Overview of the Digital Currency Market
According to the latest data from DeDe Think Tank, the global digital currency market continues to evolve with notable shifts in valuation and performance. As of January 2024, the market comprises 12,011 cryptocurrencies, with a total capitalization of approximately $1.73 trillion**. This reflects a **0.33% increase** from the previous week, equating to a rise of **$5.7 billion.
Key Market Movements
- Bitcoin (BTC) surged by 3.99%, climbing from $42,214 to $43,898.
- Ethereum (ETH) saw a slight decline of 1.68%, settling at $2,243.
- BNB and Litecoin (LTC) dropped by 4.62% and 9.63%, respectively.
- Solana (SOL) decreased by 7.61%, while Polkadot (DOT) experienced a sharper fall of 12.79%.
👉 Explore real-time cryptocurrency trends
Top 30 Cryptocurrencies: Market Dominance and Shifts
The TOP 30 digital currencies collectively account for 87.38% of the total market cap ($1.51 trillion), marking a 0.28% weekly increase.
Dominant Players:
- Bitcoin (BTC): Holds 56.9% of the TOP 30 market share (+1.84% weekly).
- Ethereum (ETH): Represents 17.84% (-0.42%).
- USDT: Constitutes 6.19% (+0.085%).
Sector Distribution:
- Public blockchains dominate with 76.76% of the TOP 30.
- Stablecoins follow at 8.19%.
Bitcoin Mining Pool Insights
This week, Bitcoin miners produced 1,040 blocks, with a negligible 0.19% being empty blocks. The average miner fee accounted for 17.48% of block rewards. The TOP 10 mining pools collectively controlled 97.78% of the total hash rate.
Weekly News Recap
Industry Developments
- Institutional adoption: Bitstamp USA predicts accelerated growth in 2024 driven by institutional investments.
- Technological advances: Bitcoin Ordinals EVM protocol Veda announced full open-sourcing of its BVM.
- Regulatory updates: FTX bankruptcy proceedings may extend over several years, per legal experts.
Investments & Funding
- Smart Bitcoin Labs launched a $5M fund for Bitcoin ecosystem projects.
- Solana Foundation pledged $10M+ for Brazil’s Web3 initiatives.
👉 Stay updated on crypto investments
Policy Highlights
- Hong Kong froze $24M in assets linked to the JPEX case.
- South Korea clarified that non-custodial wallets like MetaMask are exempt from foreign financial account reporting.
Investment Calendar (January 1–7)
| Date | Event |
|---|---|
| Jan 2 | BTC surpassed $45,000 (+6.4% daily). |
| Jan 3 | 15th anniversary of Bitcoin’s genesis block. |
| Jan 4 | Fidelity filed for a spot Bitcoin ETF with the SEC. |
FAQ
Q: What caused Bitcoin’s price increase this week?
A: Growing institutional interest and anticipation of ETF approvals contributed to BTC’s 3.99% rise.
Q: How does Ethereum’s performance compare to Bitcoin?
A: ETH dipped 1.68%, underperforming BTC due to slower network upgrades and shifting investor focus.
Q: Are stablecoins gaining market share?
A: Yes, USDT’s TOP 30 dominance grew 0.085%, reflecting heightened demand for stability amid volatility.
Q: What’s the outlook for altcoins like SOL and DOT?
A: Both faced declines (-7.61% and -12.79%), signaling short-term bearish sentiment despite long-term utility.
Q: How significant are mining pools to Bitcoin’s security?
A: The top pools control 97.78% of hash rate, centralizing security but raising decentralization concerns.
Data sourced from DeDe Think Tank. This report does not constitute financial advice.