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## Weekly Trend Overview
The overall performance of the <a href="/price" target="_blank" class="blog_inner_link">crypto market</a> this week was affected by the Federal Reserve's interest rate cuts, and the market showed a rapid rebound trend, rising rapidly in a short period. Most mainstream coins have seen a clear upward trend, and the market as a whole is in a rapidly rising state, with <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> once again returning above $60000. Overall, the prices of key mainstream coins have increased this week compared to last week, and the market has also seen some growth. The crypto market has a sustained upward trend, with the overall market mainly fluctuating and rising within a week. The overall market value growth of the crypto market has increased compared to the same period last week, reaching around $2.18 trillion, with a 5.89% increase within 24 hours. The market sentiment is around 44. The trend of key mainstream coins this week is in a rapid upward trend, and it is expected to continue to rise during the weekend closing period.

Compared to last week, the crypto market showed continuous fluctuations until the Federal Reserve's interest rate cut was confirmed, and the market as a whole rebounded and rose quickly. The overall market still maintains a relatively obvious growth trend, with a rise/fall ratio of 9:1 for mainstream coins within a week, and most mainstream coins showing a significant rebound trend. The <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">BTC price</a> has risen to around $63,200 within a week, with a weekly increase of around 8.6%. Currently, the price remains at $63,181. ETH has seen a weekly increase of around 4.8% and is currently hovering around $2,467.

A general rebound mainly characterizes this week's overall market performance, but most mainstream coins have maintained a certain range of weekly gains. This week, CKB's 7-day increase reached around 95%, and the price curve rose. It has the largest increase among mainstream coins this week, and the coin price is currently maintained at around $0.018.

The overall crypto market will likely continue to rise this weekend, and it is expected that the movement will be dominated by continuous fluctuations and upward movements.

## Crypto Market
🔥 Vitalik Buterin tweeted that Layer 2 (L2) technology has finally become affordable, which is the key to popularizing decentralized finance (DeFi).

🔥 Yuga Labs co-founder Wylie Arnow (Gordon Goner) posted on the X platform, saying, "I don't know if DeGods' actions will work in the long term (almost nothing will work), I wouldn't do it for BAYC, but watching this project try crazy moves is really interesting, and it's definitely worth wishing good luck.”

🔥 According to Cointelegraph, Michael van de Poppe, founder of MN Trading, stated that "driven by debt refinancing, global liquidity is about to surge, which could trigger the next Bitcoin bull market.

🔥 According to Whale Alert monitoring, <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> Treasury has newly minted 1 billion USDT on <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>.

🔥 RootData co-founder Hunter announced at a VIP Firechat Side Event event hosted by SoSovalue that RootData 3.0 was officially launched on the 18th of this month. This version features a heat ranking function, and interested users can experience it in advance in the RootData Beta version.

🔥 On-chain analyst Yu Jin released an analysis of UNI on-chain chips that have entered full circulation: UNI was issued and listed in September 2020. The team/investors/consultants and community treasury received 83% of UNI (830 million coins) allocations, which have a four-year unlocking cycle. Now, four years have passed, and these UNI have been unlocked, making UNI a fully circulating token.

🔥 According to Coinglass data, if Bitcoin rebounds and exceeds $60,000, the mainstream CEX's accumulated short-clearing intensity will reach 951 million. On the contrary, if Bitcoin falls below $57,000, the cumulative liquidation strength of mainstream CEX orders will reach 925 million.

🔥 According to official sources, Puffer Finance, a re-staking protocol, has announced the launch of UniFi AVS, a product dedicated to unleashing the full potential of base rollups to address Ethereum's fragmentation issues. Additionally, it allows Ethereum to outperform other L1 without compromising decentralization.

🔥 According to official sources, MicroStrategy Incorporated announced that, based on market conditions and other factors, the company plans to privately issue $700 million in total principal convertible senior notes due in 2028 to qualified institutional buyers who comply with Section 144A of the Securities Act of 1933.

🔥 Phantom announced on the X platform that it has added cross-chain swap service provider Mayan. This means users can bridge from ETH to over 30 tokens on <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> at once, such as SOL, BONK, JUP, JITO, and WEN.

🔥 According to Decrypt, the team behind the Trump family's crypto project, World Liberty Financial has stated that the project will provide lending services for cryptocurrencies on the Ethereum blockchain network, which is no different from the many existing applications in DeFi.

🔥 Sui Lianchuang and CEO Evan Chen tweeted that Sui has reached a cooperation agreement with Circle and will soon add support for USDC.

