The crypto market is showing signs of revival. The value of Bitcoin (BTC-USD) over the last seven sessions rose by 12.8%, crossing above resistance at $18,000. This marks the first time BTC has delivered gains of this magnitude in months.
In related news, data from on-chain analytics firm Glassnode revealed that a significant amount of BTC, valued at approximately $120 million, was withdrawn from crypto exchanges on January 10th. Of this, roughly $50 million was drawn from Binance, followed by $30 million pulled from Coinbase (NASDAQ:COIN)
Furthermore, it appears that BTC whales are once again accumulating significant amounts of the cryptocurrency. On-chain data aggregator Santiment highlighted that wallets containing 1,000 to 10,000 BTC have collectively added over 20,000 BTC to their existing balances. This accumulation suggests that there may be a catalyst for further momentum higher over the near term for the leading cryptocurrency.
Altcoins Sustain Their Trajectory Higher
Altcoins sustained their upward trajectory this last week, with almost every altcoin registering gains. Ethereum (ETH-USD), the second-largest cryptocurrency by market capitalization, rebounded by nearly 11.70% in the previous seven sessions, accompanied by a 63.00% surge in 24-hour trading volume. This positive trend comes on the heels of Ethereum’s upcoming Shanghai upgrade, which enables users to withdraw their staked ETH tokens.
Cardano (ADA) was among the top-performing altcoins, climbing nearly 21.20%. The trading volume of ADA reached a two-month high, as the total value locked (TVL) in the network’s DeFi protocols surged past $66 million, marking a nearly 36% increase since the first week of 2023. The surge in ADA follows increased whale activity and Binance launching ADA-based Dual Investment products.
Solana (SOL) briefly overtook Polygon (MATIC) this week as the 11th largest cryptocurrency by market capitalization after a 21.90% rally before pulling back modestly. This recent surge came on the heels of Ethereum co-founder Vitalik Buterin expressing support for the Solana network and increased user activity following the launch of the BONK token.
The biggest outperformer this week was the lesser-known altcoin GALA. The gaming token surged by a staggering 122.30% over the last seven sessions after significant developments, including Gala Games’ acquisition of Ember Entertainment and a new partnership deal with Hollywood superstars Mark Wahlberg and Dwayne (The Rock) Johnson.
Bitcoin SV & Stablecoins Struggle
Just as the broader market broke higher from recent ranges, many stablecoins faced renewed pressure from speculators. Prominent stablecoins, such as USDC, BUSD, USDP, TUSD, GUSD, and USDD, are fighting to maintain their dollar pegs.
The biggest underperformer this week was Neutrino USD (USDN). After struggling to maintain its dollar peg since November, the value of the algorithmic crypto-pegged stablecoin continued its slide, falling 17.40% amid the ongoing confusion related to USDN’s relationship with WAVES token.
In the meantime, the popular altcoin Bitcoin SV (BSV) lost roughly 5.50% this week after Robinhood Markets (NASDAQ:HOOD) delisted BSV token from its marketplace. The platform clarified that users have until January 25 to trade, transfer, and hold BSV tokens. At that point, any remaining BSV will be liquidated at market value, with the proceeds transferred to users’ Robinhood wallets.
El Salvador’s Bitcoin Bond, Huobi Delisting Spree, and More
As El Salvador ramps up its crypto adoption, the country has passed yet another historic bill allowing it to sell BTC-backed bonds. This new bill is part of President Nayab Bukele’s larger strategy of building the “Bitcoin City” near Conchagua.
In other developments, crypto exchange Huobi has delisted nearly 33 tokens from its platform, citing low trading volume and trading risks as the primary reasons for its efforts. The latest decision comes on the heels of growing challenges for the crypto platform after adding Justin Sun as an advisor. Other exchange platforms are also struggling to contain the fallout from the latest crypto winter, with Coinbase closing most of its Japan operations and reducing its global headcount by another 20% as part of its ongoing restructuring.
Finally, Binance has secured the approval of the Swedish Financial Supervisory Authority to offer crypto services in Switzerland. This latest milestone came on the heels of approval from regulators across Spain, Dubai, France, and Bahrain in 2022.