Weekly Web3 Research | Mainstream Cryptos are Rapidly Rising; Expectations of Volatility in the US Options Market Reach Their Peak Before the Election

2024-10-18, 03:28

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## Weekly Trend Overview
The overall upward trend in the <a  rel="nofollow noopener noreferrer"  href="/price" target="_blank" class="blog_inner_link">crypto market</a> is quite evident, manifested as short-term fluctuations and upward movements. Although some coins have fallen, most mainstream coins are still affected by the rise of top coins, resulting in a rapid upward trend overall. <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> mainly followed the market trend of rising per share, with a significant weekly increase, reaching a price range of around $67,000. Overall, the prices of key mainstream coins have significantly increased this week, indicating a certain overall rise in the market. The <a  rel="nofollow noopener noreferrer"  href="/price" target="_blank" class="blog_inner_link">crypto market</a>, and the overall financial market in the United States are experiencing significant market changes due to the approaching election. The crypto market's overall value growth slightly changed, reaching around $2.3 trillion, a decrease of 1.42% within 24 hours. The market sentiment rose to 60, showing a significant change. The trend of key mainstream coins this week is currently in a sustained upward state, and further gains are expected during the weekend closing period.

The crypto market performed relatively well this week, with continuous fluctuations and upward movements being the mainstream trend. Currently, it is still in a relatively obvious cycle of change, and there may be new market changes in the short term. The <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">BTC price</a> reached around $67,000 within a week, and as of the statistical time, the coin price is still in a clear upward trend, with a weekly increase of about 13%. Currently, the price remains at $66,914. ETH also saw a significant weekly increase of around 10.52%, currently maintaining around $2,589.

The overall performance of the crypto market performed well, with most coins showing significant price increases, but there have been no mainstream coins with super high price increases yet. MEW rose by about 45% in 7 days, with a significant price increase. Other top-rising coins are in the same range of gains, and MEW has the largest increase among mainstream coins, with its price currently maintaining around $0.008228.

The overall crypto market will likely continue to rise this weekend, and a clear market trend is expected during the weekend.

## Crypto Market
🔥 10x Research stated in its market analysis report that MicroStrategy's momentum continues. Last week, the stock rose 16%, reaching a historic high with a market cap of $43 billion.

🔥 According to the latest weekly report on crypto platforms, macroeconomic and market sentiment fluctuations, as well as global capital flowing back into traditional financial markets, have intensified downward pressure on crypto assets. The linkage between the US stock market and nonfarm payroll data drove BTC to rise in the short term, but as a risky asset, BTC followed the correction of the US stock market.

🔥 Seraphim, Head of Growth at Ethena Labs, tweeted that the Ethena community initiated a proposal to include SOL as collateral assets for USDe. The proposal includes SOL as collateral assets for USDe and using BNSOL (Binance Liquid Staked SOL) and bbSOL (Bybit Liquid Staked SOL) as additional support assets for USDe.

🔥 Worldcoin recently shared an important project update in San Francisco. The developer stated that the project "significantly" grew and expanded in the past five years, and the time has come to enter the next stage of development.

🔥 Michael Nadeau, founder of DeFi Report, stated in an article on the X platform that <a  rel="nofollow noopener noreferrer"  href="/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a> generated nearly $1.3 billion in transaction and settlement fees on <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>, Base, Arbitrarum, <a  rel="nofollow noopener noreferrer"  href="/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a>, and <a  rel="nofollow noopener noreferrer"  href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> last year. These fees were not earned by the protocol and token holders, with 100% going to liquidity providers, <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> validators, MEV bots, and L2 sorters. But with the launch of Unichain later this year, everything will change.

🔥 According to The Block, Borderless Capital partner Alvaro Garcia recently stated, "DePIN may be the only category in <a  rel="nofollow noopener noreferrer"  href="/web3" target="_blank" class="blog_inner_link">Web3</a> where value comes from outside the crypto industry.”

