recent rumors and claims.

Bitcoin, dominating the crypto market with a market cap of $856.4 billion at a 52% rate, stepped into the $45,000 range in transactions this week, then experienced a drop to $40,850 and recovered to $44,000. During weekend transactions, Bitcoin showed a slight downward trend towards the $43,000 range, continuing with a weekly increase of around 4%.
Ethereum, in the first half of the week, failed once again at the $2,400 attempt and fell to $2,100 during the general sale. In the subsequent recovery, ETH rose to the $2,200 range, with a nearly 2.5% weekly decrease.

The altcoin market is showing a worse performance compared to Bitcoin. Looking at the current situation in the top 20 cryptocurrencies; in the last week, apart from Bitcoin, only ICP stands out with a 21% increase. Among the top 20, other altcoins continue to decline on a weekly basis, with BCH, MATIC, and ADA being the most declining crypto assets.

Among the top 100 cryptocurrencies this week, the top 5 gainers and losers are as follows:

Top 5 gainers:
Akash Network (AKT): 39%
Celestia (TIA): 26%
Arbitrum (ARB): 22.5%
Internet Computer (ICP): 21%
Sei (SEI): 18.7%

Top 5 losers:
Bonk (BONK): -24.6%
IOTA (IOTA): -24.2%
Helium (HNT): -23.85%
FTX Token (FTT): -23%
MultiversX (EGLD): -21%

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