2024_01_26

January 26, 2024 (Friday) Weekly Cryptocurrency Report

1. Recent Cryptocurrency Prices

• Bitcoin (BTC): 102,378.00 USD

• Ethereum (ETH): 3,218.67 USD

• Binance Coin (BNB): 689.94 USD

• XRP: 3.14 USD

• Cardano (ADA): 0.9648 USD

2. Major News

• Bitcoin Spot ETF Approval: The U.S. Securities and Exchange Commission (SEC) has approved a Bitcoin spot exchange-traded fund (ETF). This is expected to increase institutional participation in the Bitcoin market.

  
  
  
  

• Dogecoin Surge: Dogecoin has surged over 350% from $0.081 in January to $0.466 in December. This is attributed to President Donald Trump's pro-crypto policies and Elon Musk's continued support.

  
  
  
  

• Ripple's Surge: Ripple (XRP) has surged over 350% since the 2024 election, becoming the third-largest cryptocurrency by market capitalization. This is due to regulatory easing and new product launches.

  
  
  
  

3. Major Project Updates

• Hedera's DeFi Ecosystem Expansion: Hedera's total value locked (TVL) in its decentralized finance (DeFi) ecosystem has increased from $53 million to $200 million, expanding the platform's influence.

• Revival of DeFi Projects: Projects like Stader, SaucerSwap, and Bonzo Finance are leading the revival of DeFi, positively impacting the market.

4. Market Outlook

The cryptocurrency market in 2024 has experienced unprecedented growth. The market capitalization increased from $1.8 trillion in January to $3.9 trillion by mid-December. Bitcoin's 160% rise has been a major driver, with some altcoins also showing impressive rebounds.