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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
This week, the crypto market experienced a cyclical downturn, and mainstream currencies began to show a short-term downward trend. However, most of them have stopped falling and started to rise in price. The overall fund volume in the market has decreased compared to last week's closing stage, and mainstream currencies such as BTC and ETH have had relatively small market value changes within seven days, but the upward trend of secondary currencies is more obvious. The current total market funding is $1.61 trillion, which is basically unchanged from the same period last week.

The top 100 crypto projects had an 8:2 increase/decrease ratio this week, and the market's preference shifted towards secondary currencies, resulting in a large-scale multi-order liquidation situation this week. This week, the overall market was in a more conventional cyclical fluctuation, and the overall bullish trend has eased compared to last week, but market confidence still tends to be bullish. BTC reached a weekly high of $44,654, while ETH reached a weekly high of $2,401.

The prices of BTC and ETH have fluctuated by 0.5% and 1.93% in a week. This week, INJ's 7-day increase reached 84%, which belongs to the upward cycle of the secondary currency market along with other currencies with significant gains in the past week. Currently, the price of this currency exceeds $30, the highest point in a week.

The crypto market as a whole has tended to fluctuate cyclically this week, and there has been no significant change in the total market value. The impact of hot topic information within a week mostly affects a single project, such as BONK, BTT, etc.

The trend of BTC and ETH this week has transitioned from stable volatility to rapid correction, and has now entered an upward trend of volatility. According to the current trend of market hotspots focusing on secondary currencies, it may be difficult for the two mainstream coins to return to the price levels before the week's decline in the weekend closing stage. However, in the long run, the price performance of BTC and ETH this week is still commendable, belonging to the conventional volatility trend, and the short-term bullish trend is obvious.

As of now, the global crypto market value is $1.63 trillion, and the entire market has risen by about 5.39% within 24 hours.

## Crypto Market
🔥 The crypto market experienced a cyclical pullback this week, with a significant daily decline, a 24-hour sell-off of $229 million, and a main burst of long positions. Currently, most of the market has stopped falling and rebounded.

🔥 CME BTC futures contracts ranked first in terms of holdings, surpassing all CEX.

🔥 The National Vulnerability Database (NVD) in the United States marks the BTC in_script_ion as a cybersecurity risk, and Yu Xian stated that it is normal for the CVE number to be referenced by NVD.

🔥 <a href="/id/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> TVL exceeded $900 million, with multiple protocols experiencing a weekly increase of over 20% in TVL. Solana Labs, a joint venture, stated that they had struggled to raise $500,000 six years ago, and most VCs believed that the theory of replacing L1 was outdated.

🔥 FTT hit its highest price this week since suffering the crash.

🔥 The market value of Meme coin is $24 billion, and BONK ranks third in the sector's market value.

🔥 CCData stated that Binance's spot market share has decreased from 55% at the beginning of the year to 30%.

🔥 BTC Volcano Bonds from El Salvador will be launched in Q1 2024.

🔥 Nostr Assets launches airdrop claim for ORDI holders.

🔥 <a href="/id/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a> has been deployed to the BTC side chain Rootstock.

🔥 MOOAR Solana ranks first in weekly trading volume in the NFT market, with a market share of over 44%.

🔥 <a href="/id/price/avalanche-avax" target="_blank" class="blog_inner_link">Avalanche</a> lending protocol Benqi TVL is $520 million, 7 days+50%, token QI 24 hours+94%.

🔥 FIFA will promote NFTs on <a href="/id/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> to provide ticket opportunities for the World Cup final.

🔥 Aztec launches the Sandbox Alpha program for developers, and Nym, Protocol Labs, Oasis, and Aztec form the Web3 Universal Privacy Alliance.

🔥 USDC received a strong rating from S&P, while DAI and USDT received a restricted rating.

🔥 Worldcoin has launched the World ID 2.0 digital passport and high-performance development platform, which have integrated applications such as Telegram and Reddit.

🔥 Fusionist launches the Nexus Bond airdrop mechanism.

🔥 Ubisoft GameFi Champion Tactics launched NFT on <a href="/id/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> on the 18th.

## Regulatory Policies
🔥 The President of Argentina, who supports BTC, has been sworn in and can expect the country to implement healthy policies for the crypto market in the future. However, given the current chaotic situation of Argentina's national economy, further observation is needed.

🔥 The US Department of Justice has released regulatory details for Binance, including allowing access to all files, records, and resources.

🔥 Zhu Su, the founder of Three Arrows Capital, will be released this month.

🔥 The United States has released crypto accounting rules that allow cryptocurrencies to be measured at fair value.

