Weekly Web3 Research | Crypto Representative Data Continued to Rise Within the Month; SOL Prices Hit A New High In 2023; The SBF Case Trial Is Nearing Completion

2023-11-03, 02:39

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
The crypto market as a whole has shown a volatile upward trend this week, with most mainstream crypto projects showing a slight increase in prices. Market confidence continues the bullish trend of last week. The total amount of funds in the current market is $1.34 trillion, an increase from last week.

The crypto project of Top100 has a rise to fall ratio of 15:1 this week. Although the overall market has shown some improvement, it is mainly characterized by small fluctuations and relatively stable fluctuations. The prices of the two key currencies, BTC and ETH, remained at the closing price of last week for most of the week.

The weekly price increases for BTC and ETH have reached 2.7% and 1.4%. Among the top 100 crypto projects, SOL has continued its strong upward trend, with a weekly increase of 28.7% and currently maintaining around $39.

Overall, the crypto market met the overall expectations of most users this week, with short-term fluctuations still occurring at a high frequency. Market cycle fluctuations have driven continuous fluctuations in various sectors, and the Altcoin market has shown some improvement this week. However, similar to the pullback trend of mainstream currencies last week, it is likely difficult to maintain a long-term upward trend.

The trend of BTC and ETH continued to be strongly correlated this week. At present, the price of BTC remains fluctuating around $34,860, while the price of ETH is currently fluctuating around $1,800. Both currencies have had a good short-term upward trend within a week, but both have quickly rebounded and maintained continuous fluctuations at their current prices.

As of now, the global crypto market value has risen to $1.34 trillion, with the entire market rising by approximately 0.7% in 24 hours, a slight increase from last week's $13,000.

## Crypto Market
🔥 The daily trading volume of crypto spot goods and BTC volatility both rose to their highest levels since April this week.

🔥 Brazil's USDT adoption rate has skyrocketed this year, accounting for 80% of all crypto transactions.

🔥 The FLOKI platform staked over $40 million in TVL, reaching 12% of the total amount of tokens.
🔥 Friend.tech protocol revenue exceeded 14000 ETHs.

🔥 On the 15th anniversary of the <a href="/pt-br/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> White Paper, there are many celebration activities related to various projects.

🔥 Industry representative data has continued to climb, with BTC mining difficulties and BTC profit addresses reaching historic highs. On October 24th, Wikipedia's browsing volume reached a new high since June last year, and SOL prices reached a new high for the year, breaking through $46 at one point. The DeFi protocol TVL reached a three-month high, with daily trading volume reaching a new high since March. The BAYC floor price rebounded to 30 ETH, a 33% increase from the low point.

🔥 Connext and others jointly called for the establishment of open bridge standards and expressed concerns about LayerZero's deployment of multi chain wstETH.

🔥 Unibot was attacked and suffered losses of at least several hundred thousand dollars, with official promises of compensation.

🔥 The Invesco Galaxy Bitcoin ETF (BTCO) has been listed in DTCC.

🔥 SBF has once again appeared in court to testify for itself, and the trial may end in the next few days.

🔥 SOL broke through $45, continuing to reach a new high for the year.

🔥 The number of transactions on the <a href="/pt-br/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a> mainnet has exceeded 500 million.

🔥 The Nervos CKB mainnet has completed a significant upgrade and fully supports the light client protocol.

🔥 <a href="/pt-br/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a>'s current cash and cash equivalents reserves account for 85.7%, setting a new historical high.

🔥 MicroStrategy once again increased its holdings of 155BTC, resulting in a total floating profit of $934 million.

🔥 In October, crypto financing reached $426 million, the lowest level in nearly four years.

🔥 TON's TPS has surpassed the 100000 mark and is known as the fastest blockchain.

🔥 The World App has over 4 million downloads, making it the 6th most popular hot wallet.

🔥 The DeFi protocol Onyx suffered an attack loss of $2.1 million, and the vulnerability has been fixed.

## Regulatory Policies
🔥 The 40 nation alliance, including the United States, plans to sign a commitment to refuse to pay ransom to hackers.

🔥 Korean investors report that investors tend to prefer Altcoins and use local trading platforms.

🔥 The US Government Accountability Office has stated that the SEC's crypto accounting statements exceed its authority and require congressional review.

## Macro Economy
🔥 The Federal Reserve has maintained its benchmark interest rate unchanged, stating that further rate hikes may be needed.

## Crypto Market Highlights
⭐️In the past week, the crypto market has continued its upward cycle, but the magnitude has decreased to a small level compared to last week. The bullish sentiment is still ongoing, but the upward and fluctuating market has reached the secondary currency and Altcoin sectors.

⭐️Amidst the increasing bullish trend in the market this week, SOL continued to rise, breaking through a weekly high of $45, with a weekly increase of over 27%.
![](https://gimg2.gateimg.com/image/article/16989791171.png)
(Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance

### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/16989791292.png)
(Data Courtesy Of TradingView)

The high point of BTC's price this week is approaching $36,000, appearing in the closing stage of the week. However, it has now slightly corrected and the price has once again returned to below $35,000.

Overall, BTC's performance within a week basically continued the overall trend of last week's market, staying above the price of $34,000 for most of the time. At present, the support level of the currency remains around $34,200, while the key resistance level is around $35,000. The current trend of box volatility is still quite obvious.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/16989791423.png)
(Data Courtesy Of TradingView)

ETH's trend this week continued to maintain strong consistency with BTC, but the magnitude was relatively smaller. Within a week, the price reached a high point near $1,875, and the current ETH price remains fluctuating around $1,800.

The price increase of ETH is relatively small among mainstream currencies, and it is also closely related to the stock of this currency on various trading platforms across the network. ETH itself has become increasingly strong as a stable asset, but the expected future rise of the coin is still largely influenced by the market and external news. Presently, ETH remains fluctuating at $1,810, and $1,850 will be a key resistance level for the following week or two.

## Web3 Project Trend
The total market value of most of the seven categories of projects this week has shown an upward trend, but the magnitude is relatively small. From this, it can also be seen that the crypto market has been experiencing a continuous upward trend within a week. The top growth projects in different tracks have undergone significant changes compared to last week's ranking.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 |  2.1% | AZERO, CUDOS, SOUL | Layer 1's performance this week was mainly characterized by a slight increase, with Altcoins starting to gain momentum. |
| Layer 2  | 5.2%  | METIS, MNT, BOBA | Due to the fact that Layer 2 is still in its early stages, the top new projects this week will mainly focus on ecosystem veteran players. |
| DeFi  | 4.7%  | FRIN, YFL, REP | The DeFi circuit continues the trend of increased liquidity last week, and this week, due to the favorable market conditions of secondary and Altcoins, the corresponding project growth of this circuit has undergone significant changes. |
| NFT  | 10% | NFSG, 3ULL, MONI | The growth rate of the NFT market is significant, and the trend of market recovery is obvious. |
| MEME  | -0.2%  | TOSHI，CAT，LAIKI | The overall market for MEME coins has not changed much, with new additions concentrated in non top items. |
| LSD  | 3.0% | STOSOM,STJUNO, STSTARS |The growth of the LSD sector is concentrated in non top projects, and it continues to maintain a strong correlation with the growth trend of mainstream currencies this week. |
| BRC-20  | -1.6% | SATS,VMPX, PIZA |  The BRC-20 track showed a trend of recovery last week, but it did not continue into this week. It is necessary to provide more practical use cases for the track by presenting corresponding positive information on the projects within the track again. |

<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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