Weekly Web3 Research | The Crypto Market Showed A Volatile Trend; BTC Price Recording High; The Time for BTC Halving Is Less than 40 Days; Cancun Upgrade Was Activated

2024-03-15, 06:29

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## Weekly Trend Overview
The overall sentiment of the crypto market remained enthusiastic this week but looking at the continuous upward trend in the past one or two weeks, it has experienced fluctuations. The total amount of funds in the market is approaching the $30,000 mark but has since experienced a volatile pullback. Currently, it remains at $2.67 trillion, down 3.24% within 24 hours. This week, key mainstream currencies hit new highs, with BTC, ETH, and <a href="/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a> being representative. However, several mainstream currencies are currently experiencing a pullback, with prices falling rapidly within a small range. The weekly fluctuations are relatively small at this point in time, and the market sentiment index is still in a greedy state.

Compared to last week, although the total volume of the crypto market has increased this week, the increase compared to the same period last week's $2.53 trillion has been much lower than the previous one or two weeks. Within a week, the trading volume and prices of multiple sectors in the market reached new highs. Although BTC and ETH reached new highs, the overall increase was relatively small, and ETH even showed a downward trend. These two key currencies are still in a volatile and pullback state. As the weekend closing stage approaches, the overall trend of the market is mainly characterized by a volatile pullback, and it is expected that there will be another key market change over the weekend.

The top 100 crypto projects have a rise and fall ratio of approximately 52:48 within a week. The market situation this week is that most mainstream currencies have a relatively balanced rise and fall distribution, which is also in line with the different rise and fall trends in different sectors. The BTC price has broken through $73,000 in a short period of time, with a weekly increase or decrease of about 3.10%. Currently, it remains fluctuating at $69,649. ETH has also broken through $4,000 in a short period of time this week. However, the coin price has seen a significant correction, with an overall increase of around -1.68% for the week. Currently, it is fluctuating at around $3,800.

The token ZRK (0xProtocol) has increased by over 160% in 7 days, and its price is currently maintained around $1.36, ranking first in this week's increase.

The overall volatility of the crypto market this week was quite significant but the heat of individual sectors remained strong towards the closing stage. The crypto market is in a new cycle of volatility, and the current volatile market is likely to continue in the short term until a critical external event arrives.

## Crypto Market
🔥 The crypto market has shown an overall volatile trend throughout the week, with key coins hitting new highs.

🔥 Within a week, BTC exceeded $73,000, reaching a new historical high; ETH exceeded $4,000.

🔥 The <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Cancun upgrade was activated on the mainnet at 21:54 on March 13, bringing many new features to the Ethereum ecosystem.

🔥 This week, BTC's market value surpassed silver and became the eighth largest asset in the world.

🔥 The London Stock Exchange has announced that it will accept applications for <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> and Ethereum ETNs in the Q2 quarter.

🔥 The expected halving time for Bitcoin is April 2024, with less than 40 days remaining.

🔥 Within a week, PIXEL prices, open positions in Bitcoin contracts across the entire network, and lightning network USD capacity reached new highs; The gaming sector led the rise; BTC price, SSV price, PEPE price, PYTH price, BTC spot ETF daily net inflow, BTC contract position, BTC mining difficulty, RON price, CME BTC futures position, <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> daily new address, Lido TVL record high, TON ecosystem, <a href="/price/tron-trx" target="_blank" class="blog_inner_link">TRON</a> TVL record high, Solana ecosystem general rise, <a href="/price/avalanche-avax" target="_blank" class="blog_inner_link">Avalanche</a> ecosystem general rise.

🔥 Monroe coin releases GUI version 0.18.3.2 "Fluorine Fermi".

🔥 The daily trading volume of DEX on the BSC chain exceeds that of DEX on the Ethereum chain, ranking first on the DEX daily trading volume ranking.

🔥 Jupiter announced that Zeus Network and SharkyFi were among the first start-up projects.

🔥 GameFi RACA will release the Genesis Box again on March 13.

