Weekly Web3 Research | The Crypto Market is Experiencing a Significant General Upward Trend; The Price of BTC Against at Least 30 National Fiat Currencies Has Reached a Historic High

2024-03-01, 01:19

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
The overall crypto market has improved this week, with a general upward trend and a rapid inflow of funds. Market <a href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> has intensified and remained within the 80+range. Compared to last week, the total crypto market has seen a significant increase, with a market value around $2.33 trillion and a 24-hour increase of nearly 3%. The intraday trading volume of the market has also seen a significant increase, with key mainstream currencies such as BTC and ETH elevating by more than 10% in a week. Although there was a slight pullback towards the weekend closing stage, the overall trend is still in an upward phase, and the weekend closing status is currently difficult to determine.

The crypto market has been mostly in the Western Hemisphere since its opening this week, with US crypto concept stocks and the crypto market showing a comprehensive upward trend, driving most currencies to rise. After experiencing a general upward trend in a short period of time, it immediately rose again, and multiple crypto sectors have shown a general upward trend. Moreover, the proportion of BTC floating earnings has been comparable to the peak of the 2021 bull market, and the upward trend has exceeded the expectations of many crypto users. Therefore, the scale of liquidation within a week is relatively large.

The top 100 crypto projects have a rise-to-fall ratio of approximately 86:14 within a week, with most currencies showing significant gains. The BTC price once exceeded $64,000, with a weekly increase or decrease of 18.05%. Currently, it continues to fluctuate above $60,000. Similarly, ETH has also made a significant breakthrough this week, breaking through $3,500 at one point, with an overall increase of about 13%. Currently, it remains above $3,300. The prices of both currencies have reached new highs in over two years.

The 7-day increase in PEPE this week reached 141.49%, and the currency price is currently maintained around $0.000002923, ranking among the top currencies in terms of price increase.

The crypto market has suddenly overheated this week, and the overall market is currently in a high-frequency intraday fluctuation state. Some mainstream currency prices have begun to show a rapid downward trend, and further observation of the overall situation is needed in conjunction with the weekend closing stage.

## Crypto Market
🔥 The crypto market experienced a significant general upward trend this week, with intense intraday fluctuations and further replenishment of key currencies.

🔥 Wang Feng has transferred his personal Element equity to Langang Interactive for free, which has driven the stock price of Langang Interactive to soar by over 260%.

🔥 BitForex's hot wallet experienced an abnormal outflow of $56 million in funds.

🔥 On Monday, the price of ORDS, the issuance of TRC20-USDT, and the weekly revenue of the Arbitrum perpetual contract trading platform Vaultka reached a historic high. At the same time, the GameFi sector showed a general upward trend.

🔥 This week, the crypto market will unlock over $270 million in mainstream tokens.

🔥 Trump's crypto holdings are worth over $5 million.

🔥 B² Network releases an early adopter incentive plan, offering 5% tokens.

🔥 <a href="/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a> Labs currently has over 100000 uni.eth user quotas applied for.

🔥 As of last weekend, the total network DeFi protocol TVL exceeded $105.1 billion, the highest since June 2022.

🔥 The CEO of Pudgy Penguins announced that they will expand their IP cooperation to the film and television industry.

🔥 MOBOX destroyed 360 million MBOX throughout February, and the game L3 transformation route will be announced later.

🔥 XPet PvP Season 1 is launched with a total prize pool of $1 million.

🔥 Circle has partnered with game company OverDARE to support in-game Web3 wallet connectivity and USDC payments.

🔥 BTC immediately rose nearly 10% in the first 24 hours of the week, from over $51,000 to over $57,000 at one point, and is now reporting over $56,000, reaching a new high since January 2022; Afterwards, it showed a rapid upward trend, breaking through $64,000 at one point and setting a new high in the valuation of RMB.

🔥 ETH broke through $3,200 at the opening stage, reaching a new high since May 2022, and quickly rose to above $3,400, briefly exceeding $3,500.

🔥 <a href="/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a> broke through $400 this week, reaching a new high since June 2022. Within a week, WIF prices, ORDS prices, <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> L2 TVL, Lido TVL, CME BTC futures open contract volume, daily trading volume of 9 spot BTC ETFs, and daily trading volume of BlackRock IBIT reached historic highs.

🔥 This week, the net outflow of funds from GBTC reached a historic low.

🔥 Within a week, BTC ecosystem tokens, MEME tokens, and US crypto concept stocks in the crypto market generally rose.

