Crypto Week in Focus: Sentiment Swings, Top Performers, and the NFT Evolution

Dear Readers,

Bitcoin and other cryptocurrencies received a significant boost as the US Securities and Exchange Commission (SEC) granted approval for spot Bitcoin exchange-traded funds (ETFs). The regulatory nod extended to a range of spot Bitcoin ETF applications, including those from major players like BlackRock, Grayscale, and Fidelity. Within the past 24 hours, Bitcoin marked a notable uptick of 1.72%, reaching $46,239. Meanwhile, Ethereum, the second-largest cryptocurrency, experienced a substantial surge of 10.21%, reaching $2,616.

Highlights Of The Week

• Over $12 million placed on Polygon-based decentralized predictions market for betting on the approval of a spot Bitcoin ETF in the U.S. by mid-January.

• Ethereum co-founder Vitalik Buterin advocates for a "modest" gas limit increase to enhance network throughput.

• SEC Chair Gary Gensler reiterates the agency's non-endorsement of Bitcoin, despite approving 11 spot Bitcoin ETFs on Jan. 10.

• Bank of England Governor Andrew Bailey states Bitcoin is losing momentum as a payment method due to its inefficiency.

• U.S. SEC officially approves the first regulated spot Bitcoin ETFs, following a false announcement from the SEC's Twitter account.

• SEC collaborates with the FBI to investigate a tweet from its X (formerly Twitter) account released on Jan. 9.

• Ripple Labs plans a tender offer to repurchase a $285-million stake from early investors and employees, according to Reuters sources.

Crypto Fear & Greed Index

The Crypto Fear & Greed Index is currently at 76, indicating extreme greed, compared to yesterday's reading of 73, signifying greed. The recent approval of spot Bitcoin ETF applications by the federal regulator, including those from BlackRock, Grayscale, and Fidelity, has sparked optimism in the cryptocurrency market. This development is reflected in the positive early Thursday trading performance of the top 10 cryptocurrencies, underscoring the industry's enthusiasm and anticipation for broader acceptance.

ATH coins

The instant a cryptocurrency achieves its peak market value, it secures a place among the distinguished ATH coins. This indicates a substantial surge in coin demand, though it doesn't guarantee sustained growth. Given the significant volatility in the digital currency landscape, thorough research and analysis are essential before contemplating investments in ATH coins. At present, the subsequent coins have excelled as exceptional performers, reaching notable ATH milestones in recent periods:

Mantle (MNT) has reached an all-time high (ATH) price of $0.8058 today, positioning itself as a significant Layer 2 technology stack for scaling Ethereum. Currently priced at $0.7997 with a trading volume of $478.68 million, Mantle Network is a pioneer within the Mantle Ecosystem, contributing to Ethereum's scalability.

Mintlayer (ML) has also achieved a new ATH today at $0.9894, offering a layer 2 solution that expands the capabilities of the Bitcoin blockchain into decentralized finance (DeFi), smart contracts, atomic swaps, NFTs, and dapps. With a current price of $0.9423 and a volume of $3.68 million, Mintlayer is forging a path for Bitcoin in the DeFi landscape.

Frax Finance - Frax Ether (FRXETH) has surged to an ATH of $2,615.79 today, presenting a liquid ETH staking derivative within the Frax Finance ecosystem. Currently priced at $2,571.80 with a volume of $12.74 million, Frax Ether aims to simplify and secure the Ethereum staking process, providing a DeFi-native approach to earning interest on ETH.

Astroport (ASTRO) achieved an ATH price of $0.3453 yesterday, and it currently stands at $0.3249 with a volume of $226,976.87. Operating within the Cosmos ecosystem, Astroport acts as a neutral marketplace where traders from across the galaxy can dock and exchange their assets.

Injective (INJ) reached an ATH of $45.19 on January 9, with a current price of $39.57 and a substantial volume of $411.42 million. As a blockchain designed for finance, Injective powers various next-generation DeFi applications, including decentralized spot and derivatives exchanges, prediction markets, and lending protocols.

Top Movers (24H)

With the cryptocurrency market consistently earning its stripes as a reliable investment platform, individuals who once approached it with caution are now enthusiastically embracing it and expanding their investment portfolios to include a diverse range of digital assets. Furthermore, contemporary crypto investors are solidifying their positions, leading to noteworthy price surges in various cryptocurrencies over the last 24 hours. Let's delve into some familiar cryptocurrencies that have recently undergone significant price hikes.

Lithium (LITH) has emerged as the top mover in the cryptocurrency market over the past 24 hours, experiencing a surge of 69.83%. Currently priced at $0.001403, Lithium Finance distinguishes itself as a DeFi protocol dedicated to building collective intelligence for pricing the unpriced. The current trading volume for LITH stands at a $7.32 million.

Gamestarter (GAME) has demonstrated substantial growth with a 55.46% increase in the last 24 hours, reaching a current price of $0.222. Gamestarter serves as a comprehensive platform for Web3 gaming, pioneering a dynamic ecosystem to empower the next wave of gaming enthusiasts. The current trading volume for GAME is reported to be $1.44 million.

Toshi (TOSHI) is another noteworthy player in the recent crypto movements, having jumped by 54.61% and currently priced at $0.0001516. Created by Coinbase CEO Brian Armstrong, Toshi is a meme coin project named after Armstrong's own cat, who, interestingly, is named after Satoshi Nakamoto, the pseudonymous creator of Bitcoin. The current trading volume for TOSHI is $2.95 million.

Ethereum Classic (ETC) has experienced a significant upward trend with a 34.35% increase in the last 24 hours, reaching a current price of $28.07. ETC, a hard fork of Ethereum (ETH) launched in July 2016, operates as a smart contract network capable of hosting and supporting decentralized applications (DApps). The current trading volume for ETC is reported to be $1.82 billion.

Synapse (SYN) has soared by 27.56%, reaching a current price of $0.4966. Operating as an interoperability protocol, Synapse is designed to facilitate the secure and safe transfer of arbitrary data between different blockchains. The current trading volume for SYN is reported to be $16.90 million.

Non-Fungible Tokens – Developments

• Solana Saga phone owners score big: Free NFT now worth over $1000, adding to valuable airdrops that already exceed phone cost.

• Play Mario on Bitcoin! Developers put SNES emulator on Bitcoin Satoshi, opening doors for classic gaming on the network.

• No more NFT profile pics on X: Elon Musk's platform pulls the plug on hexagon-shaped avatars for premium users.

NFTs To Watch

Bored Ape Yacht Club

The Bored Ape Yacht Club, featuring 10,000 unique Bored Ape NFTs on the Ethereum blockchain, has seen a floor price surge to 25.13 ETH, accompanied by 62 sales, marking 180% change and a trading volume of 1401 ETH.

Age of Dino - Dinosty

Meanwhile, the Age of Dino - Dinosty collection has experienced an extraordinary surge, boasting a floor price of 1.29 ETH, 686 sales, and an astonishing 82123% change, with a trading volume reaching 821 ETH. Age of Dino - Dinosty is a captivating NFT collection featuring 4,500 unique items. Created in January 2024, these digital collectibles are exclusively hosted on the Ethereum blockchain, adding a layer of security and transparency to the ownership and trading of each item.

Moonbirds

Moonbirds, the art collector's PFP, has also garnered attention, boasting a floor price of 1.15 ETH, 634 sales, a change of 2085%, and a trading volume of 696 ETH. Each of the 10,000 digital artworks in the Moonbirds collection offers unique experiences for holders to connect with artists and champion their art.

That's it for today. Thanks for reading. Good luck out there!

Best Regards,
Crypto Recorder Team

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