🔥 Vance Spencer, co-founder of Framework Ventures, announced at Token 2049 in Singapore that the Berachain mainnet and token will be launched by the end of 2024.

🔥 BlackRock has released its report "Bitcoin: A Unique Diversifier," which states that most of the risks and potential return drivers facing Bitcoin are different from traditional "risky" assets, making it unsuitable for most traditional financial frameworks, including the "risk opening" and "risk avoidance" frameworks adopted by some macro commentators.

🔥 Ethereum co-founder Vitalik Buterin stated during a roundtable discussion on the theme of "The Next 3 Years in Crypto" at the main venue of TOKEN2049 that Ethereum will make significant contributions to the crypto industry over the next three years through its smart contracts and decentralized applications (DApps).

🔥 The founder of EigenLayer, Sreeram Kannan, stated in an article on X that EigenDA is compatible with all chains. The main network processes over 15MB of data per second (120Mbps) and simultaneously releases raw block data from over 15 chains.

🔥 According to The Block, the crypto trading platform Wintermute will launch a new prediction market called OutcomeMarket on Ethereum, Base, and Arbitrarum next week. The company is utilizing Chaos Labs' Edge Proofs Oracle to develop OutcomeMarket and will first launch a betting market for TRUMP and H ARRIS tokens.

🔥 The LayerZero Foundation announced that it will collaborate with a16z Crypto, Animoca Brands, Atrum, Delphi Ventures, Faction, Franklin Templeton, King River, Lightspeed, PayPal Ventures, and Spartan to launch the lzCatalyst program. The program aims to provide a total investment of up to $300 million in new full-chain applications built around LayerZero.

🔥 Galaxy crypto researcher Christine Kim believes that the possibility of splitting into two independent upgrades (Prague upgrade and Electra upgrade) is "very high" due to the complexity of the current Pectra fork and the increasing demand for upgrades.

🔥 According to community reports, Banana Gun's associated wallet is suspected to have been attacked, with some users' funds stolen. The Banana Gun team stated on their official TG channel, "We are investigating this issue and have temporarily suspended bot services." Community member Yannick Crypto. eth posted on X, saying, "So far, 36 victims on the main website have stolen nearly 563 ETH ($1.4 million).”

🔥 Solana Mobile has officially released detailed information on its new generation <a href="/web3" target="_blank" class="blog_inner_link">Web3</a> smartphone, Solana Seeker. The device, originally named "Chapter Two," is scheduled to be released in 2025 and will provide multiple improved features. Seeker has received over 140,000 bookings, and the Solana mobile development community actively embraces Seeker, developing a large number of exclusive dApps and features for devices.

🔥 Token Terminal stated in an article on X that USDC on the Base chain is growing rapidly. In January 2024, the trading volume of USDT processed on <a href="/price/tron-trx" target="_blank" class="blog_inner_link">TRON</a> was 200 times higher than that of USDC on Base, and as of September this year (or 9 months later), this gap has narrowed to about 2 times.

🔥 According to DefiLlama data, Sui Network's TVL reached a record high of $1.004 billion.

🔥 According to official sources, Sonic Labs has announced the launch of Sonic Gateway, a decentralized, trustless bridge between Ethereum and Sonic that eliminates custodial risks.

🔥 According to IntoTheBlock data, although Bitcoin giants' accumulation rate has slowed, their weekly net inflows have remained positive for nearly four consecutive months. The last time a weekly net outflow from a large account occurred was in May.

## Regulatory & Macro Policies
🔥 The US Securities and Exchange Commission has settled the allegations against DeFi platform Rari Capital, Inc. and its co-founders after discovering that they misled investors and did not register correctly as brokers.

🔥 According to The Block, a blockchain infrastructure provider, Blockdaemon executives stated that Hong Kong regulators may approve the staking function of the highly anticipated spot Ethereum ETF this year, continuing to push the region into a crypto hub.

## Crypto Market Highlights 
⭐️Last week, the overall crypto market was mainly affected by news factors, with clear signs of recovery. Most mainstream coins have experienced a certain degree of upward trend due to the overall upward trend of the market and external factors, but there has not been a large-scale general rise across the board yet. The overall performance of the crypto market is mainly showing a certain degree of increase, and market sentiment has not yet accumulated to an optimistic stage. The market will likely fluctuate and rise continuously in the short term. The current market situation is expected to continue until the weekend when there will be another significant increase.

