Bitcoin started the last day of the year trading around $42,200, preparing to close the week below the previous week’s peak. Despite impressive gains for many altcoins, the final week of the year did not yield positive results for Bitcoin. As the year comes to a close, the state of cryptocurrencies remains a hot topic.
At the time of writing, Bitcoin was finding buyers at $42,260, approaching a weekly close marked by a new red candle following an eight-week streak of green candles. The cryptocurrency market is anticipating the weekly, yearly, and monthly closures.
Investors anxious about a potential price correction may soon see the approval of a spot Bitcoin ETF, possibly as early as the coming Wednesday, according to Reuters sources. This development could significantly impact the market.
If the spot Bitcoin ETF is approved as expected, trading could start on January 8. The critical factor for investors will be the weekly volume in January. A volume below a few billion dollars could lead to disappointment, especially considering the need to surpass the launch of BITO.
In the final hours of the year, Bitcoin’s market dominance is increasing, indicating a retreat for altcoins. SOL Coin dropped to the $101 region, closely following BNB Coin. Market volumes have decreased as expected due to the holiday season, falling to $43 billion, with the cumulative value of cryptocurrencies at $1.65 trillion.
The best performers among the top 100 cryptocurrencies on a weekly basis were BSV and SEI, both with over 70% gains. Other altcoins like TRB, ORDI, ASTR, ICP, CAKE, and Mina rallied between 25% and 50%. On the downside, leading losers included BONK, WEMIX, AVAX, HNT, INJ, FTT, and BEAM. The outlook for the final Sunday of the year suggests that losses in these altcoins could increase if the market experiences a “sell the news” event in the coming week.