Weekly Overview

This week, the overall crypto market has shown a significant downward trend, with most mainstream tokens showing consecutive fluctuating falls. Influenced by the overall decline of the market, the prices of several key mainstream tokens have reached recent lows. Overall, this week, the prices of various key mainstream tokens have set new recent lows one after another, and most of the major currencies have maintained a fall of more than 5% compared to the opening price during the week, resulting in a certain market capitalization fall. This week, various types of market news tended to be more conventional, with low token unlock values, and the overall market was relatively sluggish. At present, the overall crypto market has fallen below 20,000 USD again, and the overall trend during the week is mainly characterized by price fluctuations and falls. The overall market capitalization of the crypto market has slightly fallen compared to the same period last week, reaching around 1.97 trillion USD, a fall of 2.75% within 24 hours. Market sentiment has fallen to around 34. The trend of key mainstream tokens this week is currently showing a clear downward trend, and it is expected that a new round of trend changes will appear during the weekend closing period.

Compared to last week, the Cryptocurrency market has shown a further decline in prices this week after a slight shakeout at the end of last weekend. Currently, the market as a whole is in a sluggish state, with several key tokens reaching recent lows this week. The ratio of rise and fall of mainstream tokens within a week is 1:9, with most of them showing a significant decline. The price of BTC has dropped to around $55,000 within a week, with a decline of about 5.78%, and is currently holding at around $56,111. The price of ETH has dropped by about 6.6% within a week and is currently holding at around $2,369.

The overall performance of the market this week is mainly characterized by continuous decline. Most Mainstream Tokens have a small weekly increase, while HNT has a 7-day increase of about 13.5%. Its price curve has been fluctuating and pumping, and it has the largest increase among Mainstream Tokens this week. The coin price is currently maintained at around $8.2.

The overall market is unlikely to warm up this weekend, and it is expected that the overall market will continue to fluctuate slightly during the weekend.

encryption market

🔥According to the Financial Times, Telegram holds $400 million digital asset at the end of 2023.

🔥 J-PlatPat, the Japanese intellectual property platform, shows that the company Pokémon, which owns the well-known anime and game IP "Pokémon", has completed a patent application related to Distributed Ledger and Non-fungible Token.

🔥Messari released the LayerZero Q2 2024 State of the Network report, which added support for 12 networks, facilitated the transfer of $5 billion in encryption assets, and increased the average transfer value by 78% to over $400. The transfer volume of the Ethereum network rose by 26% compared to the previous period, reaching $913 million, mainly due to the drop in gas fees after the Dencun upgrade, as well as the introduction of full-chain staking.

🔥 The current StacksBlock chain adopts the POX Mining mechanism, where Miners stake BTC and are rewarded with STX Tokens. Each BTC Block rewards 1000 STX Tokens. After the successful upgrade by Stacks Nakamoto this month, according to the new Consensus rules, the rewards will be Halved, with each BTC Block only rewarding 500 STX Tokens.

🔥BlockBeats news, on August 26th, according to Token Unlocks data, the total value of all unlocked tokens in the mainstream market in the next week is only 72.55 million US dollars.

🔥Cardano activates Chang hard fork, introducing a Decentralization governance model based on ADA.

🔥According to the latest weekly report from CoinShares, the total outflow of digital asset investment products reached $3.05 billion last week. Negative sentiment was mainly focused on Bitcoin, with outflows reaching $3.19 billion.

🔥QCP Capital's latest analysis indicates that September is typically a bear market month for cryptocurrencies and other asset classes, but October has historically shown strong performance. Data shows that in the past 9 years, BTC has had positive returns in October for 8 years, with an average increase of 22.9%.

🔥Aave Labs announced the introduction of Sky Aave Force, an initiative launched by Rune and Aave founder Stani, aimed at promoting widespread adoption and bridging the gap between Decentralized Finance and TradFi. Sky Aave Force will propose integrating USDS and savings USDS (sUSDS) on Aave V3 and providing native Token rewards. Creating a new Spark/Aave market to achieve seamless interaction and exclusive rewards.

