Weekly Web3 Research | Small Fluctuations in the Crypto Market Within A Week; AI Concept Tokens Are Generally Rebounding; BTC and ETH Hit Their Highest Prices in Over Two Years

2024-02-23, 02:03

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
The overall crypto market experienced small-scale fluctuations this week, with significant differences in the rise and fall of several mainstream currencies. The market sentiment remained largely unchanged from last week's situation. Compared to last week, the total volume of the crypto market has increased to a certain extent, with a market value around $1.96 trillion, which is basically consistent. The intraday trading volume in the market is still frequent, but key currencies such as BTC have shown temporary price declines and weak growth. As the weekend closing stage approaches, there should be some fluctuations in the market.

The crypto market started to show a new cycle of volatility this week. On the basis of breakthrough growth in the market last week, the market began to show different ups and downs, with project tokens in gaming, AI, storage, and other sectors showing certain gains. Earlier, BTC saw a rapid rise, but this week it has remained stable above $51,000. Currently, it may be difficult to see a general correction in the overall situation, but the internal fluctuations in the market can be seen as another form of adjustment volatility.

The fluctuation ratio of the top 100 crypto projects within a week is approximately 44:56, with a relatively average distribution of fluctuations. The BTC price briefly broke through $53,000, with a weekly increase or decrease of about -1.35%. Similarly, ETH also broke through $3,000 this week, with an overall increase of 5.15%. Both have reached new highs in coin prices in over two years, and the market recovery may come relatively quickly in 2024.

WLD's 7-day increase this week reached 148%, The currency price is currently maintained around $8.25, ranking among the top in all currency increases. As a classic project that has attracted market attention multiple times, the market sentiment has been quite positive due to the actions of various parties this week, and the increase is very exaggerated.

This week, the crypto market did not experience a general upward trend like last week but a large-scale correction did not occur. The market sentiment has cooled slightly, and further attention can be paid to the market trend during the weekend closing stage.

## Crypto Market
🔥 The trading platform FixedFloat was attacked and lost $26.1 million.

🔥 WLD prices, <a href="/ru/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> L2 TVL, and CME BTC futures contracts with open positions reached historic highs this week while the gaming sector saw a general rise.

🔥 This week's unlocked project tokens include approximately $379 million in AVAX, approximately $11.58 million in ID, and approximately $1.78 million in DYDX.

🔥 Bloomberg reported that retail investors have begun to cautiously return to the crypto market.

🔥 The WLD reached around $7.5, reaching a new historical high; The total volume of FDVs this week exceeded $75 billion, with 24-hour trading volume exceeding $700 million.

🔥 Since the official launch of the World App, a single user can receive a total of 77 WLD allowances, currently worth over $570.

🔥 Alameda has not yet sold 25 million WLD currently worth $167 million.

🔥 Zhu Su stated that 3AC invested in Worldcoin in 2021 and its creditors hold one of the world's largest WLD holdings.

🔥 EigenLayer TVL exceeds $7.5 billion, becoming the fourth largest DeFi protocol.

🔥 Puffer Finance TVL exceeds $1 billion, with Justin Sun ranking first in points.

🔥 Backpack's 24-hour transaction volume exceeded $1 billion, and it stated that it will strictly monitor malicious traffic behavior and encourage real users to participate.

🔥 WLD prices, SPACE prices, AXL prices, and last week's inflow of funds into digital asset investment products reached a historic high, while tokens in the storage sector generally rose.

🔥 <a href="/ru/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> Cats roadmap released, 1CAT Chain mainnet launched from March to April.

🔥 The Blast TVL has exceeded $1.9 billion and will announce the exact mainnet launch date this week.

🔥 The Dymension modular liquidity layer and embedded AMM have been launched.

🔥 <a href="/ru/price/trust-wallet-twt" target="_blank" class="blog_inner_link">Trust Wallet</a> launches the Smart Contract Wallet SWIFT.

🔥 The DAI supply of Spark D3M has exceeded 1 billion.

🔥 ETH prices once exceeded $3,000 this week, reaching a new high in nearly two years.

🔥 BTC hoarding address BTC inflow, daily trading volume of 9 BTC spot ETFs, WBS price, Pixels DAU, PendleTVL set a new historical high.

🔥 BTC broke through $53000 for the first time in December 2021.

🔥 The value of MicroStrategy BTC's holdings has exceeded $10 billion, with a floating profit of over $4.1 billion. The founder of MicroStrategy stated there is no reason to sell BTC, and BTC is an exit strategy.

🔥 X officially launched <a href="/ru/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> always wins and Optimism Span Batches this week, marking the official launch of the fourth round of airdrops for the project.

🔥 <a href="/ru/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> TVL exceeded $2.1 billion, reaching a new high in June 2022.

🔥 MetaMask's monthly activity rebounded to over 30 million, approaching historical records.

🔥 Pudgy Penguins will add 1100 Walmart stores and launch toys.

🔥 OpenAI provides GPT-4 Turbo, with datasets updated until December 23. Microsoft plans to invest $2.1 billion in the Spanish AI and cloud infrastructure markets. Further development in the AI market will play a driving role in the relevant sectors of the crypto market.

🔥 Approaching the weekend, USDT's market value, Starknet's daily trading volume, and <a href="/ru/price/tron-trx" target="_blank" class="blog_inner_link">TRON</a> TVL reached historic highs, AI concept tokens generally rebounded, and US crypto stocks fell.

🔥 The secondary market of the crypto market experienced a small-scale pullback, with a $200 million sell-off within 24 hours within 22 days, resulting in a major surge in multiple orders.