🔥 Last week's net inflow of digital asset investment products, daily net inflow of VanEck HODL, and daily revenue of BTC miners reached a new high; BRC-20 crypto stocks generally rose; Blue chip NFTs generally fell.

🔥 Within a week, approximately 10 project parties announced (planned) completion of approximately $277 million in financing.

🔥 BTC surpassed the Swiss franc this week to become the 13th largest currency in the world.

🔥 MicroStrategy has completed a $800 million convertible senior note issuance to purchase BTC, with a purchase price of 12,000 BTC at an average of $68,477.

🔥 Trump has locked in the Republican presidential nomination, stating that if re-elected, he will not crack down on BTC or other cryptocurrencies.

🔥 ETH's market value surpassed Wal Mart and ranked 19th in the global mainstream asset list.

🔥 Blast announced that the annualized yield of the eco-stablecoin USDB has increased to 15%.

🔥 MetaMask is testing Mastercard payment cards across the entire chain.

🔥 <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> plans to break the monopoly of cloud computing on platforms such as Amazon and Microsoft through its new platform, Pearl runtime.

🔥 Last Sunday, South Korea's crypto trading volume exceeded Friday's stock market trading volume, and the premium index reached a new high in nearly two years.

🔥 Recently, it was revealed that the globally renowned fundraising platform Kickstarter received a <a href="/price/secret-scrt" target="_blank" class="blog_inner_link">Secret</a> investment of $100 million from a16z in 2021, but its blockchain transformation was unsuccessful.

🔥 Telegram has reached 900 million users and is close to profitability. The founder stated that they are considering an IPO, and the news has driven TON to rise 34% in 24 hours.

🔥 TURNUP launches the NFT “The Trillionaires”.

🔥 The classic game Adventure Island will launch a Web3 version based on Avalanche.

🔥 Grayscale submitted a mini version of the GBTC registration application. Ordinals has released 0.16.0, enhancing configuration flexibility and expanding in_script_ion functionality.

🔥 Ordinals has released 0.16.0, enhancing configuration flexibility and expanding in_script_ion functionality.

🔥 <a href="/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a> Web App has launched a limit order function.

🔥 The Curve lending platform LlamaLend has been launched.

🔥 Elon Musk released Pepe related images in response to the recent popularity of the project.

🔥 Milady stated that LADYS will be practically destroyed.

🔥 L2 trading fees have all decreased, and the Swap fee on OP is less than $0.01.

🔥 OP, ZORA, and Base all support EIP-4844.

🔥 Arbitrum announced that the upgrade to ArbOS Atlas is scheduled to be executed on the chain on March 14, with additional fee reductions introduced on March 18.

🔥 The cost of the zkSync Era sorter has been reduced by approximately 88%.

🔥 Vitalik Buterin stated on Warpcast that the basic Rollup scalibility milestone has been achieved, and the next milestone may be the expiration of the Walker tree and historical data.

🔥 The net inflow of BTC spot ETF on March 13 was $683.7 million, reaching a recent high.

🔥 BSC has launched an upgrade to BEP-336, drawing on EIP-4844, to reduce transaction costs.

🔥 Stripe Chairman revealed that the company has started researching cryptocurrencies.

🔥 <a href="/price/pancakeswap-cake" target="_blank" class="blog_inner_link">PancakeSwap</a> V4 is expected to be launched in Q3, which will make transactions cheaper and more efficient.

🔥 Magic Eden has launched a diamond airdrop, with Ethereum users linked back to 2017.

🔥 Musk stated that Tesla will support DOGE payments at some point in the future, which has driven DOGE to experience a significant upward trend in the day.

## Regulatory Policies
🔥The Thai SEC allows qualified investors to invest in US BTC spot ETFs.

🔥The Hong Kong Monetary Authority has launched a stablecoin issuer Sandbox.

🔥The founder of Bitcoin Fog, a crypto mixer, has been convicted of money laundering.

