Weekly Review

This week, the encryption market as a whole has been in a continuous fluctuation, manifested as repeated short-term fluctuations. Although the overall Market Cap saw a slight pump, the fundamental trend of the market did not change significantly. The price fluctuations of most Mainstream Tokens were controlled within about 10%, but there were also some Tokens that took a nosedive. BTC returned to around $60,000. Overall, the prices of key Mainstream Tokens lacked large-scale fluctuations compared to last week, and the overall market saw a slight warming. Currently, the encryption market continues its fluctuating trend, with a lack of clear Unfavourable Information and positive signals within the overall market situation for the week. The overall Market Cap of the encryption market has seen a slight rise compared to the same period last week, reaching around $2.1 trillion, with a 2.38% decrease in the past 24 hours. The market sentiment is around 37, with relatively minor changes compared to the same period last week. The current trend of key Mainstream Tokens this week is continuous fluctuation, and it is not ruled out that there will be new changes at the end of the week.

Compared to last week, the performance of the Cryptocurrency market this week continues to be lackluster, and the mainstream trend is continuous Fluctuation. Currently, it is still in a significant Fluctuation cycle, and the continuous Fluctuation trend in the short term will still be the mainstream trend, with relatively few stable market conditions. The overall market status this week still shows a significant fluctuating trend, with different fluctuations in the prices of most Mainstream Tokens within the week, and the overall Fluctuation is significant. The price of BTC came to around $60,000 within the week, and as of the end of the statistical period, the price has shown a rapid downward trend, with a decrease of about 2% in a week, and the current price is maintained at $59,329. ETH has seen a small increase of about 0.37% in the week, currently maintained at around $2,353.

The overall performance of the market this week is not good, and the prices of most currencies have shown a clear downward trend. However, some currencies have experienced a certain pump in price due to their own market dynamics. NEIRO has risen by about 83.5% in the past 7 days, with a large pump in price. However, the price increase of most other currencies is much lower. NEIRO has the largest increase in the mainstream currencies this week, and the current price is around $0.0016.

The probability of further volatility in the overall Cryptocurrency market this weekend is relatively high, and it is expected that there will be a significant market trend in the market during the weekend period.

encryption crypto market

🔥The Arbitrum Foundation has launched the "Towards Devcon" plan to increase its expansion efforts in the Asian market. The plan aims to establish connections with the rapidly rising developer community in Asia through a series of face-to-face activities and learning reward programs, and to increase the visibility of Arbitrum technology in the region.

🔥Developers claim that the new EIP will shorten Ethereum's block time by 33% and increase data capacity, thereby increasing overall throughput by 50%.

🔥According to the official announcement from Lido, as part of introducing adjustable supply stETH to Optimism, the deposit of wstETH from Ethereum to Optimism will be temporarily suspended starting from October 7th until the upgrade is completed (estimated around October 14th).

🔥QCP Capital's latest analysis indicates that despite the turbulent start to this month, the October pump of BTC seems to be back on track. Currently, the price of BTC is at a similar level to last Monday. QCP pointed out that the 'Uptober' narrative, along with strong non-farm employment data, helped BTC find strong support near $60,000.

🔥According to the latest weekly report from CoinShares, digital asset investment products saw a net outflow of $147 million last week. Economic data last week exceeded expectations, reducing the possibility of a significant interest rate cut, which may be the reason for investor sentiment weakness.

🔥Japanese listed company Metaplanet once again increased its holding of 108.78 BTC, and its total BTC holdings are now 639.503.

🔥Based on SoSoValue data, the net inflow of Bitcoin Spot ETF on October 7th, US Eastern Time, was $2.35 billion.

🔥The Linea community has initiated a discussion on the Linea Decentralization proposal, with the goal of making Linea a fully Decentralization L2 chain, and has outlined some proposals to achieve this goal, including L1-Finality & L2-Finality, Block verification Decentralization, recovery mode, Block proposers, Finalization of Linea Blocks on L1, reward allocation, etc.