🔥Ripple announced key announcements released in South Korea and Japan this week. Ripple and the XRP community are committed to bringing new programmability to the XRPL ecosystem, including smart contracts, through the XRPL EVM sidechain (already underway), by 2025, and exploring native features on the XRPL Mainnet.

🔥Ryan Watkins, co-founder of Syncracy Capital, wrote on X platform that pump.fun has become the fastest-growing application in the history of encryption economy, achieving $100 million in revenue in just 217 days.

🔥The official announcement from Dash on the X platform that its Evolution chain has been officially launched and block production has begun. The Evolution chain has now started executing data contracts and sending files to 01928374656574839201 storage.

🔥The Grayscale Research team recently stated that if the dollar remains weak and the interest rate continues to decline, it will be Favourable InformationBTC.

🔥EigenLayer announced that it is upgrading the EIGEN and bEIGEN contracts to introduce programmatic incentives. As a first step in this process, the upgrade of the EIGEN and bEIGEN contracts is queued in the TimelockController.

🔥Avalanche ecological social protocol The Arena announced on the X platform that the ARENA token information is now live in its application. Users can click on the 'ARENA Tokenomics' in the dropdown list under the profile icon to learn more. The new improved dynamic Wallet is currently in the final stage of testing.

🔥Samsung Next, the investment arm of Samsung Electronics, officially announced today that it has invested in Startale Labs, the development team behind Soneium, a Layer2 network for Ethereum co-developed by Sony and Startale Labs. Earlier news stated that Soneium had launched on Testnet.

🔥The rally of US bonds on Tuesday continued, with the yield on the two-year US bond falling from over 5% at the end of April to around 3.85%. The pump in the past four months is the longest continuous pump since 2021. This is due to market expectations that the Fed will cut the Benchmark Interest Rate by over two percentage points in the next 12 months, the largest decline since the 1980s except during economic downturns.

🔥 According to Cointelegraph, payment giant Mastercard has partnered with European encryption payment infrastructure provider Mercuryo to launch a euro-denominated debit card that allows users to use cryptocurrency stored in unmanaged wallets directly for consumption at merchants accepting Mastercard.

🔥Euler announced its return to the market and launched modular Decentralized Finance lending protocol Euler v2. It is reported that the modular design of Euler v2 allows builders to design highly customizable insurance pools, and they can also choose to connect to other insurance pools.

🔥Circle Vice President Yam Ki Chan said in an interview during the South Korean Blockchain Week on Wednesday, "All major jurisdictions around the world have set minimum standards for well-regulated Stable Coins, and the United States has not fully achieved this standard yet."

🔥ApeCoin released its transparency report for Q1 2024 (January-March 2024). As of March 31, 2024, the main treasury status includes: 1. Treasury holdings of approximately 326 million APE; 2. Accounts payable of 255,060 APE; 3. Reserve 59 million APE for donations; 4. No APE inflows; 5. 1 million APE outflows for operating expenses, including 148,627 APE to support community activities; 6. The total amount of foundation funding is 20.6 million APE. In addition, 20 AIPs previously approved by the community and 1 special council-approved AIP will continue to be paid out as planned; the community has also accepted nine additional AIPs, with payment outflows beginning during this period.

🔥Penpie released an analysis report on the attack, pointing out that the platform was attacked on September 3, resulting in the theft of 11,113.6 ETH (approximately $27,348,259). Deposits and withdrawals are currently suspended, and the front-end recovery is complete.

🔥On September 5th, Synthetix announced that it will soon start a new governance cycle, and at the same time launch the AppChain SNAXchain on the Optimism's Superchain infrastructure. It is reported that the nomination for the new round of governance committee will start at 5:58 on August 31st Beijing time and last for one week.

