Weekly Web3 Research | Market Remains Sluggish Throughout the Week; The US House of Representatives Passed a Resolution Aimed at Overturning the SEC's Crypto Accounting Policy

2024-05-10, 01:56

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![](https://gimg2.gateimg.com/image/article/1715306295zb.jpeg)
## Weekly Trend Overview
The overall trend of the crypto market has been relatively sluggish this week. Although most of the top mainstream currencies have seen some price increases, the trend has basically shown a state of first rising and then falling, without a significant continuous upward trend. The trend is intensifying towards the end of the weekend closing period, although market trading volume has increased, it is mainly due to price decline. The overall market value growth of the crypto market has not changed much compared to the same period last week, currently maintaining around $2.29 trillion, a decrease of 0.61% within 24 hours. The market sentiment remains at 52, slightly sluggish. The trend of key mainstream currencies this week is not clear, with many currencies fluctuating around their respective key price levels. Overall, the crypto market will continue the downward trend of the past few days during the weekend, but the magnitude will be relatively controlled within a relatively small area.

Compared to last week, the total crypto market this week remains around $2.3 trillion, currently around $2.29 trillion. Overall, the market is in a period of significant volatility, and the sluggish market will continue for a period of time. The fluctuation ratio of the top 100 crypto projects within a week is 6:4, and most coin prices have shown a significant rebound, but the overall magnitude is not particularly significant. The price of BTC has shown a significant upward trend within a week, but currently it has shown a continuous downward trend, maintaining around $62,054, with a weekly increase or decrease of about 5.07%. The ETH situation is similar, but the decline is more significant, with an increase or decrease of around 0.5%, currently maintaining a fluctuation of around $3,004.

The best performing coin in the market this week was RNDR, with a 7-day increase of 42.09%. The coin price is currently maintained around $11.02, ranking first in a week of gains.

The overall trend of the crypto market has been fluctuating this week, and it is expected to continue to maintain this trend during the weekend.

## Crypto Market
🔥 Friend.tech opens airdrop and releases the V2 version.

🔥 LayerZero takes a snapshot and launches a witch hunt campaign: those who surrender receive an expected 15%, those who report others receive an expected 10%, and those who do not surrender will receive a 0 allocation and will be announced.

🔥 Mirror has been acquired and will focus on developing new applications based on Farcaster.

🔥 Last week, the daily net inflow of Grayscale GBTC, Franklin EZBC, and Blob flooring prices reached historic highs; The first comprehensive net inflow of US BTC spot ETFs; MEME, AI, Azuki NFT and other sectors generally rose.

🔥 Unlocked this week: $103 million APT, $31.48 million MAVIA, $4.3 million HFT, $920,000 GLMR, $390,000 EUL, etc.

🔥 This week, approximately 27 projects announced the completion of over $260 million in funding round.

🔥 Blast launches Jackpot, distributing gold points to token and NFT holders.

🔥 Monday 24-hour BTC -1.1%, ETH -1.9%; The top 500 companies with a market value increase or decrease of ≥ 30%: IPV+141%, UQC+32%.

🔥 On Monday, within 24 hours, the net inflow of US spot BTC ETFs was $218 million.

🔥 On Monday, Hong Kong BTC spot ETFs experienced net redemptions for the first time, with a net outflow of $1.7 million for six BTC and ETH spot ETFs.

🔥 Last week, the daily destruction volume of <a href="/pt/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> hit a new low since the beginning of this year.

🔥 Vitalik stated that Plasma's focus is not on preventing invalid/unavailable state transitions, but on preventing asset double exits.

🔥 MetaMask launches Smart Transactions feature to respond to MEV attacks.

🔥 The crypto wallet Exodus has been approved for listing on the New York Stock Exchange NYSE American.

🔥 Friend.tech announced the upcoming release of features such as Keydrops, Memeclups, and Pinned Rooms.

🔥 This week, a total of 16 projects or institutions announced (planned) completion of fundraising exceeding $77 million.

🔥 On Tuesday, the US spot BTC ETF had a net outflow of $19 million.

🔥 168 asset managers already hold BlackRock IBIT; The fund managed by former Sequoia China partner Cao Xi has a significant stake in the BlackRock BTC ETF, with a scale of over $24 million.

🔥 The crypto related PAC has raised $102 million in funding for the US election.

🔥 Vitalik proposed an alternative solution to EIP-3074.

🔥 Robinhood Q1 revenue is expected to reach a new high in nearly three years.

🔥 The research director of VanEck stated that the MEMEMECOIN index has been launched.

🔥 Web3 social application Phaver opens the SOCIAL token for airdrop queries.

🔥 <a href="/pt/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a> Founder: Founders and VCs need to stop valuing startups and crypto projects above $1 billion.

🔥 The CEO of Grayscale stated that Grayscale will focus on spot ETH products.

🔥 CryptoQuant indicates that the upgrade of Ethereum Dencun has caused ETH to inflate again.

