Weekly Web3 Research | The Crypto Market is Experiencing a Significant Decline; CEX's March Spot Trading Volume is $2.48T; W Currently Has a Total Market Cap of Over $14B

2024-04-04, 22:29

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
This week, the crypto market showed a slight fluctuation followed by a rapid decline, with a relatively large overall amplitude. Currently, it has rebounded towards the weekend closing period. The overall market value growth has decreased compared to last week's period, maintaining around $2.59 trillion, and has increased by 4.65% within 24 hours. The market sentiment has declined and remained around 72. Most of the key mainstream currencies have shown a downward trend this week, while a few currencies have maintained an upward trend, but the magnitude has remained relatively small. Overall, the crypto market has shown some weakness in its rise this week, and the market is in a period of rapid adjustment. There is expected to be a round of overall recovery over the weekend.

Compared to last week, the total crypto market has shown a downward trend, with relatively small fluctuations maintained until Tuesday, followed by a rapid, volatile downward trend. The top 100 crypto projects have seen a roughly 50% rise and fall within a week, with one side showing a significant decline in mainstream currencies and the other showing a significant rise in some new currencies at the beginning of their launch. The BTC price fell below $70,000 again within a week and is currently around $68,845, with a weekly increase or decrease of around -2.72%. ETH has also experienced a significant decline this week, with an overall increase of around -5.38%. Currently, it remains at around $3,380 and continues to fluctuate.

The best-performing coin in the market this week is CORE, which increased 107.89% in 7 days. The coin price is currently around $2.47, ranking first in a week of gains.

The overall trend of the crypto market this week is mainly downward, but the decline mainly occurs after the middle of the week. However, some currencies have still shown a counter-upward trend, and the overall market is likely to experience a rebound over the weekend.
## Crypto Market
🔥 The crypto market has experienced a significant rapid decline in the past week and has since rebounded.

🔥 4.1 Daily 4-hour BTC -1.6%, ETH -2.4%; The top 500 companies with a market value increase or decrease of ≥ 30%: CORE+56%, TRUMP+41%, GFI+34%, MEW -37%; WIF prices, PENDLE prices, Base TVL, Pendle TVL, ETH coin holding addresses, and spot gold prices have reached historic highs; The <a href="/ar/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> ecosystem and Meme coins on the Base chain have generally risen.

🔥 This week's high-value token unlocking: $65.08 million SUI, $14.51 million GAL, $6 million HFT, $5 million ACA, $1.03 million LQTY, etc.

🔥 SLERF means that users who send over 5 SOLs in pre-sales can choose to receive NFTs.

🔥 <a href="/ar/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> has once again increased its holdings of 8,888 BTCs, with a total position exceeding 75,000.

🔥 UniSat: Upgraded to v1.2.10, supports 5-byte BRC20.

🔥 BTC network 837090 block miners received a total of 8.595 BTC rewards.

🔥 The founder of Ordinals released the genesis rune, which was halved and continued to be cast for about four years.

🔥 The CEO of <a href="/ar/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> stated that L3 will strip <a href="/ar/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> of its value and will not develop L3.

🔥 Channel owners with over 1000 subscribers on Telegram can receive 50% of their channel advertising revenue, and withdrawals will be launched on Fragment within a few weeks.

🔥 The founder of <a href="/ar/price/dydx-dydx" target="_blank" class="blog_inner_link">dYdX</a> announced that the next version of dYdX will be built on L4.

🔥 The gm.ai Foundation has proposed token economics, and the main website is expected to launch in the third week of April.

🔥 On day 4.2, 24-hour BTC -4.5%, ETH -5.2%; The top 500 companies with a market value increase or decrease of ≥ 30%: GHST+52%, XVG+39%; GHST price, PUFF price, JTO price, Fren Pet price, and DEX transaction volume in March reached historic highs; Meme coins on the Zora chain have generally risen.

🔥 On April 1st, BTC spot ETF had a net outflow of $88 million, a net inflow of approximately $40 million, and a net inflow of $114 million.

🔥 Zeus Network will conduct TGE and token airdrops on April 4th.

🔥 Vitalik Buterin has released an explanation for simplifying the Ethereum protocol and reducing node resource load, stating that L3 cannot magically further improve throughput.

🔥 Blast has launched a point bonus activity, which allows for the use of specific DApps to increase points.

🔥 Ethena has opened the application for airdrop tokens and included Milady Maker holders in the airdrop scope. The second season of Sats will begin on April 2.

🔥 CEX's March spot trading volume was $2.48 trillion, approaching the level of November 2021.

🔥 Memeland: will launch the Memenet blockchain, using MEME as the gas.

🔥 Robinhood will launch OP.

🔥 On April 3, 24-hour BTC+0.3%, ETH -0.2%; ENA+45% for the top 500 companies with a market value increase or decrease of ≥ 30%; BGB price, TRC20-USDT issuance, March BTC miner revenue, and Ethereum L2 user count set a historic high.

