Weekly Web3 Research | The Crypto Market Experienced Continuous Volatility Within A Week; Solana Becomes the 5th Largest Crypto by Market Cap; BTC NFT Total Sales Exceeded $1.5B

2023-12-22, 01:18

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
The crypto market remained slightly volatile this week, with different fluctuations in mainstream currencies. SOL experienced a significant increase this week. The overall fund volume in the market has increased compared to last week's closing stage, but the total amount of funds in BTC and ETH has changed relatively little within seven days, and the price trend is relatively stable. As a hot topic in the market, in_script_ions have been highly sought after recently, with outstanding performance on the NFT track. However, the overall trend of mainstream cryptocurrencies this week is still in a continuous oscillation cycle. The current total market funding is $1.65 trillion, an increase of over $40 billion compared to the same period last week.

The crypto project of Top100 had a 4:6 rise and fall ratio this week, and the market continued to fluctuate. The intraday volatility caused many long and short positions to be sold out this week, and the overall trend is still unclear. The weekly high for BTC is $44,231, while the weekly high for ETH is $2,326.

The prices of BTC and ETH have risen and fallen to 1.16% and -2.88% in a week. The 7-day increase in SEI this week reached 54.5%, but the most impressive among several mainstream currencies is still SOL, which has now become the fourth ranked cryptocurrency with an increase of over 20% within a week.

The crypto market as a whole has remained slightly volatile this week, and the overall market value has not changed significantly. However, we can expect market changes in the following week, which is the last month of 2023.

The trend of BTC and ETH this week is mainly reflected in frequent intraday fluctuations, with a more obvious downward trend in the price range within a week. However, BTC has now rebounded and reached a new weekly high. As of now, the global crypto market value is $1.65 trillion, and the entire market has risen by approximately 0.97% within 24 hours.

## Crypto Market
🔥 BitStable announced that it will support FDUSD on <a href="/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a> Chain as collateral for DAII minting.

🔥 The cumulative cost of minting Ordinals in_script_ions has exceeded 4,100 BTCs.

🔥 The <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> Saga phone is priced as high as $5,000 on eBay and has been resold on multiple platforms for over $2,000.

🔥 Atomicals Market has airdropped 28,000 ATOMs. BscScan and opBNB experienced browser latency issues this week, and BNB Chain is following up to resolve them.

🔥 <a href="/price/compound-comp" target="_blank" class="blog_inner_link">Compound</a> will adjust the configuration parameters of cUSDCv3 on the <a href="/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> and <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> chains through proposals 204 and 205.

🔥 The Solana ecosystem GameFi Aurory stated that the money came from the team wallet and the user's assets are still safe in response to the theft of AURY.

🔥 <a href="/price/iost-iost" target="_blank" class="blog_inner_link">IOST</a> indicates that the IRC-100 Protocol encountered a large-scale attack before startup, resulting in network congestion and downtime.

🔥 The <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> DeFi service platform ALEX oracle will support <a href="/price/stacks-stx" target="_blank" class="blog_inner_link">Stacks</a> In_script_ion STX20.

🔥 FTX has announced its latest proposal to return billions of dollars to customers and creditors, opening the final round of potential controversies on how to best end the fraudulent FTX bankruptcy case.

🔥 The Bitcoin L2 protocol MAP Protocol announced that it will start large-scale token destruction next week, accounting for 5.9% of the circulating supply of MAP/MAPO.

🔥 The Bitcoin network in_script_ion project Rune Alpha is scheduled to migrate to the mainnet in April.

🔥 Circle issues Euro-supported stablecoins (EURC) on the Solana chain.

🔥 The total sales of BTC NFTs have exceeded $1.5 billion.

🔥 Animoca currently holds $2.1 billion in cash and tokens, and has invested in over 400 companies.

🔥 Friend.tech will release the v2 version in the spring of 2024.

🔥 BloXroute Labs has decided to begin reviewing blocks sanctioned by the US OFAC in all of its MEV relays.

🔥 INJ prices, USDT market value, open interest contracts for TSE BTC options, and daily transaction fees for BTC networks have reached new highs.

🔥 Michael Saylor stated that the approval of spot BTC ETFs may be the most important development on Wall Street in 30 years.

🔥 Atomicals states that they will never issue official ARC20 tokens.

🔥 Immutable launches the GameFi Identity Asset Tool Passport.

🔥 Epic Games Store has changed its crypto policy and P2E games can be relisted.

🔥 Nostr Assets has completed the second phase of Fair Mint and tokens will be listed on the 24th.

🔥 Over the past few weeks, 95% of the main trading activities on the EVM chain were generated through in_script_ions.

🔥 Solana surpassed <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> to become the fifth largest cryptocurrency by market cap.

🔥 Solana ecosystem DEX has a daily trading volume of over $1.2 billion, marking the second time in history that it has surpassed Ethereum.

🔥 Synthetix terminates SNX inflation and stakers no longer receive new inflation rewards.

