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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
The crypto market continued to fluctuate this week, with mainstream currencies experiencing different fluctuations throughout the week, with some currencies experiencing slight pullbacks. <a href="/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a> rose by over 20% in the same 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 the past seven days, showing a slight fluctuation in the market. This week, the second-tier currencies have seen a significant increase, with L2 and LSD sectors experiencing a general upward trend. The current total market funding is $1.67 trillion, an increase of over $20 billion compared to the same period last week.

The top 100 crypto projects had a 7:3 rise-to-fall ratio this week, indicating an overall bullish market trend. However, the volatile pullback trend resulted in a significant sell-out of SOL positions within a week, which did not continue the significant upward trend of the past few weeks. The weekly high for BTC is $44,199, and the weekly high for ETH is $2,441.

The prices of BTC and ETH have risen and fallen to -2.84% and 5.05% in a week. The 7-day increase in BSV this week reached 84.6%, influenced by the production of BTC miners within a week, and combined with the subsequent news of BTC, it is estimated that the price of this currency will experience a rapid upward trend in the middle of the week.

The crypto market as a whole has remained volatile and upward this week. Although the total market value has not changed significantly, secondary currencies such as L2, LSD, and other GameFi tokens have seen significant increases.

There is a significant difference in the trend of BTC and ETH this week. Although both have shown significant intraday fluctuations, BTC's slight correction trend is obvious, while ETH has broken through the key price point of $2,400, showing a clear upward trend. As of now, the global crypto market value is $1.67 trillion, and the entire market has fallen by about 1.32% within 24 hours.

## Crypto Market
🔥 The deadline for submitting SEC spot BTC ETF applications is the 29th, and the first wave of approval decisions will take place on January 10th.

🔥 The expected BTC halving is April 22nd, with less than 120 days remaining.

🔥 This week, the difficulty of BTC mining reached a new high, and the profitability of BTC miners has decreased by 34% since the 17th. In December, the income of BTC miners was close to the all-time high in April 2021.

🔥 The Rune Alpha market testnet will be launched next week, with an on chain trading volume of over $100 million on ETHS.

🔥 Last week, the NFT trading volume was -12%, with <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> Chain ranking second in NFT trading volume, BTC Chain ranking first, and ETH Chain ranking third. At the same time, Solana's monthly active and newly added addresses both reached their highest levels this year.

🔥 The proportion of long-term ETH holders holding coins exceeds 70%, reaching a high.

🔥 Within a week, ORDI prices, Solana MEME coin SILLY prices, SUI TVL, and Blast TVL ($1.02 billion) reached new highs, with in_script_ions leading the way and GameFi rising.

🔥 The market value of BRC-20 has exceeded $2.1 billion this week.

🔥 This year's DeFi protocol revenue top gainers include Maker ($95.91 million), Lido ($55.79 million), <a href="/price/pancakeswap-cake" target="_blank" class="blog_inner_link">PancakeSwap</a> ($52.31 million), Convex ($42.23 million), <a href="/price/gmx-gmx" target="_blank" class="blog_inner_link">GMX</a> ($37.52 million), and more.

🔥 The total trading volume of <a href="/price/dydx-dydx" target="_blank" class="blog_inner_link">dYdX</a> has exceeded $5 billion.

🔥 SILLY price, BTC computing power, mining company Marathon's production this month, <a href="/price/avalanche-avax" target="_blank" class="blog_inner_link">Avalanche</a>'s number of validators in December, and monthly activity reaching new highs.

🔥 Ordinals Wallet supports BRC420, while UniSat Wallet supports ARC20.

🔥 Musk posted a video tweet with the words NFT, in which he stated that at least JPEG should be encoded on the blockchain.

🔥 L2 Metis TVL ranks fourth, surpassing zkSync Era.

🔥 Within a week, Solana Chain's single day and 7-day DEX and NFT trading volume, as well as the number of active addresses, exceeded ETH Chain's, and Solana's non voting trading reached an annual high.

🔥 Within 7 days, the Raydium protocol cost was $161 million, ranking first in the super BTC network.

🔥 The spot trading volume on CEX in Q4 is expected to surge by more than 83% month on month.

🔥 Mt. Gox creditors began receiving compensation in Japanese yen.

🔥 <a href="/price/stepn-gmt" target="_blank" class="blog_inner_link">STEPN</a> developers have officially launched Gas Hero, which will begin public testing on January 3rd.

🔥 Within a week, OP reached a new high, and L2 and LSD tokens showed a general upward trend.

🔥 MicroStrategy has invested $600 million to increase its holdings in BTC, currently holding a total of 189150 BTC with a floating profit of $2.3 billion.

🔥 Stocks such as Marathon (a mining company), Coinbase, and MicroStrategy have risen by over 300% this year, with Marathon's 24-hour trading volume surpassing that of Tesla, Apple, and Amazon.

🔥 ETH's weekly coin price reached a high of $2,400, reaching a new high since May last year.

🔥 Vitalik Buterin proposed three methods to simplify <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> PoS: decentralized staking pool, two-level staking, and participant rotation. It is recommended that each slot only requires 8192 signatures.

🔥 The Rollup improvement proposal EIP-7212 aims to enhance L2 security and economy.

🔥 This year, the average return rate of crypto hedge funds is 44%, and the average return rate of passive crypto funds is 265%.

🔥 OneDegree, a Hong Kong digital asset insurance company, has received over a hundred project teams expressing interest in developing stablecoins.

