Weekly Web3 Research | The Crypto Market Generally Rose Again; Solana Crashed; The Concept of ERC-404 is Rising

2024-02-09, 02:29

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
The overall crypto market has further risen this week, but mostly occurred within February 8, when there was a significant increase in the weekend period. Compared to last week, the total crypto market has increased significantly, with a market value around $1.73 trillion. The main cryptocurrencies have remained relatively stable for most of the week, with a clear upward curve approaching the weekend. The overall market situation has risen in the past week, and the market sentiment has rebounded slightly. Several mainstream cryptocurrencies have mostly broken through their key price resistance levels and are generally showing a further upward trend. At present, the crypto market as a whole has entered a new market operation cycle, and it can be seen that various types of cryptocurrencies are generally showing an upward trend. However, in the long run, the possibility of further overall increase is low, and more will still be dominated by fluctuations, with price increases within a reasonable range.

The top 100 crypto projects have a rise to fall ratio of approximately 85:15 within a week, with most currencies showing an upward trend. The BTC price has broken through the key price range of $45,000, with a weekly increase of 6.43%. Currently, it remains fluctuating around $45,250 and is at the highest point in the currency price within a week. ETH reached a one week high of $2,438, with an increase of 6.81%. It has now broken through key prices and is continuing to operate slightly. The trend of the crypto market in the Top100 crypto market this week is mainly characterized by an increase in coin prices. The impact of large-scale liquidation during the same period last week has decreased, and the overall market is expected to experience a new wave of growth in the future.

The prices of BTC and ETH have fluctuated by 6.43% and 6.81% in a week. The 7-day increase in DYM this week reached 96.92%.

The crypto market as a whole has shown an upward trend this week, with a significant increase in total market value. Market sentiment has gradually shifted from the median to <a href="/pt-br/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a>, and there is a high probability of a clear upward trend in the future.

## Crypto Market
🔥 Stephen Chow's affiliated NFT project, Body, was launched, and the floor price immediately exceeded 0.98 ETH. The first day trading volume exceeded 3,800 ETH, and the market value exceeded $22 million.

🔥 Token unlocking within a week includes approximately $228 million in APT, $4.25 million in HFT, $3.83 million in GAL, $1.06 million in GLMR, and $830,000 in LQTY.

🔥 The number of active entities in BTC has dropped to around 210,000, which is the low point of the current cycle, but the trading average has increased.

🔥 The on-chain trading volume of BTC in January was $1.21 trillion, reaching a new high since September 2022.

🔥 Atomicals launches the first permanently exploitable ARC20 token infinity.

🔥 The token BALL launched by former NBA star Dwight Howard has almost gone to zero.

🔥 The decentralized social Farcaster DAU has exceeded 35,000, reaching a new high.

🔥 Vitalik Buterin stated that Farcaster and Lens will not be abandoned in the next 4 months to 1 year.

🔥 OpenAI launches the Vision Pro version of ChatGPT.

🔥 The Launchpad of Particle Network will launch a 1% token for Merlin Chain (MERL).

🔥 Quantum Cats have been sold out with a total revenue of nearly $13 million.

🔥 0N1 Force will launch the Ordinals series Diablo 0N1.

🔥 The <a href="/pt-br/price/qtum-qtum" target="_blank" class="blog_inner_link">Qtum</a> 2024 roadmap has been released, including native integration of USDC and the introduction of BRC-20.

🔥 Vitalik Buterin proposed 5 designs to reduce the maximum block size of <a href="/pt-br/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>.

🔥 ENS collaborates with domain name provider GoDaddy to expand Web2 domain name linking services.

🔥 <a href="/pt-br/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> has experienced a shutdown, and currently there are over 60,000 orders for Solana Mobile Chapter 2.

🔥 DYdX has released a roadmap for 2024, which will focus on unlicensed markets, core transaction improvements, and user experience upgrades.

🔥 <a href="/pt-br/price/gitcoin-gtc" target="_blank" class="blog_inner_link">Gitcoin</a>'s strategic adjustment plans to focus on providing funding for the Ethereum ecosystem.

🔥 The price of ERC-404 Pandora flooring is 3.5 ETH, with a 24-hour increase of over 298%.

🔥 The total number of Farcaster users has exceeded 120,000, and the current daily activity has increased to nearly 20,000, reaching a new high.

🔥 The founder of Curve sold over 150 million CRVs, ending a six-month ethical lockdown on February 1st, during which only two investors made small sales.

🔥 The daily activity of decentralized social Farcaster has exceeded 10,000 for the first time.

🔥 CoinLedger released a report stating that the average return for crypto investors last year was $887.6.

🔥 MOBOX indicates that it will airdrop Dragon Balls to all Mint Dragon Ball failed users.

🔥 According to a report released by DWG Ventures, the number of BTC L2 has increased to 25 in less than a year, and the Dymension mainnet is currently online.

🔥 Solana has been re-blocking since then. Solana Co Creation stated that they fell asleep when the network paused blocking, and it has been restored after waking up.

🔥 The Phantom Wallet Google Extension has over 3 million users.

🔥 The total transaction amount of ERC404 project Pandora's DEX has exceeded $100 million.

🔥 Jack Dorsey's decentralized social Bluesky has been made available to the public.

🔥 The concept of ERC-404 rose generally, with PANDORA breaking through $25,000 and rising over 130% in 24 hours.

🔥 Pandora hinted in a post that there may be an airdrop.

🔥 Stephen Chow replaced his X platform avatar with a Nobody NFT image and sought advice from the community on Nobody community activities.

🔥 Prometheum, the only crypto platform registered in the United States, has chosen Ethereum as its first product.

