Weekly Market Recap: Jan 04-08

On Monday:

• Litecoin surpassed Ripple to become the third-largest publicly held cryptocurrency by market capitalization. It quickly gained at price after it was listed on PayPal as one of its few supported projects. It traded at $160.
• Coinbase was also named in a lawsuit by the SEC for selling XRP, which is claimed to be an unregistered security.
• Ethereum hit the $1,000 mark and held for a while, then broke throughout to the $1,100 level. It gained by over 36% in just 24 hours. The trend was attributed to the bull run by bitcoin.
• Binance's CEO, Catherine Coley, said she believes the recent bull run of bitcoin was an indication that it could get as high as $100,000.

On Tuesday:

• Ethereum showed signs of gearing for a bull run up to $2,000. Independent market analyst, Jebb McAfee, pointed out factors like rising google trends, bitcoin's bull trend, and it's dominance as factors that would contribute to this.
• Bitcoin had plunged by as much as 16.33% but was expected to rise again and reach new highs. Factors that influenced this include more institutional investments coming in, inflation of the dollar, and the Federal Reserve's decision.
• The U.S. Office of the Comptroller of the Currency (OCC) said it would approve national banks or federal thrift associations to use public blockchain networks.
• In response to the OCC greenlighting banks' news utilizing public blockchain networks, Ethereum gained by nearly 12%, bitcoin gained by 5%. Stablecoins Tether(USDT) and Circle(USDC) also gained after the news.
• Bitcoin reached a new all-time high of $35,000. After its decline on Sunday, which saw it drop as low as $28,000, it quickly rallied to get to a new high.

On Wednesday:

• Ethereum's price surpassed $1,100. This had come about after Bitcoin gained significantly on its recent bull run.
• Bitpay's Chief Commercial Officer, Sonny Singh, said the bitcoin could rally up to $45,000 by next month in an interview with Bloomberg. He also said that some institutional investors might, after that, choose to sell-off their bitcoin.
• In 2020 alone, Ripple co-founder Jed McCaleb appears to have sold a massive 1.2 billion XRP. The worth is estimated at $411 million in XRP at the price of $0.34 per coin.
• Grayscale Ethereum Trust (ETHE) 's Investors are looking at closing out a trade created to profit off the premium value of ETHE shares.

On Thursday:

• Crypto Market Value reached $1trillion. This came as bitcoin went up by 7% to hit $38,000. Bitcoin's market value is almost $700 million.
• Analyst Michaël van de Poppe was near for bitcoin. It had shown signs that it would keep gaining but dipped after a while. It was still within a 10% chance of hitting $40k. Ether (ETH) gained by 2.3% on the same day as it reached $1,180, while XRP gained by 27% in a surprise move.
• After it's gain, Ripple (XRP) surpassed Litecoin and moved back into fourth place on the market cap.
• Ethereum broke above the $1,200 level. It was corrected after a while but reached the ATH again.
• Bitcoin broke through the $40,000 level to reach a new ATH. It also saw a correction back to the $38,000 level after some time. The bitcoin is expected to either keep going past $40,000 or to correct soon.

Today:

• TradingView showed BTC/USD quickly rise to recapture the psychologically significant price level during trading on Friday.
• After a 9% fall following runs to all-time highs the day before, Bitcoin managed to stay lower only for a matter of hours before bullish momentum returned.
• Bitcoin also beat Chinese giant Tencent's market cap and briefly passed "darling" tech firm, Tesla, as it rose to $41,000 per coin.