🔥 MakerDAO: The supply of DAI has increased by 1 billion in the past two months and has become the largest stablecoin on the chain in April.

## Regulatory & Macro Policies
🔥 The Federal Reserve maintained interest rates unchanged and reduced its balance sheet by $77 billion in April.

🔥 The US Treasury Department has set a quarterly refinancing scale of $125 billion, in line with earlier expectations.

🔥After the quarterly adjustment in April, the non farm employment population in the United States was 175,000, with an expected 243,000. The April unemployment rate recorded 3.9%, with an expected 3.8%.

🔥The Netherlands arrested ZKasino suspect and seized over 11.4 million euros in assets.

🔥The US SEC has issued a Wells Notice to Robinhood's US crypto business.

🔥The US House of Representatives has passed a resolution aimed at overturning the SEC's crypto accounting policy.

🔥Trump announced that he is accepting crypto donations for the US presidential campaign, which has driven the Meme coin TRUMP to rise by 30% in 24 hours and the Meme coin BODEN to soar.

## Crypto Market Highlights  
⭐️In the past week, the overall crypto market has risen, but the overall growth is relatively weak, with the main trend of most coin prices being first rising and then falling. In the near future, it can be observed that the trading volume of the crypto market is continuously increasing, but the overall market still lacks clear growth momentum, and the current volatility cycle will continue for some time.

⭐️The market situation has risen this week, although it has experienced a rise followed by a fall, there are also many currencies whose prices have seen significant growth. Among them, RNDE's weekly increase reached 43.52%, and the current price remains around $11.10. The weekly high point of the price once reached $11.28, while the low point appeared at around $7.64 during the opening period, ranking among the top 1 weekly gains.
![](https://gimg2.gateimg.com/image/article/17153063841.jpeg)
(Source: Coinmarketcap)

## BTC & ETH Weekly Performance

### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17153064022.jpeg)
(Data Courtesy Of TradingView)

The price of BTC has increased slightly this week, but overall it continues the trend of last week on the basis of last weekend. As the weekend closing period approaches, there is a clear downward trend. This has prevented BTC from achieving a high price increase in a week. Presently, the coin is basically maintained at around $62,151 and continues to fluctuate, with a certain upward trend at present. The high point of BTC's weekly price is around $65,500, while the low point is a short-term drop to the $60,600 range.

Analysis suggests that due to the lack of significant news and hot factors in recent times, as well as the large net outflow of ETF funds over several days, the market has been unable to have a clear consensus on the bullish expectations of BTC prices this week. Considering the current large market cycle, the coin still needs further positive stimulus.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/17153064213.jpeg)
(Data Courtesy Of TradingView)

ETH's price fluctuation this week is greater than BTC's, and it is in a more obvious continuous downward trend. Building on the upward trend from last weekend, ETH prices continued to decline shortly after opening. The high point of the price within a week is around $3,220, while the low point appears around $2,936, which is a short-term decline.

Analysis suggests that the performance of ETH coin prices this week is related to the relatively low number of Ethereum network hotspots in recent weeks. At present, there is also a lack of popular projects and applications within the ecosystem. Given that the review progress of SEC related ETFs is still lagging, this may make it difficult for ETH prices to return to historical highs this year.

## Web3 Project Trend
This week, the total market value of seven types of projects has shown an upward trend. Due to the impact of market cycle changes, each track is mainly affected by market recovery. However, the weekly price recovery of several key mainstream currencies is still limited. Currently, the overall upward trend of the market is expected to continue for a period of time.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 5.2% | MOVR,CCD,WIT | The Layer 1 track has seen some recovery this week, but the upward trend of the top growing currencies is not high, and the overall market growth is limited.|
| Layer 2  | -0.2%  |BROCK,WBROCK, CYBA |The Layer 2 sector has experienced an overall decline this week, with limited top growth projects and a focus on ROCK related projects. |
| DeFi  | 4.8%  | TRADE,HEC, UMA | The DeFi track has seen some growth, although the overall growth rate is limited, the top growth projects have seen significant increase, and liquidity has strengthened within a week.|
| NFT  | 15.4% | HIP,VIBE,B20 | The NFT market has seen a significant increase this week, which is different from the situation in other tracks. NFTs are more influenced by current market trends.|
| MEME  | 9.1%  | LDOGE,BOSHI,CHOPPY | The overall market recovery of the MEME coins this week is relatively positive, but the top growth currencies are mostly non top projects. |
| BRC-20  | 5.3% | BDIN,DOMO,BSAT | The BRC-20 sector has shown some recovery this week, but due to the recent weak performance of the <a href="/pt/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ecosystem, the actual growth is relatively limited.|
| AI  | 36.7%  | ENQAI,MOOV,MOZ | The AI track has seen a significant upward trend this week, with a relatively even distribution of top growth currencies. In fact, it is showing a general upward trend across the entire market. |

<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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