Monero (XMR) has emerged as the standout performer of the week, skyrocketing over 50% and reaching a new all-time high near $800 on January 14. The privacy-focused cryptocurrency is trading at $716.52 at press time, having risen 1.23% in the last 24 hours while most of the market faced bearish pressure. Technical analysis suggests XMR remains bullish on the hourly chart, with potential to test the $750 mark if it breaks local resistance, though mid-term consolidation between $680-$700 is also a likely scenario.
Bitcoin experienced significant volatility, surging to $98,000 on Wednesday—its highest price in about two months—before correcting to just under $94,500. The asset gained over 3.5% on a weekly scale, with its market cap hovering around $1.9 trillion. The price movement shifted overall market sentiment, with the Bitcoin Fear and Greed Index signaling 'greed' for the first time in three months.
A major catalyst behind the market correction appears to be the postponement of the highly anticipated crypto market structure bill by the Senate Banking Committee. Chairman Tim Scott announced the decision on Thursday, creating uncertainty in the regulatory landscape. Additionally, comments from US President Trump regarding Kevin Hassett likely remaining as National Economic Council Director rather than becoming the next Federal Reserve Chair contributed to market movements.
Other notable market developments include Ethereum setting a record with 393,600 new wallets created in a 24-hour window on January 11, and BitMEX's former CEO Arthur Hayes predicting a liquidity-driven rebound for Bitcoin in 2026 following a brutal end to 2025. Experts are warning investors against FOMO entries into Monero despite its impressive performance, suggesting caution amid the rapid price appreciation.
