Weekly Web3 Research | The Crypto Market Experienced A General Rise and Fall Within A Week; Vitalik Posted An Update on the Ethereum Roadmap

2024-01-05, 02:32

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
This week, the crypto market experienced a large-scale trend of general rise and general fall. The upward trend of various mainstream currencies was very obvious in the short term, but it began to rapidly enter a downward trend in the short term. The entire crypto market once reached above $1.8 trillion in a short period of time, but has now fallen back to around $1.68 trillion, with less change in total funds compared to the same period last week. Affected by news factors, mainly due to the repeated approval process of the SEC for ETF spot trading, the crypto market experienced a large-scale sell-out event within a week, with the main selling multiple orders.

The crypto project of Top100 has a rise and fall ratio of 4:6 within a week, and the market is currently slightly bullish. The impact of news factors has led to a rapid peak in the prices of key currencies. BTC has broken through the key price of $45,000 this week, and ETH has broken through the key price of $2,400 this week. The increase is more dramatic but the decline is obvious, with high levels reaching $45,757 and $2,430, respectively.

The prices of BTC and ETH have fluctuated by 3.57% and -4.01% in a week. The 7-day increase in SEI this week reached 69.13%. Earlier, various mainstream exchanges launched SEI, but due to the applicability of their own L1 public chain, the coin price rose. Especially after entering December 2023, SEI experienced a rapid and continuous upward trend, reaching a new high this week.

The crypto market as a whole has experienced a general rise and a general fall this week. Although the total market value has not changed much compared to the same period last week, the market trend is relatively fierce. Although there has been no further correction after the general fall, it is still heavily influenced by news factors. It is advisable to focus on relevant information and avoid blind operations.

## Crypto Market
🔥 Within a week, the crypto market experienced a general rise and fall, with a total market value briefly exceeding $1.8 trillion, with BTC accounting for nearly half. BTC and ETH broke through key price levels of $45,000 and $2,400 respectively, followed by a rapid decline in the overall market; This round of general gains and losses has been affected by the SEC's wavering approval of BTC spot prices, and has now entered a post general decline state.

🔥 Teller (TRB) has experienced a sharp rise and fall, reaching a maximum of about $590 and currently around $134. Within 24 hours on Monday, TRB's liquidation exceeded $70 million.

🔥 Teller is developing the L1 oracle chain Teller Layer and expanding into BRC20.

🔥 The Orbit Chain cross-chain bridge was attacked, resulting in damage of $81.5 million.

🔥 Vitalik Buterin posted an update on the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> roadmap.

🔥 Throughout 2023, BTC increased by 160% and ETH increased by 90%.

🔥 <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> has become the tenth largest holder of BTC, with a floating profit of $1.15 billion.

🔥 In December, BTC's on chain NFT sales reached $880 million, setting a record for the highest monthly sales.

🔥 The Valkyrie BTC Miner ETF saw a year-on-year increase of 314%, making it the best performing non leveraged ETF in the United States in 2023.

🔥 The transaction volume of <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> DEX in December exceeded $28 billion, setting a new historical high.

🔥 UniSat stated that it will follow the Ordinals Jubilee Jubilee Jubilee upgrade without splitting into isolated protocols, and the white paper will be released at the end of January.

🔥 The United States and Germany together account for nearly 70% of the number of Ethereum nodes.

🔥 The Arbitrum One network TVL hit the $10 billion mark this week.

🔥 Axie released data for 2023, with an annual activity of 662647 and an average monthly activity of +170%. AXS's treasury revenue is approximately $3.4 million.

🔥 BTC has been around for 15 years, and Satoshi Nakamoto recorded the headline of the Times on the front page of the Genesis block: The Times 03/Jan/2009 Chancellor on Brink of second bailout for banks.

🔥 Strike CEO stated that he no longer holds any US dollars and will fully support BTC.

🔥 The founder of BRC20 commented that UniSat will comply with the Jubilee upgrade and hopes that the BRC20 community will reject the fork of UniSat. UniSat responded by stating that Jubilee upgrade is the top priority and will make every effort to prevent the split between BRC-20 and Ordinals.

🔥 Yuga Labs teamed up to purchase 1 NodeMonkes BTC NFT.

🔥 Unibot launches the Solana dedicated trading bot.

🔥 Jupiter Co Creation stated that JUP tokens will be airdropped at the end of January, and it is expected that 15-17.5% of JUP tokens will enter circulation on its first day.

🔥 The Radiant Capital attackhas caused a loss of $4.5 million.

🔥 The monthly transaction volume of Solana NFT surpassed that of Ethereum's mainnet for the first time this week.

🔥 MOBOX enables Dragonverse Neo beta testing.

🔥 ARB, SEI, PEOPLE and other markets hit new highs this week.

🔥 This week, the crypto market showed a general upward trend and a general downward trend, with a 24-hour burst of positions reaching $710 million during the sharp decline, with the main burst of multiple orders.

🔥 Matrixport stated that if the SEC directly rejects BTC spot ETFs, BTC will rapidly decline by 20%. CryptoQuant stated that BTC may fall to $32,000 within one month of approval. Bloomberg analysts said that if the SEC plans to postpone, there will be no talks with exchanges to discuss, and there are no other signs except for the imminent approval of BTC spot ETFs.