## Regulatory Policies
🔥 Eddie Yue Wai-man stated that Hong Kong needs to establish a regulatory framework that is tailored to local conditions and follows international standards and practices to ensure that the stablecoin truly lives up to its name.

🔥 The consultation document from the Hong Kong Monetary Authority states that unlicensed issuance and promotion of stablecoins are criminal offenses and can be fined up to HK$10 million.

## Crypto Market Highlights  
⭐️In the past week, the hot spot in the crypto market has appeared on various secondary currencies, while more mainstream currencies such as BTC, ETH, and SOL tend to fluctuate slightly. Among them, SOL is particularly typical, and in fact, the downward trend within a week is very obvious, while the upward trend of other currencies such as L2 and LSD is more common. However, considering that the total amount of market funds has not increased significantly, and there has been a significant increase in trading data on various trading platforms within a week, it can be considered that the liquidity of the crypto market has increased to some extent compared to before this week. Coupled with price changes between different currencies, the overall market still shows a certain degree of volatility.

⭐️Amidst the intensification of market liquidity this week, BSV, as one of the fork coins of BTC, has seen a significant increase, which is more influenced by market news factors. In addition, BTC and SOL have shown a clear downward trend this week, but liquidity has intensified, leading to an upward trend in a group of secondary currencies. The increasing difficulty of BTC mining and the approaching ETF approval and halving dates have played a significant role in stimulating the trend of BSV.
![](https://gimg2.gateimg.com/image/article/1703816586img_v3_026j_13705c78-78d6-4a7b-860a-02959a6ad2ix.jpg)
(Data Courtesy Of CoinGecko)

<a href="/price/bittorrent-btt" target="_blank" class="blog_inner_link">btt price</a>
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/1703816760img_v3_026j_54705e76-7c3f-4ca0-b1b2-6acf129bfaix.jpg)
(Data Courtesy Of TradingView)

The price of BTC reached a high point of $44,199 this week and a low point of around $41,845. The currency's price was the highest point of the week during the same period last week. Although the overall correction trend was very obvious, it remained within a relatively small range, and the currency price did not drop to nearly $40,000 like in the previous weeks.

Overall, the performance of BTC this week is a volatile market correction. Due to the clear upward trend of BTC earlier, further growth of the currency has been slightly weak since entering December, requiring further market news and capital injection. The current price changes of BTC reflect this, and it is in the early stage of subsequent upward trends, At the same time, this week, due to factors such as mining difficulties and ETF-related dates, the long and short trends are still unclear, and a slight fluctuation and correction have become the main trend.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/1703816807img_v3_026j_99f9809e-f4a8-4227-84d0-35a5f7ec69ix.jpg)
(Data Courtesy Of TradingView)

The price trend of ETH this week tends to rise rapidly. Although the coin price broke through the key price level of $2,400 within a week, the overall increase is not significant and can be regarded as a regular fluctuation in the coin price. Within a week, Ethereum also lacked corresponding key hot spot information. As one of the mainstream currencies, ETH's short-term coin price still largely follows the volatility of the crypto market.

However, overall, the ETH coin price tends to be stable, with fluctuations concentrated between $2,250 and $2,400. It is currently in a stable market oscillation cycle that is close to change, and the possibility of a large-scale pullback and decline is relatively small.

## Web3 Project Trend
The total market value of the seven types of projects this week has shown slight differences, with most showing growth. MEME coins have mainly experienced a bearish decline this week due to the lack of market hotspots in recent times and the hot investment trend in other tracks. Layer2 experienced significant growth within a week due to the impact of the general upward trend.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 0.2% | HMND,ALPH, ZANO | The overall fluctuation of Layer 1 during this week was relatively small, and it was basically in a stable market fluctuation state within a week, with the TOP project gains concentrated in a small range. |
| Layer 2  | 21.9%  |WBROCK, MNT, BROCK |The Layer 2 sector has seen a significant general upward trend this week, but given that the L2 sector is still in the process of infrastructure construction, there is a high probability of a pullback next week. |
| DeFi  | 6.5%  | HEC, LEND, EROWAN | The liquidity of the DeFi track has significantly improved this week, with a significant increase in TOP projects, but it is still mainly based on mature projects in the past. |
| NFT  | 4.9% | BCOIN, $LOBSTER, WARPED | The NFT market experienced a slight increase this week, basically continuing the growth logic of previous weeks, mainly driven by other tracks. |
| MEME  | -2.8%  | FATCAT,BABYSHIB,FREN | The MEME coins have shown an overall bearish trend, lacking market speculation hotspots and showing relatively weak growth. |
| LSD  | 5.5% | SCANTO, BRG,STCMDX |The LSD sector has seen a slight general upward trend within a week, benefiting from the increase in liquidity in other tracks. It is also highly likely to follow the trend of the market and show a volatile upward trend in the future. |
| BRC-20  | 11.4% | DOMO,XING,BSV |  The BRC-20 track has maintained good growth this week, and given the ongoing trend of in_script_ions, there is still a lot of room for growth in this track. |



<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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English

The expected halving of BTC is April 22nd. The difficulty of BTC mining has reached a new high. In_ions led the rise and GameFi generally rose this week.

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Weekly Web3 Research | In_script_ions Led the Rise and GameFi Generally Rose; The Difficulty of BTC Mining Reached A New High; BRC-20's Market Cap Exceeded $2.1 Billion