🔥 Merlin Chain announced details of mainnet staking mining: 20% governance token reward, supporting BTC's native assets.

## Regulatory Policies
🔥 Nayib Bukele, the current President of El Salvador and a <a href="/pt-br/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> supporter, has successfully been re-elected and will serve the next five-year term.

🔥 The US SEC has strengthened its oversight of crypto.

🔥 South Korea will ban illegal virtual asset trading from the 7th, and violators can be sentenced to life.

🔥 The Thai Ministry of Finance announced an exemption from value-added tax on digital asset transactions.

🔥 Bitrich's SPAC merger file has been approved by the SEC and is about to go public on NASDAQ.

## Crypto Market Highlights
⭐️In the past week, the overall crypto market has been on the rise, but it has mostly been concentrated in the near closing stage with general gains. Driven by news factors and the excellent performance of individual different types of projects, the weekly trend curve has maintained a small fluctuation in the near weekend period, and has begun to show a significant upward trend since February 8. However, currently it appears that the overall crypto market has rebounded to a relatively hot stage in the previous market, but market sentiment is still not strong, mainly due to the slightly sluggish performance of several key coins in recent times. However, considering that the crypto market has entered a new cycle, subsequent performance in all aspects will more or less continue to rise, but it may be difficult to reach a high level in the short term.

⭐️This week, the market has seen further upward momentum, with several key coins breaking through key price resistance levels. However, the coins with significant increases are still concentrated in those with hot spots on the crypto market. DYM's seven day increase reached 96.82%, and as a project token for Dymension, it has recently seen nearly double its growth. At present, the price of this coin is at $7.87, approaching the key price level of $8, and the upward trend is still ongoing. It is highly likely that the coin price will break through $8 in the future, and whether to further increase depends on several key coin prices of the coin and the impact of project news factors.
![](https://gimg2.gateimg.com/image/article/17074457601.png)
(Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17074457732.png)
(Data Courtesy Of TradingView)

The price trend of BTC this week is basically divided into two time periods. Before the 8th, the coin price was concentrated in a small range, showing overall volatility. Within the 8th, the price began to rise all the way and quickly broke through the key price level of $45,000. At present, the price fluctuation of this currency has entered a new range of fluctuations, maintaining above $45,000. However, it is not ruled out that it may fall below $45,000 in the future. However, the key support level will remain above $24,500, and it is unlikely to fall again to the $42,000 price range in the short term.

Analysis suggests that BTC's coin price has risen significantly this week, based on the overall rebound in the crypto market last week. At the same time, there have been market hotspots in the crypto market that can drive the overall market, coupled with the recent positive performance of BTC's spot ETF, which has led to a general upward trend in the overall market. BTC has also followed this trend and experienced a significant upward trend. However, at present, the currency has just broken through the $45,000 price range. Whether it can maintain and continue to operate still needs to be analyzed based on weekend market trends and key price levels. It is not ruled out that there may be a certain price drop in the short term.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/17074457843.png)
(Data Courtesy Of TradingView)

The price trend of ETH this week is similar to that of most upward currencies, but ETH has been showing a more obvious upward trend since the 7th, with the currency price approaching $2,400 at one point. Subsequently, it followed the trend of the market and directly reached above $2400, maintaining the currency price and continuing to operate. The price of the currency rose by 6.81% in a week, which is similar to the BTC increase range. The reason for the market's occurrence is also similar, driven by the hot spot of the market.

Analysis suggests that the ETH coin price trend has a further upward trend this week with the overall market recovery, and has already exceeded the key price level of $2,400. In addition to excluding news related factors, the current market cycle is sufficient to support the coin price to maintain operation in the current price range for a period of time. There is a high probability of further replenishment of ETH prices in the future, but the magnitude will mainly be in a small range.

## Web3 Project Trend
The total market value of the seven types of projects this week has significantly increased compared to last week. Except for the BRC20 market, which is relatively special, the market has experienced a significant upward trend this week. However, it remains to be seen whether there will be further upward momentum in the future. Currently, most mainstream coins have entered a new cycle of coin price fluctuations. Overall, the market itself has been greatly affected by hot topics within a week, and the overall upward trend is obvious. It is possible to pay more attention to intraday fluctuations over the weekend, with a higher probability of further increases.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 7.6% | $SMH,TARA, HUAHUA | The Layer 1 track has seen significant growth this week, but the distribution of market value increases is relatively obvious, and there has been no particularly exaggerated increase in the TOP projects. |
| Layer 2  | 10.9%  | CYBA, BOBA, WALV | The Layer 2 sector experienced a strong growth this week and has shown a general upward trend due to recent hot topics. |
| DeFi  | 8.2%  | UNIFI, OS, TRADE | The liquidity of the DeFi track has further increased, but there is still a lack of popular related projects this week.。 |
| NFT  | 7.6% | OS,CLOUD, NINJA | The NFT market situation is basically consistent with the mainstream market trend, with a significant weekly increase. |
| MEME  | 2.7%  | FATCAT,EGG,ETHEREUM | The MEME coin market has rebounded slightly, but it is mainly bearish and lacks major market hotspots. |
| LSD  | 13.5% | STSTARS,MILKTIA,BSOL | The LSD sector has seen a significant increase this week, due to the significant increase in mainstream coins within a week and the good performance of multiple parties, the LSD track has achieved good results. |
| BRC-20  | -3.4% | OHMS,LFG,SHNT | The BRC-20 track has shown a pullback this week, but the TOP coin has seen an exaggerated increase, and the overall funding for this track is gathering towards the top. |

<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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