🔥 Eth_script_ions has opened up a new index, Eth_script_s Index.

🔥 Silly Dragon launched its first NFT series, Silly Dragon Chibi, on the 10th.

## Regulatory Policies
🔥 The US government has withdrawn six additional charges against the SBF, and prosecutors have stated that they do not intend to conduct a second trial against the SBF.

🔥 The US court has once again rejected CZ's travel permit request.

🔥 The decision regarding ETF approval has been fluctuating within a week, and the SEC has stated that time is still needed for review and it is unlikely to make a direct ETF decision. Currently, the SEC and the exchange are holding a meeting to confirm the matters related to the BTC spot ETF decision. There are reports that the SEC may notify the issuer of approval on Friday, and trading can start as early as next week.

## Crypto Market Highlights
⭐️In the past week, hot topics in the crypto market have emerged on the news side, with ETF spot approval being a major hot topic and also having a direct impact on the price trends of a range of mainstream currencies. The fluctuation of news has also led to rapid fluctuations in the market of mainstream currencies such as BTC, ETH, and SOL. Although there has been a large-scale general rise and fall this week, and there has been a large number of liquidated funds in the short term, the market as a whole has not seen any further replenishment and decline. The support of various currency prices is still strong, and in the long run, it is still the window period before the next round of bull market in the market.

⭐️Amidst the volatile market conditions this week, currencies such as ARB, SEI, and PEOPLE have hit new highs, mainly due to the impact of project actions and currency applicability. In addition, the BRC20 Jubilee upgrade has led to the emergence of local hot spots in the market. The SEI currency has risen by about 70% within a week, ranking among the top in terms of growth.
![](https://gimg2.gateimg.com/image/article/17044218831.png)
(Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17044218962.png)
(Data Courtesy Of TradingView)

The price of BTC reached a high point of $45,757 and a low point of around $41,430 this week. The coin experienced a rapid rise and fall trend and was deeply affected by the SEC's approval of the ETF spots. However, the current price has rebounded significantly. Although it has experienced short-term fluctuations, the price has slightly rebounded compared to the same period last week, and the overall support for the price remains strong.

Overall, BTC's performance this week is largely influenced by factors other than its own price trend. Considering that the approval of ETF spot is still a hot topic in the market recently, and the SEC's actions on this matter have been relatively repeated, there is still a window for improvement. However, it can be confirmed that this event will have a profound impact on BTC prices and future trends, and more attention should be paid to relevant information in the near future, The fluctuation of BTC prices is likely to experience significant fluctuations with the outcome of this event.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/17044219073.png)
(Data Courtesy Of TradingView)

The price trend of ETH this week is more consistent with the overall market trend, especially with a certain strong correlation with BTC. Within a week, the coin price once again broke through the key price level of $2,400, reaching a high of $2,430 and a low point that briefly dropped to around $2,100. However, the price fluctuation of ETH is slightly smaller compared to BTC, due to the weaker direct impact of ETF spot approval on the currency. In addition, the update of the Ethereum roadmap this week has created a hedge against unfavorable news factors, and the fluctuation of the coin price has been controlled within a small range.

However, overall, the price of ETH currency is still greatly affected by the news factors of this round. Due to the characteristics of its mainstream currency application, such events that have an overall impact on the market still have an important impact on the currency. In the next one or two weeks, the trend of the coin will continue to follow the overall market trend. Of course, the impact of various projects and ecological actions on Ethereum also needs to be considered.

## Web3 Project Trend
This week, the total market value of the seven types of projects showed slight fluctuations, but the vast majority showed a slight rise and fall trend. Due to the intense market fluctuations this week, overall market funds have not changed much. However, the BRC-20 track has seen a significant increase due to its anniversary upgrade and the abundance of project hotspots within a week.

| Project category  | 7d Change  | Top 3 Gainers  |Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 1.7% | PICA,ALPH, TET | The overall fluctuation of Layer 1 during this week was relatively small. Although the intraday market fluctuation was relatively large, it was basically in a relatively stable market fluctuation state during the week. |
| Layer 2  | -2.2%  |GEL, METIS, OP | The Layer 2 track has shown a bearish trend this week, due to the lack of certain market hotspots and low capital <a href="/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a>. |
| DeFi  | -3.2%  | DEPAY, HAKKA, FRIN | The DeFi sector experienced a certain bearish trend this week due to the large scale of market liquidation and a decrease in available working capital. |
| NFT  | 4.4% | VEE, RARE, FIEF | The NFT market experienced a slight increase this week, mainly driven by hot topics in similar projects on other tracks, and it is still in a relatively stable fluctuation trend. |
| MEME  | -7.7%  | EGG,$LOBSTER,$MYRO | The MEME coin track has been continuously falling and falling, and currently, it seems that there is a need for subsequent hot topics to support and speculate in order to build momentum. |
| LSD  | -1.9% | MILKTIA, STOSMO,STSTARS |The LSD sector has also declined due to the influence of mainstream currency market trends but has since rebounded. |
| BRC-20  | 79.6% | $DOG,SHNT,MOON |  The BRC-20 track, combined with last week's good growth trend, has seen an anniversary upgrade this week, further intensifying the market frenzy. |

<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>