Weekly Web3 Research | Market Entered a Small Fluctuation Cycle after General Decline; BTC Dominance Reached a New High

2024-04-19, 02:13

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![](https://gimg2.gateimg.com/image/article/1713492651zb.jpeg)
## Weekly Trend Overview
This week, after experiencing a rapid decline over the weekend, the crypto market has entered a period of relatively small fluctuations. Within a week, the trend was mainly sideways after falling, and it remained in this state towards the weekend closing period. The overall volatility was relatively small, but BTC and ETH are currently showing a slight upward trend due to news factors. The overall market value growth of the crypto market has dropped significantly compared to the same period last week, currently maintaining around $2.32 trillion, with an increase of 4.94% within 24 hours. Market sentiment has dropped to 55. This week, key mainstream currencies have shown a relatively sluggish market trend, with most mainstream currencies entering a sustained sideways trend after a rapid decline over the weekend. Overall, the crypto market this week is ahead of market cycle fluctuations. Given the upcoming halving of BTC, it is expected that the market will experience a new round of changes over the weekend, but the probability of a rapid rise in the short term is not high.

Compared to last week, the total volume of the crypto market has shown a significant decline this week. Based on the rapid trend of the market last weekend, the overall crypto market has not shown a significant recovery since the opening. The top 100 crypto projects have a rise to fall ratio of 5:95 within a week, with a general decline across the board. Non mainstream currencies also lack a clear upward trend, and overall, the trend is mainly downward. The price of BTC has been continuously declining within a week, currently around $6,2741, with a weekly decline of about 10.63%. ETH has experienced a greater decline this week, with a drop of around 13.54%, currently maintaining a sustained fluctuation of around $3,039.

The best-performing coin in the market this week was ONDO, with a 7-day increase of 4.78%. The coin price is currently maintained around $0.7936, ranking first in a week of gains.

The crypto market has declined this week, with few currencies growing. The halving of BTC will likely affect the overall market, and there will be another wave of market changes during the weekend, but the short-term fluctuations cannot be determined.

## Crypto Market
🔥 After a week of general decline, the crypto market has entered a period of slight fluctuations, with most mainstream currencies showing an inconspicuous upward and downward trend.

🔥 On Monday, 24-hour BTC+2.7%, ETH+5.2%; The top 500 companies with a market value increase or decrease of ≥ 30%: MEW+77%, ONG+46%, SLERF+37%, BFIC+34%, <a href="/price/neo-neo" target="_blank" class="blog_inner_link">NEO</a>+33%; WZRD set a new historical high; The market rebounded, and Altcoins rebounded.

🔥 On Tuesday, 24-hour BTC -4.8%, ETH -5.3%; The top 500 companies with a market value increase or decrease of ≥ 30%: ZBC+36%, CORE+30%; Solv BTC's asset management volume has reached a historic high.

🔥 On Wednesday, 24-hour BTC -1.1%, ETH -2.0%; Top 500 increase or decrease in market value ≥ 30%: None; TRC20-USDT's circulation reached a historic high; The overall market fell, while Altcoins fell. A16z's latest fund has completed a fundraising of $7.2 billion.

🔥 On Thursday, 24-hour BTC -1.7%, ETH -1.6%; OMNI -41% for top 500 market capitalization with a rise or fall of ≥ 30%; BVM prices hit a historic high; The overall market fell, with new and sub-new currencies experiencing a general decline. On Thursday, BTC spot ETFs had a net outflow of $165 million yesterday, marking the fourth consecutive day of net outflow.

🔥 On Monday, there was a 24-hour sell-off of $240 million, with long and short positions exploding.

🔥 Unlocked this week: $109 million ARB, $96 million STRK, $80.11 million AXS, $74.19 million IMX, etc.

🔥 BTC's market share reached a new high since April 2021 this week.

🔥 The top 50 tokens in market value this year are only 6 Altcoins, such as DOGE, which outperform BTC.

🔥 The Merlin's Seal staking channel has been closed.

🔥 The clearing volume of the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> lending market in April reached a new high in June 2022.

