Cryptocurrency prices fell last week as global investors embraced a risk-off sentiment as American bond yields rose.
Bitcoin remained below $95,000, while meme coins like Dogwifhat (WIF), Popcat (POPCAT), and Bonk (BONK) were among the top laggards.
US bond yields continued rising after the labor statistics released strong nonfarm payroll numbers, which raised the possibility that the Federal Reserve will maintain a hawkish tone this year. The economy added over $260,000 jobs in December, while the jobless rate fell to 4.1%.
Arbitrum (ARB), Ondo Finance (ONDO), and Zetachain (ZETA) are the top cryptocurrencies to watch this week.
Arbitrum
Arbitrum, the second-biggest layer-2 network, will be a key cryptocurrency to watch this week as the network unlocks tokens worth $67 million or 1.08% of the float. It has already unlocked 53% of all its tokens, with the final release set to happen in April 2027.
Arbitrum’s token has been in a downtrend in the past 12 months and is now down by 70% from its highest level in 2024. This decline happened as the network lost market share to Base Blockchain.
Arbitrum token has recently slipped below the 50-day and 25-day Exponential Moving Averages and is hovering slightly above the key support at $0.70, which it has failed to move below since December. A break below that level will point to more downside, potentially to $0.4625, its lowest level in November.
Ondo Finance
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Author: Crispus Nyaga