🔥According to official news, distribution, identity, and incentive infrastructure Layer3 announced that it has expanded to the Solana network, aiming to create a consumer distribution layer for the Solana protocol, supported by L3 Tokens provided natively through Wormhole on Solana.

🔥As of September 30, a total of 96,010 new Tokens were issued on Solana this year, with a total of 110,180 on-chain new Token issuances tracked. New Tokens on Solana account for over 87% of all new Tokens on DEX.

🔥According to a recent report from Kaiko, nearly 60 Privacy Coins have been delisted from centralized exchanges, setting a record high for 2021.

🔥According to Cryptonews, 29 projects built on the Solana blockchain received $173 million in private financing in Q3 2024, the highest level since Q2 2022, according to the 'State of Solana: Breakpoint Edition' report.

🔥According to The Block, analysts at JPMorgan pointed out several key factors that may affect the Crypto Assets market in the coming months, including technological, geopolitical, and structural events that may drive price Fluctuation.

🔥Although the price of BTC against the US dollar fell by more than 2% on Tuesday, MicroStrategy's stock price rose by more than 6% compared to the previous day's pump. So far this year, the company's stock performance has outperformed BTC, with a pump of 185% since January, while BTC has risen by 47%.

🔥On October 9th, according to Coinglass data, if BTC breaks through $64,000, the cumulative short order liquidation intensity of mainstream CEX will reach 401 million; otherwise, if BTC falls below $61,000, the cumulative long order liquidation intensity of mainstream CEX will reach 335 million. At present, due to the rapid decline in BTC price, long order liquidation is occurring.

🔥Ethereum will stakeprotocol Puffer Finance Chinese official article states that PUFFER Token is about to go live, and the Token launch also represents the initiation of Puffer DAO, giving the community the governance power to shape the future of the protocol.

🔥According to DefiLlama, Jupiter has become the aggregator with the highest on-chain 24H volume, reaching a volume of $538 million. In addition, 1inch ranks second with a 24H volume of $208 million, and ODOS ranks third with a 24H volume of $134 million.

🔥Pump.fun platform has generated at least $900,000 in daily revenue in the past 12 days, setting a new record. MOODENG Token has led the recent resurgence in the Meme coin market, with traders flocking to Token trading on the Pump.fun platform.

🔥Top trader Eugene Ng Ah Sio posted on social media, "Apart from a few accounts, I feel that the quality of content in the encryption community on Twitter (CT) has deteriorated significantly, with almost no reason to stay here. I wonder how we got to this point."

🔥Google Web3 Product Manager nalin stated on X platform that Google Search has integrated ENS, users can search .eth domain names and view ETH balance.

🔥VanEck portfolio manager Pranav Kanade emphasizes four key aspects of Memecoin on X, which all teams in the Cryptocurrency field should learn from. Simplicity, high liquidity, founder/team alignment, and high transparency.

🔥Mt.Gox Official Announcement: The bankruptcy trustee has basically completed the compensation work for the bankruptcy creditors who have completed the necessary procedures for receiving compensation and encountered no problems during the compensation process.

🔥Aave Labs announced the launch of Aave V3.2 upgrade. V3.2 version developed and upgraded by bgdlabs introduces Liquid eMode, which can better control borrowing and collateral, improve flexibility, and benefit users from higher Gas efficiency and customizable Risk Management.

🔥Ripple announces the launch of encryption custody services designed to help banks and fintech companies store digital assets. These new features include integration with Ripple's XRP Ledger blockchain platform, anti-Money Laundering risk monitoring, and user-friendly interfaces.

🔥According to Layerhub data, only 12.7% of users on the Decentralization prediction market platform Polymarket have achieved profits. Out of 171113 Wallets, only 21730 have achieved profits, with most users earning less than 100 US dollars, and only 2138 Wallets have earned over 1000 US dollars.

🔥DWF Labs co-founder Andrei Grachev posted that DWF Labs' synthetic stablecoin product is finally named Falcon Finance, and the stablecoin will have two versions USDf and USDwf.

