Weekly Web3 Research | Crypto Market Continues to Rise; BTC Re-entered the Top Ten Global Assets by Market Cap; ERC404 Is Experiencing A General Sharp Decline Market

Weekly Trend Overview

This week, the overall crypto market saw a continuous general rise, with several mainstream currencies experiencing significant gains. Market sentiment further shifted towards greed and Optimism. Compared to last week, the total crypto market has seen a significant increase, with a market value of around $1.95 trillion and exceeding $2 trillion at one point during the week. At present, the intraday trading volume in the market is still frequent, and there may be another major market fluctuation during the weekend closing stage. The crypto market has made a significant breakthrough this week, both in terms of key currency prices and overall market value. It can be seen that various types of cryptocurrencies are generally showing further upward trends, based on the premise of bullish market conditions for several consecutive weeks. However, the current rise is too fast, and although there is still room for improvement, there may be another upward trend in the market after entering the weekend closing stage, but the probability of subsequent pullbacks is high.

The top 100 crypto projects have a rise to fall ratio of approximately 19:1 within a week, with the vast majority of currencies showing an upward trend. The BTC price has broken through the key price range of $52,000, with a weekly increase of about 15%. It is also the highest coin price in over two years, and currently remains fluctuating around $52,000. ETH’s one week high has reached around $2,850, with an increase of 16.64%, reaching a new high. Currently, it has remained above $2,800 with slight fluctuations. The trend of the crypto market in the Top100 crypto market this week is mainly characterized by an increase in coin prices, which has also led to a large number of short positions and short positions in the short term. The overall market is expected to still have some room for growth in the short term.

The 7-day increase in VET this week reached 56.52%, and the currency price is currently maintained around 0.04534 US dollars, ranking among the top currencies in terms of price increase.

The crypto market has shown a continuous general rise this week, significantly increasing total market value. Market sentiment has shifted towards greed, and there will likely be another significant upward trend during the weekend closing phase, followed by an appropriate correction phase.

Crypto Market

🔥 This week, the crypto market saw further general gains. Lil Pudgys floor prices and Solana Jupiter Perps hit new highs in weekly trading volume during the opening phase, and GameFi tokens experienced general gains.

🔥 Token unlocking within a week includes approximately $97.32 million in SAND, approximately $22.47 million in APE, and approximately $17.99 million in CYBER.

🔥 Official X accounts such as Wormhole, ether.fi, Renzo, etc., have been frozen.

🔥 The monthly active users of Farcaster have exceeded 100,000 for the first time.

🔥 Last week, the Ethereum mainnet’s NFT trading volume reached its highest since the end of February last year.

🔥 Franklin 275ETH sold Golden Monkey BAYC1726, claiming that an era has ended.

🔥 TinFun is determined to reveal the map on the 15th day of the first lunar month.

🔥 ERC404 experienced a sharp decline, with PANDORA -12% within 24 hours.

🔥 The founder of Ordinals solicited suggestions from the outside world regarding the creation of RUNE, and the community could submit suggestions on names, currency symbols, divisibility, and coinage conditions, stating that all fair minting has no reservations.

🔥 BTC has once again entered the top ten global assets by market cap, and before the weekly uptrend, BTC’s online transaction fees hit a new low in one month on the 11th.

🔥 Jack Dorsey appeared in the Super Bowl competition wearing a Satoshi Nakamoto sweatshirt.

🔥 Within 13 days, Bitcoin broke through $50000, reaching a new high since December 2021. Its market value has risen to 52.5%, and approximately 91% of BTC holders are currently in a profitable state. Blockchain related stocks in the US stock market have generally risen.

🔥 MicroStrategy holds a BTC floating profit of over $3.5 billion.

🔥 Genesis Runes has all completed Mint.

🔥 CKB co-founder proposed the RGB scalability protocol RGB++, based on CKB.

🔥 SUI price, ZETA price, PYTH price, Ethereum L2 TVL, Orderly daily trading volume, BTC priced in Argentine pesos set a new high.

🔥 The increase in Ethereum trading volume has led to the highest network gas fees in months.

🔥 Smart Layer releases an optimized version of the ERC404 token standard.

🔥 PROOF Research Director: Pudgy Penguin flooring prices are close to BAYC.

🔥 The second generation mobile booking volume of Solana Mobile has exceeded 100,000.

🔥 PYTH prices, TRON TVL, and Arbitrum One TVL reached historic highs within a week.

🔥 MicroStrategy has transformed into a BTC development company, currently holding approximately 900000 BTC in global BTC ETPs and a net inflow of $1.44 billion in BTC spot ETFs over three trading days.