🔥 This week, there were two rounds of large-scale short selling during the day, with the main short selling on the 27th reaching $380 million and the long short selling on the 29th reaching $790 million.

🔥 <a href="/price/stepn-gmt" target="_blank" class="blog_inner_link">STEPN</a> developer Find Satoshi Lab launches FSL Wallet/Badge.

🔥 Yuga Labs announced the launch of the Magic Eden Ethereum market and has stopped collaborating with NFT markets that do not support all creator royalties. In celebration of the market launch, a 69-day royalty reduction campaign will be held.

🔥 Y00ts has enforced creator royalties through Magic Eden.

🔥 TinFu announced the opening of NFT cross-chain voting to the Blast community.

🔥 Uniswap has launched a limit order function and browser plugin.

🔥 Lens Protocol allows all users to access it publicly.

🔥 The sentiment index of the crypto market has risen by over 80, with <a href="/price/tron-trx" target="_blank" class="blog_inner_link">TRON</a>'s daily protocol revenue reaching a historic high, and the MEME sector and US crypto stocks continuing to rise.

🔥 This week, 95% of BTC addresses achieved floating profits, which is equivalent to the peak period of the 2021 bull market.

🔥 The total daily trading volume of 9 BTC spot ETFs exceeded $2 billion, with BlackRock IBIT holding a record of $1.3 billion.

🔥 Card GameFi Parallel has started public beta testing, and GameFi Pixels pets are open for minting.

🔥 Google DeepMind launches the AI basic world model Genie; Apple terminates its ten-year electric vehicle project Titan and shifts to the field of generative AI.

🔥 The price of BTC against at least 30 national fiat currencies reached a historic high this week, and <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>'s Google search popularity is still far lower than in May 2021.

🔥 Snowden stated that it is expected that sovereign governments will continue to purchase BTC as a substitute for monetary gold reserves this year.

🔥 Telegram announced that its advertising platform will open to nearly a hundred new countries in March and will use TON blockchain for payments and withdrawals.

🔥 ARKM price, FET price, BTC New Whale floating profit, BTC ETF daily trading volume, Microstrategy stock daily trading volume, USDT market value, crvUSD total supply, Ethereum L2 TVL, and TRON TVL hit new highs.

🔥 As the weekend draws to a close, <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>, MEME, AI, and cryptocurrencies are once again experiencing a general upward trend.

## Regulatory Policies
🔥 BTC surged to the top of Weibo's hot search list this week, but was later removed from Weibo.

🔥 SBF insists on vegetarianism in prison, and inmates request leniency from him, stating that SBF has been subjected to multiple extortions in prison; Currently, SBF claims to face the risk of injury and extortion in prison, seeking a reduction of sentence to less than 7 years.

🔥 Gemini has reached a settlement with NYDFS and will pay a fine of $37 million. Gemini Trust has stated that if approved by the court, Gemini Earn users will receive a 100% return of physical digital assets.

## Crypto Market Highlights 
⭐️In the past week, the overall crypto market has rapidly risen, essentially driven by both external and crypto market cycles, leading to the rise of key mainstream currencies. This trend has further triggered market sentiment and led to a rapid influx of large amounts of funds in a short period of time. This round of market sentiment is also reflected in the low outflow of some popular currency holding addresses and tokens. Overall, the market has risen rapidly in a week, with both general and supplementary gains continuing in a short period of time, and there is a certain probability of a pullback in the future.

⭐️Despite a positive market situation this week, multiple types of crypto sectors have seen a general increase. Following last week's efforts in the AI sector, the performance of this sector remains impressive, with <a href="/price/arweave-ar" target="_blank" class="blog_inner_link">Arweave</a> achieving a weekly increase of 102%. But PEPE has reached a historic high in over a year, breaking through the highest price range of $0.000003 in history, with a seven day increase of 141.49%. This is also the most impressive trend for the project in recent times.
![](https://gimg2.gateimg.com/image/article/17092559471.png)
(Data Courtesy Of Coinmarketcap)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17092559582.png)
(Data Courtesy Of TradingView)

The price trend of BTC has been generally upward this week, without any significant price correction. Since the opening stage, it has been rising from the price of $51,000 to around $57,000, and has since driven a rebound trend. In a short period of time, it quickly broke through $60,000 and once exceeded a high of $64,000. But after BTC, it began to show frequent intraday fluctuations, and prices began to experience ups and downs. Currently, it has retreated to the range of $60,600 - $60,700 and is still in a rapid oscillation cycle. The trend in the subsequent weekend closing stage is not yet clear, and the support levels of $60,000 and $61,000 are relatively crucial. There is a high probability that falling below this price will trigger further pullbacks.