🔥 Ethena reported the first negative income phenomenon this week; Ethena claimed that there was an error in the data website's statistics.

🔥 SafeDAO has voted to approve the proposal to enable the transferability of SAFE tokens.

🔥 Jupiter LFG Launchpad will launch the NFT lending protocol Sharky.

🔥 Arkham created the Top 10 Coin Holders Kanban, with Justin Sun leading with $1.1 billion.

🔥 On April 15, the net outflow of spot BTC ETF was approximately $24.54 million.

🔥 TaprotChain launched NFT Lighting Crystal for free minting.

🔥 <a href="/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a>'s daily trading volume climbed and reached $3 billion.

🔥 Jupiter launched Metropolis Part 1 and is currently launching the T0 API for new coins.

🔥 Ethena Labs has increased the ENA pool limit to $300 million.

🔥 Notcoin: The total supply is approximately 102.7 billion pieces, of which 78% are allocated to miners and voucher holders.

🔥 Worldcoin will launch its "people-centered" chain, World Chain, later this year. Verified users will receive priority access to blockspace and will also receive daily transaction GAS allowances.

🔥 A16z's latest fund has completed a fundraising of $7.2 billion.

🔥 On April 16, the net outflow of spot BTC ETF was approximately $81.44 million.

🔥 This week HODL15: Mr. 100 purchased almost all newly mined BTC from the 15th to the 17th.

🔥 Magic Eden BTC NFT supports bidding; Creating Runes platform.

🔥 The mainnet of the B² Network is officially launched.

🔥 <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> CEO: The P2P crypto communication application Keet 3.0 has been officially released.

🔥 Ronin will introduce the popular MMORPG IP "Ragnarok" from South Korea.

🔥 BytePlus, a subsidiary of ByteDance, cooperates with Su to focus on games and social.

🔥 <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>'s on-chain mining protocol, Ore, announced a suspension of mining to focus on V2 development.

🔥 The Super Artificial Intelligence Alliance (ASI) is scheduled to launch on May 24.

🔥 On Thursday, BTC spot ETFs had a net outflow of $165 million yesterday, marking the fourth consecutive day of net outflow.

🔥 The Google search engine that BTC halving has achieved a new high in popularity.

🔥 The founder of Ordinals confirmed that the Runes protocol only hardcodes symbol 0.

🔥 Multiple projects such as Memeland, CyberKongz, and <a href="/price/safepal-sfp" target="_blank" class="blog_inner_link">SafePal</a> will be extended to the Runes ecosystem.

🔥 BounceBit: 35% of the total supply of BB will be allocated to the staking reward.

🔥 Merlin: Users can now apply for MERL and unlock 50% of airdrop tokens in the first month.

🔥 TON is about to release a major
announcement or involve projects such as Tether.

🔥 Gavin Wood released the initial Jam specifications in the Grey Book.

🔥 Worldcoin: The number of World IDs verified by Orb exceeds 5 million.

🔥 The second round of LFG Launchpad voting for Jupiter has been initiated.

🔥 Tether launches a new architecture that covers the data, finance, energy, and education sectors.

## Regulatory & Macro Policies
🔥 It is expected that the Hong Kong Securities Regulatory Commission will approve the first batch of virtual coin ETFs by the end of April; Hong Kong citizens may directly purchase spot BTC and ETH through securities accounts.

## Crypto Market Highlights   
⭐️Last week, the overall crypto market has experienced a general decline, and the overall outflow of funds caused by news factors over the weekend has led to a more obvious downward trend in various currencies in the mainstream coin market. At present, the market appears to be in a sluggish state for the past month. With the arrival of the BTC halving this week, it is highly likely that the crypto market will react this week. However, in the short term, it is still mainly characterized by volatility, and the overall probability of a significant rebound and upward trend is relatively low.