🔥Bloomberg analyst James Seyffart said that exchange-traded funds (ETFs) are likely to be launched in the United States in the first quarter of 2025.

🔥On October 10th, payment giant Stripe has launched and supported USDC payments, accepting stablecoin payments from more than 150 countries. Buyers can pay with USDC on-chain from Ethereum, Solana and Polygon, and allow US businesses to receive US dollars directly.

Regulation & Macroeconomic Policies

🔥The US government filed two legal lawsuits on October 4th, starting to seize digital assets worth more than 2.67 million US dollars stolen by the Lazarus Group, a hacker organization in North Korea.

🔥According to Reuters, the FBI once created a token and company called 'NexFundAI' on the ETH chain to identify and combat these suspected fraudsters, and bring them to justice. On-chain information shows that the token's trading function was disabled 21 days ago. In addition, a token with the same name, MEME, has been repeatedly released on-chain, and Mars Finance reminds users to be cautious of its risks. Earlier news, the U.S. SEC, FBI, and DOJ jointly filed lawsuits against market makers such as Gotbit and encryption companies involved in MemeCoin.

encryption market highlights

⭐️In the past week, the Crypto Assets market has been in continuous fluctuation, and the overall future trend is still uncertain. Most mainstream currencies have shown relatively obvious short-term fluctuations within a small range. Currently, the sentiment of the crypto market is not significantly changing, and it is highly likely to continue the current market situation in the short term. It is expected that there will be more obvious changes in the market by the weekend, with a high probability of a small pullback.

⭐️This week, there are quite a few mainstream coins with significant price pumps in the market, but the proportion of top coins with significant rises is mostly below 30%. However, due to its own related hot actions, NEIRO's price has been fluctuating upward continuously, and the seven-day increase has reached about 81%, with the current price around 0.0017 US dollars. The high point of the price of this coin in a week is around 0.0019 US dollars, and the current price has fallen slightly. It is expected that a small price decline will continue in the following week.

(Data Source: Coinmarketcap)

BTC&Ethereum Weekly Performance

BTC (BTC)

(Data Source: TradingView)

Within this week, the price of BTC overall started from above $61,000 last weekend and showed a continuous short-term Fluctuation trend after the opening. Due to the lack of clear upward signals in the recent market, the overall market is still in the same oscillation cycle, so the actual downward performance may come to a price bottom near $56,000. Currently, the overall performance of BTC in a week has transitioned from a continuous small Fluctuation phase to a rapid downward trend. The price of this currency remains around $59,000, with the weekly high point near $64,200 and the low point around $59,000.

Analysis believes that the price fluctuation of BTC this week is more influenced by the overall market volatility. The price performance in the past two weeks has been mainly characterized by continuous fluctuation after entering a downward channel. The decline in one week is about 2.2%. Currently, it follows the overall market trend and is in a clear state of rapid decline and long order liquidation. The price fluctuation is more intense as it approaches the closing period.

Ethereum (ETH)

(Data Source: TradingView)

ETH reached a high point above $2500 after opening this week, with overall performance differing from BTC within the week. Although a rapid decline occurred near the weekend closing period, the overall price Fluctuation was more intense. ETH's coin price fluctuated continuously for most of the week, basically maintaining a range of $2300-2500, with frequent short-term Fluctuation. ETH's weekly increase is around 1%. Currently, the currency is experiencing a more intense price Fluctuation phase, with the price reaching the lower range of the week.

Analysts believe that the price of ETH has fluctuated relatively little this week compared to the same period last week, mainly due to the market's overall Fluctuation in the past week. Although there has been a pump in price fluctuations, the overall trend is still downward. The fluctuation of ETH prices is likely to continue within the current price range, but there is a high probability of breaking through $2400 this week.

Web3 Project Trends

This week, the total market capitalization of seven types of projects has fluctuated, but compared to the same period last week, the decline has already dropped. The overall market performance this week is still mainly short-term fluctuations, but entering the closing period of the weekend, the market trend has shown a rapid decline, and it is expected to enter a more clear trend state during the weekend period.