🔥 According to CoinDesk, research by investment bank Jefferies shows that <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> mining profits declined in September, despite Bitcoin prices remaining relatively stable, network computing power increased by about 1.7%. The bank pointed out that the average daily revenue per Exahash decreased by 2.6%. In addition, October may be even more difficult for miners, as despite the <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin price</a> rising by about 5%, network computing power increased by 11%, further putting pressure on profits.

🔥 According to DefiLlama data, the total market cap of stablecoins is now reported at $172.7 billion. It has been reaching a new high since May 2022, with a weekly increase of 0.48%. USDT accounts for 69.26%.

🔥 According to crypto reports, the funding rate for Ethereum perpetual futures soared to an annualized 18%, reaching its highest level since May 2024. This indicates that market sentiment is changing, with traders heavily long ETH before the US presidential election. After Ethereum prices fell from $3800 to $2500, traders now <a  rel="nofollow noopener noreferrer"  href="/crypto/buy/ethereum-eth" target="_blank" class="blog_inner_link">buy ETH</a> at more attractive prices.

🔥 The Wintermute report shows that <a  rel="nofollow noopener noreferrer"  href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>'s on-chain trading volume increased by 50%, reaching $51 billion, surpassing Ethereum's $46 billion. Meanwhile, Memecoin's influence on <a  rel="nofollow noopener noreferrer"  href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> is also increasing, with 40% of Solana's trading volume coming from Memecoins, of which pumpdotfun accounts for 35% of Solana's total DEX trading volume.

🔥 Ethereum founder Vitalik joked about a vision diagram about L1 founders and VCs, stating that if an L1 public chain founder blurts out words like "chain go fast" in their "north star" without mentioning words like "robust," "censorship-resistant," or "decentralized," then they undoubtedly expose their true priorities.

🔥 According to Arkham monitoring, MicroStrategy has outperformed every company in the S&P 500 index since August 2020.

🔥 Sonic Labs released a simplified version of its Litepaper, revealing that it is introducing token economics based on community governance proposals. The key points are as follows: when officially launched, the circulating supply of S was approximately 2.88 billion, with a total supply of 3.175 billion, which is equivalent to the supply of FTM; After 6 months of launch, the network will provide 6% of the initial total supply for airdrops to reward Opera and Sonic users, with attribution within 9 months after airdrops; After six months of launch, the network will mint 1.5% of the initial total supply annually for six years to fund growth and destroy any unused tokens; Starting from four years after Sonic's launch, the annual inflation rate will be 1.75% to reward validators.

🔥 According to Cointelegraph, Japanese-listed company Metaplanet doubled its Bitcoin holdings this month, making four purchases totaling over 450 bitcoins.

🔥 Predict that the betting amount on the US election on the Polymarket market will exceed $2 billion. As of October 17, Republican candidate Trump has placed nearly $608 million in bets on Polymarket, with a winning rate of 62.3%; Democratic candidate Harris has a bet of $405 million and a win rate of 37.5%.

🔥 On October 15, Adam, a researcher at Greeks.live, posted on social media that after yesterday's sustained rise, the crypto options market saw many block trades, with transactions exceeding $1.2 billion in the past 24 hours. Bitcoin put options had the highest trading volume, reaching $530 million. The largest transaction was worth $66 million in nominal terms.

🔥 According to Coinglass data, if Bitcoin breaks through $69,000, the mainstream CEX's accumulated short clearing strength will reach 1.711 billion; On the contrary, if Bitcoin falls below $65,000, the cumulative liquidation strength of mainstream CEX orders will reach 1.935 billion.

🔥 According to Dune data, pump.fun's daily active addresses and newly added addresses have reached historical highs. As of October 14, the daily active addresses of the platform reached 75,500. In addition, DefiLlama data shows that yesterday's pump.fun's daily revenue reached $1.81 million, a new high in nearly three months.

🔥 According to Cointelegraph, a research report by Tren Finance suggests that some large financial institutions and business consulting firms predict that the RWA (Real World Asset) tokenization industry may grow more than 50 times by 2030.