⭐️There are many mainstream coins that have experienced price increases in the market this week, and the proportion of top growth has remained above 30%. The coins that are among the top in terms of growth have all shown good actual gains. CKB has seen the largest increase this week, with a seven day increase of around 96%, and the current price is around $0.018. The high point of the coin's weekly price is around $0.02, and it is currently in a relatively stable fluctuation trend. It is expected to maintain a small price change in the future of this week, and the probability of large-scale price fluctuations is relatively small.
![](https://gimg2.gateimg.com/image/article/17268148491.jpg)
(Data Courtesy Of Coinmarketcap)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17268148662.jpg)
(Data Courtesy Of TradingView)

The overall price of BTC started to fluctuate downward from around $60000 last weekend this week, and after being confirmed by the Federal Reserve's interest rate cut news, it began to show a price rebound. As the weekend closing period approached, the price of BTC showed a significant increase. However, the overall weekly increase of the coin remained below 10%, and currently the price of the coin is fluctuating around $63,000, with a relatively stable trend. There is a high probability that the coin will have a new upward trend this week, and the probability of a significant increase is low. There is still a chance of a rebound, and $65,000 may become a key price level in the short term. The high point of BTC's weekly price is around $63,880, while the low point is around $57,500.

Analysis suggests that the price changes of BTC this week are mainly influenced by external news factors. With the increasing pressure of spot buying and the optimistic outlook of mainstream market observers for the recovery of the crypto market after the Federal Reserve's interest rate cut, BTC has experienced a significant rebound, but there has not been a particularly large-scale continuous upward trend so far. The probability of another upward trend occurring in the short term is relatively high, with $65,000 or a key price range.

### Ethereum (ETH)
![](https://gimg2.gateimg.com/image/article/17268148903.jpg)
(Data Courtesy Of TradingView)

The high point of <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">ETH price</a> this week was around $2,490, and there was no significant rebound in overall price within a week. However, it also experienced a rapid upward trend after being affected by news. The price of the coin remained within the range of $2,250-$2,500 for a week, with continuous fluctuations. ETH's weekly increase is around 5.28%. The coin is in a relatively obvious stage of fluctuation and upward trend, with prices rising compared to the same period last week.

Analysis suggests that the performance of ETH coin price this week is weaker than other mainstream coins, and the lack of popular dynamics in the Ethereum ecosystem recently is a more important reason. Even with positive news, the price rebound of this coin is still somewhat weak compared to BTC, but the price trend is similar. The fluctuation range of ETH coin price is likely to continue to fluctuate around $2,500 this week, and it will take time for the price to truly rise significantly.

## Web3 Project Trend
The total market value of seven categories of projects has not increased significantly this week, and has basically rebounded across the board. Although the overall market increase remains within a small range, there are clear signs of recovery in various tracks. However, the current market situation has not completely exited the previous downward channel, and it is expected that various sectors may usher in a new round of market changes at the end of the week.

| Project Category  | 7d Change  | Top 3 Gainers  | Comment |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 8.7% | EQPAY,PICA,<a href="/price/kava-kava" target="_blank" class="blog_inner_link">KAVA</a> | The Layer 1 track rebounded significantly this week, with the actual growth rate of top-growing coins remaining above 20%, and the overall track has ushered in a significant upward trend.|
| Layer 2  | 9.3%  |LAI,WBROCK,TOPIA |The Layer 2 sector saw a significant overall increase this week, with a relatively even distribution of overall growth.|
| DeFi  | 6.6%  | EROWAN,$SHARBI,ACRE | The DeFi track saw a certain rebound this week, with overall performance still acceptable, but the growth of top-growing coins is relatively concentrated.|
| NFT  | 6.3% | SOCKS,STARS,MONI |The NFT market rose this week, with a relatively even distribution of gains, and the actual amount of funds is still relatively small.|
| MEME  | 10.1%  | $SHARBI,SQUIDGROW,GOU| The MEME coin market saw a significant increase this week, but the top-growing coins are mostly popular coins from the past.|
| Liquid Staking  | 7.5% | MILKTIA,STAPT,STAPT| The track showed an upward trend this week, with a certain increase, influenced by the performance of top mainstream coins, and has experienced a significant but continuous rebound this week.|
| AI  | 9.0% | OCADA,AIMBOT,AIT | The AI market showed a significant rebound this week, influenced by external news. Not only has the Web3 related market rebounded, but the AI industry stock market has also rebounded, leading to an overall increase in the market this week.|



<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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Debt refinancing will drive a surge in global liquidity, and crypto assets will follow the global M2 rise. The Ethereum Pectra upgrade is highly likely to be _uted twice. The Banana Gun team is investigating the attack on its associated wallet.

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Weekly Web3 Research | Market Showed a Fluctuating Upward Trend; 1 Billion USDT Were Newly Minted on Ethereum; SUI Network TVL Surpassed $1 Billion