⭐️The overall market situation has declined this week, with only a few currencies maintaining an upward trend, but the magnitude is still relatively small. Among them, ONDO's weekly increase reached 4.78%, and the current price remains around $0.7936. The weekly high point once reached above $1, while the low point appeared around $0.64, which rapidly declined during the opening period.
![](https://gimg2.gateimg.com/image/article/17134927371.jpeg)
(Data Courtesy Of Coinmarketcap)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17134927732.jpeg)
(Data Courtesy Of TradingView)

The price trend of BTC this week is basically following the rapid decline last weekend, with a slight recovery at the beginning of the week, which was close to the price of $67,000, but then showed a fluctuating downward trend. Presently, the coin remains stable at around $63,000 and continues to fluctuate. As the weekend closed, there was still no significant rebound, with a weekly high of $66,898 and a low below $60,000, reaching around $59,696.

Analysis suggests that the price of BTC this week is still in a volatile cycle after a rapid decline, coupled with consecutive large net outflows of ETF funds, which has a relatively unfavorable impact on the price of BTC. Although the BTC halving is coming this week, it seems that this event may not be the direct reason for the significant rise of the coin in the short term. But the impact of halving may push BTC prices to recover to a certain extent, combined with the coin's market share reaching a new high, overall it will usher in a key coin price fluctuation over the weekend.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/17134928133.jpeg)
(Data Courtesy Of TradingView)

The price fluctuation of ETH this week is slightly larger than that of BTC, with prices falling below the key level of $3,000 multiple times within a week. Even the news of the first ETH spot ETF obtaining principle approval cannot have a clear direct positive impact on the coin price. Recently, the price of this coin has mainly remained fluctuating around $3,000, and this week's trend is still more influenced by the overall market situation, showing a volatile fluctuation after a rapid decline. Within a week, the price reached a high point of around $3,280, while the low appeared around $2,915 at the opening stage.

Analysis suggests that the ETH coin price has shown a further sluggish trend this week, influenced by relevant SEC reviews, and coupled with the overall market downturn, the price of ETH has always struggled to have clear upward support. It is more likely to follow the overall market changes and cannot present a market state with more recent hotspots like BTC. The coin is highly likely to follow key market changes in the short term, such as the impact of BTC halving, and is expected to experience some volatility over the weekend.

## Web3 Project Trend
This week, the total market value of most of the eight project categories showed a downward trend. Due to the impact of market cycle fluctuations, the main downward trend was observed in various tracks. Other tracks performed poorly except for Solana MEME, which continued its upward trend. It seems there is still some time before the overall market recovery.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | -13.2% | SCPT,BLD,ERG | The Layer 1 track experienced a significant decline this week, with small currencies being the main growth currencies, and the top 1 SCPT only maintained a growth rate of over 20%, indicating a sluggish overall market trend. |
| Layer 2  | -23.6%  |SAVM,BVM, LSK | The Layer 2 sector experienced a sharp decline this week, with the top growth projects mainly due to the recent popularity impact of ecosystem applications. However, overall, the decline in this track is very significant. |
| DeFi  | -19.7%  | BTC,OKS, GXT | The overall decline in the DeFi track is also significant. Although it still maintains a certain level of liquidity, the top growth projects are mainly non-mainstream currencies and lack representativeness. |
| NFT  | -25.9% | SWARM,$CRYPT,HICOOLCATS | The NFT market has experienced a significant decline this week, and its overall performance has largely followed the market trend. Currently, there is a lack of clear upward recovery trends in the future. |
| MEME  | -25.2%  | PONKE,BTC,HARAMBE | The decline in the MEME coin sector this week is similar to that of the NFT track, with mainstream currencies showing a clear downward trend earlier. |
| BRC-20  | -27.7% | BSAT,BMP,OSPY |The BRC-20 track experienced a significant decline this week, due to the general decline in BTC ecosystem, which also resulted in weak performance on the track. |
| AI  | -18.8% | OFN,CND,ENQAI |  The AI sector continued its downward trend this week, with a significant decline. The performance of the TOP growth projects is still acceptable, and the overall track is still in a correction stage. |
| DePIN  | -24.9% | GEOD,CRU,WNT |  The DePIN track has also experienced a significant decline this week, which is basically consistent with other tracks, and the actual growth of the top growth projects is also relatively limited. |

<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>