🔥 According to SoSoValue data, on October 15, Eastern Time, the total net outflow of Ethereum spot ETFs was $12.0731 million.

🔥 According to a new survey by Francisco Covid University, only 7.5% of respondents in El Salvador stated that they use cryptocurrency for transactions, while 92% admitted not using cryptocurrency, and only 1.3% believe that Bitcoin is the country's main direction for future development.

🔥 Lisa Shalett, Chief Investment Officer of Morgan Stanley Wealth Management, stated that the Federal Reserve is currently focusing on a "mixed bag" labor market and will continue to cut interest rates in November. However, policymakers are carefully monitoring the situation as inflation is no longer cooling rapidly.

🔥 Celestia officially announced on social media that the Data Availability (DA) network plan will undergo its first upgrade to Shwap, which was activated on the Arabica and Mocha testnets through Celestia-node v0.18.2. Shwap will increase DA sampling speed by 12 times and reduce storage requirements by 16.5 times, thus supporting larger blocks and smaller nodes.

🔥 According to CoinDesk, Galaxy Digital's latest report shows that the global investment in crypto startups in the third quarter of 2024 was $2.4 billion, a decrease of 20% from the previous quarter, and the number of investment transactions decreased by 17%.

🔥 According to a recent report by Aspen Digital cited by Cointelegraph, private wealth interest in cryptocurrencies in Asia is significantly increasing. A survey shows that 76% of private wealth in Asia has already ventured into digital assets, with another 18% planning to invest in the future, totaling 94%.

🔥 Radiant Capital stated in an article on X: "We are aware of issues in the Radiant lending market on <a  rel="nofollow noopener noreferrer"  href="/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a> Chain and Arbitrarum. We are working with SEAL911, Hypernative, ZeroShadow, and Chainalysis to address these issues and will provide updates as soon as possible. Base and mainnet markets are temporarily suspended from trading until further notice.” Earlier today, according to security companies, Radiant Capital is suspected to have suffered losses exceeding $51 million from an attack.

🔥 Zerocap Chief Investment Officer Jonathan de Wet stated in an investor report that Bitcoin's upward momentum remains strong.

🔥 Lido announced that the snapshot voting for its Community Staking Module (CSM) mainnet release settings was successfully approved, and the contract is now deployed on Ethereum. The on-chain voting will be launched next week after the final security check. If approved, the CSM will soon go live.

🔥 The Base research team launched a proof of concept (POC) for the cross L2 call standard RIP-7755, which helps achieve cross-chain interoperability between different Ethereum Layer2 networks, such as <a  rel="nofollow noopener noreferrer"  href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> and Arbitrarum.

🔥 According to The Block, a research report released by a16z crypto on Wednesday pointed out that the number of active addresses and usage rates of cryptocurrency have reached historical highs this year. The report estimates that there were approximately 617 million global crypto holders and 60 million monthly active users as of September.

🔥 According to The Block, as of October 16, 2024, the income of Ethereum stakers showed a slow downward trend. The total revenue in September was $174 million, a decrease of about 30% from the peak of $247 million in March, reflecting the overall sluggish sentiment in the crypto market.

## Regulatory & Macro Policies
🔥 Grayscale Investments submitted an application to the US SEC seeking to convert its hybrid crypto funds, which include Bitcoin, Ethereum, Solana, <a  rel="nofollow noopener noreferrer"  href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a>, and <a  rel="nofollow noopener noreferrer"  href="/price/avalanche-avax" target="_blank" class="blog_inner_link">Avalanche</a>, into ETFs. The company previously converted its Bitcoin and Ethereum funds into ETFs.

## Crypto Market Highlights
⭐️Last week, the crypto market continued to rise, influenced by the US election and stock market trends. In the short term, the overall future trend has become mainstream, with most mainstream coins showing a relatively obvious upward trend, manifested as a continuous rise within a small range. The crypto market sentiment has significantly increased and is in the early stages of rising. Likely, it will rise further in the short term. The current market situation is expected to show significant changes again by the weekend.