🔥 The trading volume of the Korean exchange reached a new high since the beginning of December.

🔥 The FTX bankruptcy claim rose to a maximum of 73% in the secondary market trading price.

## Regulatory Policies
🔥 The President of the South Korean Financial Supervisory Authority will visit the US SEC in January next year and discuss future regulatory directions for cryptocurrencies with SEC Chairman Gary Gensler.

🔥 According to the precedent of Guangdong High Court, the use of virtual currency by individuals to indirectly buy and sell foreign exchange constitutes the crime of illegal business operations.

🔥 The Ministry of Industry and Information Technology mentioned encouraging the development of new models such as NFT and distributed application DApp, including cross chain, privacy computing, smart contracts, security, regulation, governance, alliance chain mutual recognition, balancing the characteristics of public and alliance chains, participating in global standardization, improving public awareness of Web3.0, DID, digital asset management system, technology industry and application exchange platforms, and other keywords.

🔥 The British Virgin Islands court has ordered the freezing of $1.144 billion in assets of 3AC Joint Venture.

## Macro Economy
🔥 According to CME Federal Reserve observation, the probability of the Federal Reserve maintaining interest rates in the range of 5.25% to 5.50% in February next year is 89.7%, and the probability of a 25 basis point rate cut is 10.3%.

## Crypto Market Highlights   
⭐️In the past week, the hot topics in the crypto market have appeared in individual public chains, ecosystems, and types of crypto assets, involving a wide range of crypto types. Overall, the recent rise of pancakes has been relatively weak, and the market is more inclined to speculate on other concepts. Therefore, the rise and fall of the secondary currency and Altcoin sectors have been more intense. In the short term, without the influence of external news, it is highly likely that the entire market will maintain this trend.

⭐️Amidst the continued cyclical fluctuations in the market this week, SOL, as one of the top five mainstream currencies in the market, has seen significant gains within a week. In fact, since the last quarter of this year, SOL's performance has been evident, coupled with high market acceptance, showing a continuous upward trend for several weeks. Currently, it has broken through the key price of $90, with an increase of over 20% within a week, It is foreseeable that there will be further bullish sentiment in the future, and breaking through $100 is foreseeable in the short term.
![](https://gimg2.gateimg.com/image/article/17032078351.png)
(Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17032078492.png)
(Data Courtesy Of TradingView)

The price of BTC reached a high point of $44,231 this week and a low point of around $40,500. The currency has shown a price trend of first falling and then rising within a week, which is a regular cyclical fluctuation and remains within a small range. Compared to the same period last week, the price change is not significant.

Overall, BTC's performance this week is still a regular fluctuation of market correction. As the focus of market hotspots is temporarily not on the relevant sectors of the currency, the price trend of BTC is also inclined towards a regular fluctuation trend, with a significant intraday fluctuation. The downward trend within a week has shifted to a stop falling and rise trend, and the probability of maintaining the current price range in the following week is relatively high.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/17032078613.png)
(Data Courtesy Of TradingView)

The price trend of ETH this week is more evenly distributed. Despite the continued cyclical fluctuations, the price of ETH has fluctuated for most of the week but remains in the range of $2100- $2300. The trend of ETH is relatively flat, and further observation is needed based on subsequent trends. However, the probability of breaking through $2,400 in the short term is still not high.

## Web3 Project Trend
The total market value of the seven types of projects this week showed slight differences, but due to the impact of last week's market correction, the overall market was in a small fluctuation state within a week. The BRC-20 sector was the most affected by the hot in_script_ions, with a relatively large increase in the week, and there is a high possibility of continuing this trend in the future.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 2.9% | PICA,DNX, NEAR | The increase in Layer 1 was relatively small this week, and it was more reflected in regular market fluctuations rather than hot topics. |
| Layer 2  | -0.4%  | METIS, OP, WALV |Layer 2 track lacks clear growth momentum this week, mostly due to regular fluctuations in past projects. |
| DeFi  | 1.5%  | DYP, TRI, SNY | The total liquidity of the DeFi track has changed relatively little this week, with significant increases in top projects, which have been greatly affected by the actions of various projects within the week. |
| NFT  | 9.2% | MTVT, DYP, GBE | The NFT market continued its bullish trend from last week this week, coupled with the impact of market hotspots, resulting in relatively clear growth within the week. |
| MEME  | 6.9%  | KERMIT,DOBO,DGLN |The situation of MEME coins is similar to that of the NFT sector, but the speculative nature is still very strong. |
| LSD  | 0.1% | STNEAR, LOOT,MSOL | The performance of the LSD sector this week has shown almost no overall growth compared to last week. |
| BRC-20  | 34.7% | MOON,BIP1,OHMS |  Due to the popularity of in_script_ions, the BRC-20 track has seen significant gains in the sector this week, and it is highly likely that the growth rate will continue to be significant in the following week. |

<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>