🔥 Pudgy Penguins toys will be launched in Walmart this month and Target in March.

🔥 Pandora announced that the ERC-404 V2.1 version may significantly reduce gas fees.

🔥 The Sei parallel EVM mainnet is expected to be released in the year’s first half.

🔥 The token unlocking for GameFi in February is expected to reach $175 million, with Illuvium planning to launch Illuvium: Overworld in Q2.

🔥 PlayDapp smart contract has been paused, requesting to stop trading for migration snapshot.

🔥 The crypto market has seen a general rise, with a total market value exceeding $2 trillion, of which BTC’s market value exceeded $1 trillion. In a short period, BTC has broken through the critical price of $52,000, continuing to reach a new high since December 2021; ETH once exceeded $2,800, reaching a new high in May 2022.

🔥 The BTC price, DYM price, BGB price, and USDT market value priced in Japanese yen have reached historic highs, and the BTC eco token has generally risen.

🔥 Within 14 to 15 days, it sold out $240 million within 24 hours, with the main selling short.

🔥 Solana Mobile will take a snapshot next week.

🔥 ApeChain has confirmed adopting Arbitrum technology for development, and APE will be implemented using LayerZero’s full-chain fungible token standard.

🔥 SparkLend TVL exceeded $3 billion.

🔥 EigenLayer received an inflow of $4.3 billion on the 10th.

Crypto Market Highlights

⭐️In the past week, the crypto market has experienced a continuous general rise, influenced by market cycle fluctuations. Last week, a prediction was made on the market situation that there will be subsequent price increases based on the trend curves of several mainstream currencies. However, due to the breakthrough of mainstream currencies at key prices and the inflow of over-the-counter funds, the upward trend has been much more rapid than predicted. The subsequent market situation needs to be judged based on the overall trend of the weekend closing stage, and a new wave of upward trend will likely occur over the weekend, followed by a slight correction phase.

⭐️This week, the market has seen a further upward trend. Although the overall market has generally risen, some currencies with significant increases are still attributed to blockchain games, counterfeit coins, etc. Among them, VET has risen by 56.52% in seven days. As the native token of VeChain, VET has experienced a sharp rise in the short term after undergoing eco updates and consolidation. The current price is around $0.045, and it is expected to reach the key price of $0.07. With the overall upward trend of the market and the impact of eco actions, achieving this goal is not difficult

(Data Courtesy Of CoinGecko)

BTC & ETH Weekly Performance

Bitcoin (BTC)

(Data Courtesy Of TradingView)

The price trend of BTC has shown a continuous upward trend this week, with a 14-day period as the boundary, with one wave of upward trend before and after each. There is no doubt that the currency will break through $50,000 this week, but market sentiment has responded warmly to the key price breakthrough of BTC, with further supplementary upward trends appearing. The currency price once surged to $52,000, showing a slight downward trend with weak growth. The price peak within a week is around $52,850.

Analysis suggests that the currency price trend of BTC this week is quite typical. Due to a market share of over 50%, the basic trend curve can be seen as the fluctuation trend of the market. The rapid upward trend in two consecutive rounds corresponds to the mainstream view of the market situation earlier; that is, the subsequent rapid replenishment and the continuous replenishment after key price breakthroughs, combined with market sentiment, have led to a breakthrough increase in BTC prices this week. The subsequent coin price still needs to be determined based on the weekend market trend, and it is highly likely to experience a pullback next week, with the magnitude depending on the fluctuation of the key price level of $50,000.

Ether (ETH)

(Data Courtesy Of TradingView)

The price trend of ETH has maintained a strong correlation with BTC this week, and it is also a continuous rebound brought about by key price breakthroughs and market sentiment. Currently, the currency continues to operate above $2,800, and the situation is slightly better than BTC. This is due to various high-frequency trading demands on Ethereum over the past week. The weekly high point of ETH once reached $2,870, but currently there is also a state of weak growth, and it is unlikely to break through $2,900 in the short term.

Analysis suggests that the ETH coin price trend has achieved good upward results this week with the overall market fluctuations, and has continuously broken through key price levels. It is likely it will experience a brief coin price correction together with other mainstream currencies in the future. However, the application characteristics of Ethereum itself will make the magnitude of this currency slightly smaller in this regard, and further observation is needed in conjunction with the weekend market situation.

Web3 Project Trend

This week, the total market value of the seven categories of projects has increased significantly, with each track rising by more than ten percentage points. Affected by the continuous upward trend, the overall market is optimistic. However, the probability of certain fluctuations in the subsequent market is still relatively high, and more attention needs to be paid during the weekend closing stage. The likelihood of a downward trend next week is relatively high.