⭐️ Many mainstream coins have seen significant price increases in the market, with the proportion of top growth maintaining above 40%. However, the MEME coin is still the most rapidly rising, with MEW prices experiencing continuous fluctuations and an increase of around 44.4% in seven days. Currently, the price is around $0.008348. The highpoint of the coins's price for the week was around $0.00926. Currently, the price has fallen slightly, and it is expected to maintain a slight upward trend in the future, mainly with a volatile trend.

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17292215672.jpeg)
(Data Courtesy Of TradingView)

The price of BTC as a whole started around $63,000 last weekend and showed a continuous upward trend after opening. Due to the recent external news and the rapid rise of the US stock market, BTC showed an upward trend, with a weekly increase of over 10%. Currently, the coin's price is still in a relatively clear upward channel, with a high point of around $68,300 and a low point of around $62,000.

Analysis suggests that the price fluctuations of BTC this week are more influenced by external markets, and with the US presidential election approaching, Trump has a higher probability of winning. His friendly crypto policy has given the crypto market a higher bullish expectation. Currently, the overall trend of crypto driving the market upward is more obvious, and it is expected that the price will usher in a new upward trend near the closing time.

### Ethereum (ETH)
![](https://gimg2.gateimg.com/image/article/17292215883.jpeg)
(Data Courtesy Of TradingView)

Since the opening, ETH's high point has fluctuated within the range of $2,400-$2,500, and its overall performance showed a strong correlation with BTC over the past week. However, after entering a fast upward channel, the overall price remained relatively stable, currently fluctuating around $2,595. ETH's weekly increase is around 10%. The coin is in relatively small price fluctuations, with prices again falling below the $2,600 level.

Analysis suggests that the price of ETH significantly rose, mainly due to external market factors, following the rapid rise of the crypto market. Although ETH rose in price changes, spot ETFs have not performed well, and there may be a trend of weak coin prices in the future. The fluctuation range of the ETH coin price is likely to increase, but it is difficult to break through the $2,800 level, and there is a high probability of maintaining it near the $2,700 level.

## Web3 Project Trend
The total market value of seven types of projects rose across the board, but there was a significant increase compared to the same period last week. The overall market performance remained mainly volatile, with a downward trend towards the weekend closing period, but there is a high probability of further upward movement during the weekend.

| Project Category | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 9.5% | NOIA,PEP,IXI | The Layer 1 sector saw a significant increase, with the top-rising coins showing relatively moderate gains, mainly MEME coins.|
| Layer 2  | 6.0%  |AZERO,CULT,ZKB|The Layer 2 track saw a certain overall increase, but the rise in top-growing coins is limited, and the distribution of overall gains is relatively even.|
| DeFi  | 6.9%  | LQDX,NOIR,DUCK | The DeFi market saw a certain increase, with a relatively stable overall performance and no uneven upward trend in the past.|
| NFT  | 5.2% | MTRM,XNL,$RAINI |The NFT market also saw a slight increase, with the top-rising coins mainly focused on MEME-related projects, but the overall upward trend is not prominent.|
| MEME  | 12.5%  | WUKONG,FTW,OGGY| The MEME coin market saw a significant increase, with the rise of emerging coins being more exaggerated, mainly due to following recent hot topics. However, the overall trend of the market showed a clear upward trend.|
| Liquid Staking  | 10.1% | MAG,STONE,MILKTIA | This sector follows the trend of top mainstream coins, with a significant increase, and the actual increase in coins is relatively evenly distributed.|
| AI  | 6.2%  | HEART,BOTTO,GMAC | The AI track saw an increase, influenced by overall market volatility and the trend of the US stock market. The AI track's performance basically follows the market's overall trend, and the top coins have seen considerable gains.|

<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.All investments carry inherent risks; prudent decision-making is essential.
<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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