Analysis suggests that the currency price of BTC has reached a critical and sensitive position this week. On the one hand, its profit and loss range has been comparable to the top of the 2021 bull market. On the other hand, due to changes in the US dollar exchange rate, the actual price of BTC has exceeded the historical highs of multiple national fiat currencies. As a market dynamic for Q1 2024, the price performance of BTC has given a very clear signal to the upcoming March market, The crypto market is trending towards a complete recovery, and external market conditions are better than the previous bull market. In the future, the currency and market will usher in a larger upward cycle. In the short term, the price of BTC is likely to have encountered a bottleneck, with $61,000 becoming a key price point. Further fluctuations will revolve around this price range, and further observation is needed through the closing price data.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/17092559683.png)
(Data Courtesy Of TradingView)

The price trend of ETH this week has a certain continuation relationship with the previous week, and its coin price rise curve is slightly flat compared to BTC. However, since the opening stage, it has remained above $3,000 and continued to rise. In a short period of time, it has repeatedly broken through the key price levels of $3,200 and $3,500, showing frequent intraday fluctuations. At present, the currency is affected by market cycles and shows a certain downward trend, and the magnitude is not low, maintaining above $3,300, similar to the decline in BTC price.

Analysis suggests that the performance of ETH coin prices this week is basically a continuation of the continuous upward trend in recent weeks. Although there has also been a rapid rise in coin prices in the short term, overall, coin prices fluctuate with changes in the market, and the weekly fluctuations are controlled within a relatively fixed price range, about $200 - $300. The probability of a short-term correction in the subsequent ETH price is not small. Like BTC, due to the rapid rise in this round, it basically depends on the support of the key ETH price level of $3,200. Further ups and downs in the future will revolve around this price level.

## Web3 Project Trend
This week, the total market value of eight types of projects has significantly increased, and each track has been affected by the overall upward trend of the market showing a general upward trend. Although there is a probability of a pullback in key mainstream currencies, the overall market trend is likely to continue, and the overall volatility of different types of projects will still be mainly based on the above trend. It is necessary to consider the overall changes in the market and the factors of off-exchange news together.
| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 15.0% | WAXP,OCTA, ORAI | The Layer 1 sector has seen a significant increase this week, and the distribution of the TOP project's upward trend is relatively balanced, showing an overall general upward trend, mostly with mainstream currencies rising. |
| Layer 2  | 9.8%  | AZR, SAVM, WBROCK | The Layer 2 track is also dominated by a general upward trend, with an evenly distributed upward trend. AZR in the TOP projects continues to maintain a significant upward trend. |
| DeFi  | 10.7%  | EQZ, SPELL, SHARE | The DeFi sector continues last week's upward trend, with active market cycles and a record high total TVL across the entire network, resulting in a significant increase in TOP projects.。 |
| NFT  | 12.8% | EGG,MTVT,DG | The overall increase in the NFT market this week was significant, driven by the overall upward trend of the market, and the dynamic of multiple NFT related projects has led to more obvious FOMO sentiment. Not only the TOP projects, but also the overall improvement has been good. |
| MEME  | 50.8% | BABYSHIB,VARK,GINUX | The MEME coin track has seen an explosive rise, with previously popular projects experiencing decent gains within a week, not just limited to the AI sector. Most of the top few projects belong to past popular currencies. |
| LRT  | 17.8% | SEN,PENDLE,SOMM | The LRT sector has seen a significant increase this week, but the overall trend curve shows a more frequent oscillation trend, with an overall upward trend and growth concentrated in the TOP projects. |
| BRC-20  | 16.1% | @LFG,WHEE,AIGC |  The BRC-20 track has seen a significant increase this week with the rise in related token prices. The TOP project @LFG has seen an exaggerated increase, but other projects have shown a relatively evenly distributed upward trend. |
| AI  | 10.3% | IAI,ARKI,GLQ |  As a highly anticipated emerging concept sector this year, the projects covered by the AI sector are relatively susceptible to the influence of off-exchange news. Building on the previous upward trend, the AI track has maintained good growth this week, with the TOP project growth rate still high. There is a high probability that this track will continue to rise in the short term in the future. |

<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>