Regulatory & Macro Policy

🔥Monochrome Asset Management and its responsible entity partner, Vasco Trustees Limited, have submitted an application to Cboe Australia to launch the Monochrome Ethereum ETF (code: IETH).

🔥The US Securities and Exchange Commission (SEC) has once again postponed the final decision on the New York Stock Exchange (NYSE) Arca's application for a carbon offset Bitcoin ETF. According to the document on September 4th, the new deadline has been extended to November 21st.

🔥Ripple Labs' legal team has requested a suspension of the $125 million fine payment ruling on August 7, 2023. SEC has agreed to postpone the payment until after September 6. Ripple proposes to deposit 111% of the judgment amount (approximately $139 million) into a bank account until the end of the appeal period or the appeal result is determined. This may indicate that the SEC will appeal.

Encryption Market Highlights

⭐️In the past week, the cryptocurrency market has shown significant fluctuations, with most mainstream tokens being affected by market fluctuations and external factors, leading to a noticeable downward trend. Currently, the overall performance of the crypto market is characterized by sustained minor fluctuations, with low market sentiment and a somewhat sluggish overall trend. It is highly likely that there will be continued fluctuation in the short term, and it is expected that the current market situation will persist until a significant change occurs at some point next week.

⭐️This week, there are fewer mainstream coins with price pumps in the market, and most of them are showing a downward trend. The coins with the highest increase in the past week have limited actual gains. HNT had the largest increase this week, with a seven-day increase of about 14%, and the current price is around $8.28. The highest price of this coin in the week was around $8.33, and it is currently in a more obvious fluctuation trend. It is expected to maintain a certain price fluctuation after this week.

(Data Source: Coinmarketcap)

BTC & ETH Weekly Performance

BTC (BTC)

(Data Source: TradingView)

Within this week, the overall price of BTC has not rebounded above the corresponding price after it fell below $60,000 last weekend. Instead, it has shown significant price fluctuations. For most of the week, it has mainly fluctuated within the range of $56,000 to $59,000, currently reaching a relatively low price range and showing a continuous downward trend. It is highly likely that the price of this cryptocurrency will continue to oscillate at a lower level in the following week, with a low probability of a significant pump. However, the probability of returning to above $58,000 is relatively high. The high point of BTC price for the week is around $59,700, while the low point is around $55,600.

Analysts believe that the price change of BTC this week is mainly influenced by the downturn of the overall market. As BTC basically occupies a dominant position in the current market cycle, the continuous decrease in price is the mainstream trend this week. After reaching a recent high point, the price of BTC started to show a continuous oscillating decline, but the magnitude remained relatively within a small range. Although the actual price performance of BTC is still relatively low at the moment, the probability of a significant pump in the short term is relatively small.

Ethereum (ETH)

(Data Source: TradingView)

The high point of ETH's price this week was around $2560, and its overall performance has maintained a strong correlation with BTC, basically following the overall downward trend of the market. The price of the coin has fallen significantly this week, continuing to decline since last weekend, but the overall magnitude remains within a relatively small range. The weekly decline of ETH is about 6.5%. Currently, the currency is in a relatively obvious Fluctuation stage, with the price fluctuating around $2360.

Analysis suggests that the performance of ETH's price this week is affected by both news factors and the overall Fluctuation of the market's mainstream tokens, with most tokens performing poorly. ETH is basically following the trend of the market, and the fluctuation of its price in the short term will mostly continue to be maintained below $2500.

Web3 Project Trends

This week, the total Market Cap of seven types of projects has shown different performances. The market's recovery trend is obvious. Although the ups and downs vary in different tracks, the overall market is still in a stage of Fluctuation, and it is expected that various sectors may usher in a new round of upward market in the weekend.

Author: Charles T. This article represents only the author's point of view and does not constitute any trading advice. This article is original, and the copyright belongs to Gate.io. Please indicate the author and source if you need to reprint, otherwise legal responsibilities will be pursued.