🔥 This week, over 20 projects or institutions announced (planned) completion of over $3.1 billion in financing.

🔥 The circulating market value of ENA is $1.25 billion, with a total market value of $12.18 billion.

🔥 Ethena has sparked widespread industry discussion and controversy.

🔥 The TON Meme project Notcoin will release a token NOT on April 20th.

🔥 The proposal to reduce Ethereum's circulation has sparked fierce criticism from the crypto community.

🔥 <a href="/ar/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a> announced the integration of the Blast network, and v2 LP can receive native benefits.

🔥 OpenSea supports setting up and executing creator income using ERC721-C.

🔥 BCH has completed the halving of the block reward this time.

🔥 4.4 24-hour BTC+1.0%, ETH+1.0%; The top 500 companies with a market value increase or decrease of ≥ 30%: PANDORA+36%, TRIBE+60%, XVG -31%; ENA prices, JTO prices, and PUFF prices have reached historic highs.

🔥 Degen: The browser extension IDriss supports DEGEN tipping X users.

🔥 Slerf has completed the second round of refund for 2200 SOL.

🔥 Rarible already supports using MFER to pay for Base Chain NFTs.

🔥 Bobaopa has undergone token destruction.

🔥 Crypto artist XCOPY shares recommended FLIES.

🔥 Condom presale raised nearly 5000 SOL after Rug.

## Regulatory Policies
🔥 Lugano, Switzerland allows residents and tourists to conduct daily transactions using cryptocurrency.

🔥 The Federal Reserve's Daley and Mester are expected to cut interest rates three times this year.

🔥 The yield of 5-year, 10-year and 30-year treasury bond bonds of the United States hit the highest point in the year.

🔥 <a href="/ar/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a>: Several states in the United States are interested in developing a Cardano based vote counting system.

🔥 The Bank for International Settlements and seven central banks will test tokenization to improve cross-border payments.

## Crypto Market Highlights   
⭐ Last week, the overall crypto market experienced a clear downward trend, and is currently undergoing rapid oscillation and adjustment. Most cryptocurrencies have entered a downward range towards the end of the weekend, but there is a recovery trend. As the BTC halving approaches, coupled with consecutive days of large net inflows of ETFs, the overall recovery will likely occur again in the following period.
  
⭐ Although the market situation has declined this week, some mainstream currencies have performed well. Among them, CORE has shown a good upward trend due to the dynamics of the project itself and the attention paid to the Layer2 track in the market. The price has broken through $4 in a short period of time, with a weekly increase of 107.89%. Currently, the price remains around $2.45. The weekly price is around $4.1, and the location is around $1.18 during the opening period.
![](https://gimg2.gateimg.com/image/article/17122695501.jpg)
(Data Courtesy Of Coinmarketcap)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17122695742.jpg)
(Data Courtesy Of TradingView)

The price trend of BTC this week was mainly characterized by sustained slight fluctuations after the opening, followed by a rapid downward trend, with obvious price fluctuations. Entering the closing period near the weekend, there is a relatively obvious rebound trend, maintaining a continuous fluctuation of around $69,000. The weekly price has a low point of around $64,500 and a high point of around $71,400.

Analysis suggests that the price performance of BTC this week has been greatly affected by the overall trading fluctuations in the market. Although ETF funds have shown a rapid and large return, the market has experienced significant intraday fluctuations. However, this round of price changes seems to be more affected by market selling behavior. Although the overall trend of the coin will generally continue to be dominated by the above behavior in the future, similar downward trends may still occur before the halving of BTC, but it should still show short-term fluctuations. At present, the trend of the coin has rebounded slightly, and it is expected to return to above $70,000 during the weekend closing phase.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/17122696043.jpg)
(Data Courtesy Of TradingView)

The price trend of ETH this week has maintained a strong correlation with BTC, although ETH's recent price performance has been relatively weak, and this downward trend of the coin appeared earlier. In the short term, the weekly low point of the price is approaching $3,200, with a significant decline. The high point of the price within a week is around $3,640, while the low point is around $3,209.

Analysis suggests that the performance of ETH coin prices this week continues to follow the overall market trend, with a larger overall decline compared to BTC. This is related to the public opinion triggered by the dynamic information on Ethereum this week, but more importantly, ETH itself lacks significant support in the current market cycle. As the weekend closing phase approaches, the recovery trend of the coin is not particularly evident, and it is feared that the weekly high point will still remain above $3,600, with a lower probability of further increase.

## Web3 Project Trend
This week, the total market value of most of the nine categories of projects showed a downward trend. Due to the impact of market cycle fluctuations, the main downward trend was in various tracks. Other tracks performed poorly except for Solana MEME, which continued to rise. It seems there is still some time before the overall market recovery.
![](https://gimg2.gateimg.com/image/article/1712292336img_v3_029l_bf9389fa-1660-4579-bbda-8519a4e005ix.jpg)

<div class="blog-details-info">
<div>Author:**Charles T.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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