🔥 The Chairman of the CFTC claims that most cryptocurrencies are commodities and acknowledges that they are competing with the SEC for crypto regulatory rights.

## Macro Economy
🔥 The Federal Reserve has kept interest rates unchanged, stating that it has begun considering rate cuts, while the US stock market has continued to rise this week, with the Dow Jones Industrial Average reaching a new high.

## Crypto Market Highlights  
⭐️In the past week, the focus of the crypto market has shifted to the secondary currency category, with BTC and ETH showing some pullbacks. However, several other mainstream currencies have maintained strong upward trends. Overall, the market is bound to experience another general upward trend in the short term.

⭐️Despite the overall cyclical fluctuations in the market this week, INJ has shown the most outstanding performance among a group of secondary currencies in the upward trend. However, there is not much difference among the TOP items, with multiple currencies experiencing price increases of over 50% and INJ exceeding 80% within a week. Currently, the market is still showing an upward trend of volatility. You can pay attention to the performance of this currency at the closing stage of this week.
![](https://gimg2.gateimg.com/image/article/17026037721.png)
(Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17026037872.png)
(Data Courtesy Of TradingView)

The price of BTC reached a high point of $44,654 this week, and the low point was close to falling below $40,000. The currency has shown a slight fluctuation, a pullback and a decline, and then a current upward recovery trend within a week. The overall curve is slightly convoluted, but the currency price has returned to a slightly volatile trend, maintaining above $43,000.

Overall, BTC's performance this week was a regular fluctuation of market correction. Due to the shift of market hotspots, BTC experienced a rapid downward trend on a daily basis. However, due to the general upward trend last week, many market users were unable to follow up in a timely manner, so the decline quickly stopped and then began to fluctuate upwards. The BTC price is likely to show a slight fluctuation trend in the following week, and it is highly likely that the price will remain in the range of $43,000- $44,500.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/17026037973.png)
(Data Courtesy Of TradingView)

The price trend of ETH remained strongly correlated with BTC this week, but it was also affected by the market correction. ETH's volatile upward trend after stopping the decline was relatively flat, and it has not yet returned to above $2,300. The high point of the currency's price in a week has broken through to $2,401, while the low point is $2,154.

The price fluctuations of ETH this week belong to normal market cycle fluctuations, thanks to the breakthrough of key price levels during the general upward phase last week, the bullish trend in the market has significantly strengthened. Even though ETH has rapidly declined this week, it has not fallen below $2,100. The short-term trend of ETH is likely to maintain strong synchronization with BTC, that is, to maintain a stable range with sustained small fluctuations, which currently appears to be within the range of $2,200 - $2,400.

## Web3 Project Trend
The total market value of the seven categories of projects remained on an upward trend this week, but compared to last week, the overall trend of large-scale upward trend has weakened. However, the Layer2 and NFT track continued to have a significant upward trend, while the rest of the tracks were more or less affected by the market downturn and hotspot shift this week, and were unable to achieve rapid growth like last week.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 1.8% | PICA,JKL, SAITO |Layer 1 has seen a relatively small increase this week, and the mainstream project market correction has led to a relatively stable and slightly volatile performance of the track within the week. |
| Layer 2  | 16.0%  | LAI, SKL, IMX | The Layer 2 track continued to see a significant increase this week, with LAI starting to put in more effort. The other TOP projects also performed very well within a week. |
| DeFi  | 5.4%  | TIME, EQX, ACRE | The total liquidity of the DeFi sector has not changed much this week, and although the top projects have seen significant increases, their overall volume is relatively small. |
| NFT  | 15.5% | DNXC, MONI, PETS | The NFT market continued its bullish trend from last week this week, but the market distribution was relatively uniform, with limited growth in the TOP projects. |
| MEME  | 5.9%  | UNICHAD，TOSHI，ARBINU |The market value of the MEME coin reached $24 billion this week, and the market sentiment is relatively enthusiastic, but currently, there is still a lot of uncertainty and risk. |
| LSD  | 3.7% | STSTARS, MAG,STINJ | The performance of the LSD sector this week was affected by the market downturn, the overall increase was not significant, and the TOP project growth rate was not particularly high. |
| BRC-20  | 1.2% | MMSS,ZBIT,WZRD |  The market for the BRC-20 track has tended to be flat this week. In the absence of significant market hotspots, even though the TOP projects have performed well, there is a lack of follow-up bullish guidance overall. |



<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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Weekly Web3 Research | The Crypto Market Is Experiencing A Cyclical Pullback Within A Week; Solana TVL Exceeds $900 Million; The Market Cap of Memecoin Has Reached $24 Billion