🔥 The balance on the BTC exchange has dropped to its lowest point since April 2018.

🔥 Vitalik Buterin indicates that the precise and complex L2 is not the optimal solution, and L1 should not be overly simplified.

🔥 MATIC has completed the token unlocking transfer and entered a fully circulating state.

🔥 Nvidia's revenue in Q4 2023 reached $22.1 billion, far exceeding market expectations, and the recent rise in AI concept tokens has been driven by the development of the AI field.

## Regulatory Policies
🔥 The Ministry of National Security stated that illegal map data collection activities rewarded with virtual currency pose a threat to national security.

🔥 The South Korean Democratic Party, following the ruling party, has also staked to promote the approval of BTC spot ETFs.

🔥 The UK's National Crime Bureau has dismantled the world's largest cybercrime organization, LockBit.

🔥 <a href="/ru/price/terra-luna" target="_blank" class="blog_inner_link">Terra</a> founder Do Kwon will be extradited to the United States.

🔥 The former CFO of Terraform Labs has been officially arrested and prosecuted by South Korean prosecutors.

## Crypto Market Highlights
⭐️Last week, the overall crypto market remained relatively stable. Essentially, the market has entered a new cycle of volatility. After the overall general upward trend has stabilized, the market hotspots have begun to shift towards speculation in non-mainstream currencies. This reflects signals there may not be a significant inflow of funds in the short term, and various project types may experience a cyclical upward trend. It largely depends on the influence of hot topics on the message surface.

⭐️The overall market situation has remained stable this week. Although internal fluctuations have been widespread, AI concept tokens have become the fastest-growing sector due to external news factors, with WLD being the representative, and with a seven day increase of 148%. As one of the AI concept representative tokens in the past two years, it has received more attention due to the founder's reasons. Recently, it caught up with the release of a new version of ChatGPT, which has a more obvious direct impact, The coin price has risen directly above 8 and is currently maintained at around $8.25.
![](https://gimg2.gateimg.com/image/article/17086535661.png)
(Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/1708679739image.jpg)
(Data Courtesy Of TradingView)

The price trend of BTC has shown a sustained slight fluctuation this week, with significant intraday fluctuations. In the short term, it reached the highest point of $53,000 and the lowest point was close to $50,600, basically maintaining within the range of new areas after the recent rise in coin prices. Of course, it has also been operating above $51,000 for most of the time, but looking at it over a week, the currency price trend is gradually declining, and there may be a slow downward trend in the short term.

Analysis suggests that the currency price of BTC has remained relatively stable this week. Due to the rapid increase last week, the currency price has been pulled into a new price range, and its basic fluctuation range is basically the same as before, controlled within the range of $3,000 and fluctuating repeatedly. Currently, BTC is showing a weak growth trend, which is closely related to the rapid rise of the currency price. However, there has not been a significant correction, and the currency price has been basically maintained. It is only that the holdings of major exchanges have dropped to the same low point, and it is likely that the currency will experience another significant upward trend in the future.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/17086535883.png)
(Data Courtesy Of TradingView)

ETH's price trend has continued to rise this week, starting to operate around the $3,000 price range and breaking through the key price range of $3,000 within a week. Given the current market fluctuations, the impact of various hot topics on Ethereum itself has basically kept the price of ETH fluctuating within a small range, and the subsequent fluctuations are likely to be limited, and this state will continue in the short term.

Analysis suggests that the ETH coin price continued its trend from last week this week. Although the increase did not increase again, it has basically entered a new range of coin price fluctuations after breaking through key price levels. It is highly likely that it will continue to fluctuate within the current price range in the future, and the temporary upward space has become relatively limited.

## Web3 Project Trend
This week, the total market value of seven types of projects has increased significantly, and the fluctuations in various tracks have been basically controlled within a small range. Affected by the overall market fluctuations, various sectors have entered a new cycle this week, and the fluctuations in different types of projects are still quite obvious. This trend will continue in the short term.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 0.3% | HMND,OCTA, DNX | The rise and fall of Layer 1 sector were not significant this week, and it basically showed a maintenance state. The highest increase in TOP projects was over 50%, and there was a significant adjustment in internal funds. |
| Layer 2  | 7.9%  | AZR, MNT, CTSI | The Layer 2 track has been affected by market fluctuations this week, with an average distribution of upward trends, but it is still mainly focused on Ethereum related projects. |
| DeFi  | 0.4%  | MTLX, SPELL, PNG | The DeFi track is similar to last week's overall market situation, with the TOP projects taking over and experiencing a significant increase, but overall maintaining small-scale growth. |
| NFT  | 4.1% | $ANRX,NYXC,2DAI | The overall growth of the NFT market is limited this week, but there has been some hot feedback from the market for some popular projects, and the growth rate of the TOP projects has doubled. |
| MEME  | -2.1% | CHAD,PEPEAI,NYXC | The MEME coin track has slightly declined overall, but AI concept related project tokens have seen rapid growth, and most of the top projects belong to this category. |
| LSD  | 4.9% | TRUMATIC,MATICX,RMATIC | The LSD sector has had limited gains this week, but the market growth is clearly concentrated on one type of token staking. The top projects in the week belong to the same category, and the distribution of gains is average. |
| BRC-20  | -3.5% | NEWU,MMSS,BIIS |  The BRC-20 track has seen a slight decline in BTC prices this week, and the earning sector has also begun to show a bearish trend, but the actual performance of the TOP projects is still acceptable. |

<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>