## Crypto Market Highlights   
⭐️Last week, the overall trend of the crypto market has been mainly characterized by the rise of mainstream currencies and multiple sectors taking turns to rise, but this process is accompanied by more frequent intraday pullbacks. After several consecutive weeks of rapid market growth, although the overall trend continues to rise, there has indeed been an overheating state in the short term. Coupled with the large scale of intraday trading arbitrage, it has brought frequent price impacts to many currencies. However, overall, the upward trend in the crypto market remains unchanged, and there is a high probability of a general upward trend in the short term.

⭐️Compared to the past one or two weeks, there has been a certain change in the market situation distribution this week. Although the MEME sector has risen again this week, ZRK's coin price has risen rapidly in the short term due to well-known reasons, such as the breakthrough in the direction of the agreement, with a weekly increase of over 160% and a price of around $1.36. Overall, the upward trend continued from last week. Although multiple cryptocurrencies such as PEPE, FLOKI, SHIB, and other MEME currencies performed exceptionally well within the week, with some of the top currencies tightening their gains. However, PEPE remained in a leading position, with a price of $0.000006904 and a seven day increase of over 140%, continuing the rapid trend of last week.
![](https://gimg2.gateimg.com/image/article/17104841341.png)
(Data Courtesy Of Coinmarketcap)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17104841462.png)
(Data Courtesy Of TradingView)

The price trend of BTC this week basically continued the downward trend of last week's closing stage in the opening stage, and even fell below the price level of $68,000 in a short period of time. After rising again to above $71,000, it began to fluctuate continuously, and then experienced a short-term pullback before finally breaking through a historic high of $73,000. After entering the current time period, the BTC price began to decline, dropping from $73,000 to around $69,000, and continued to fluctuate before rising again to above $70,000.

Analysis suggests that BTC's price performance this week has once again broken through historical highs, and this has been a new high for several consecutive weeks. For BTC, which accounts for more than half of the total market value, on the one hand, the approaching halving cycle is approaching, and on the other hand, the rapid influx of external ETF funds has directly driven multiple rounds of upward trends in the crypto market in recent times. However, the price fluctuations of BTC itself are actually more affected by the short-term market trading cycle, with prices showing multiple fluctuations concentrated within a certain range. However, this is a normal price fluctuation and has little impact on long-term holding.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/17104841563.png)
(Data Courtesy Of TradingView)

The price trend of ETH this week is relatively small compared to BTC, and their coin price trend curves are very similar. ETH remained stable above $3,900 at the opening stage, but experienced a short-term decline, falling all the way below $3,800 and then rapidly rising to above $4,000. However, the duration was relatively short, and for most of the week, ETH prices remained in the range of $3,900 - $4,000, fluctuating continuously. At the current stage, the ETH price has seen a significant correction, dropping to around $3,720 and has now returned to above $3,800.

Analysis suggests that the performance of ETH coin prices this week is basically in line with the overall market trend. Although the upgrade of Ethereum Cancun has been completed and activated, the new features involved are not significant and have a weak impact on the Ethereum ecosystem. Overall, the price trend of ETH is similar to that of BTC, experiencing multiple short-term slight pullbacks within a week. The overall price performance is relatively stable, and it is highly likely that it will rise and rebound above $4,000 in the future.

## Web3 Project Trend
The total market value of the nine categories of projects this week has continued to rise compared to last week, but the growth rate has generally slowed down. Various tracks are affected by the market cycle, and the distribution of ups and downs is basically balanced within a week. Although there is a correction trend in key mainstream currencies, it is still a normal market fluctuation cycle. The overall volatility of different projects will still be mainly characterized by upward fluctuations, which need to be viewed in conjunction with overall market changes and off-exchange news factors.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 8.0% | BIT,OM,PICA | The trend of Layer 1 track has slowed down this week, and although the top projects remain strong, there has been no significant increase like last week. |
| Layer 2  | 4.2% | BOBA, LRC, LAI | The situation of Layer 2 sector is similar to that of Layer 1, with growth slowing down this week, but the top projects are becoming more diverse. |
| DeFi  | 6.5%  | ROOK, FRONT, ZRK | The DeFi track as a whole follows market trends, with slower growth but no weakening of liquidity. |
| NFT  | 15.5% | MRUN,EGG,CHAPZ | The NFT market has continued to grow significantly this week, with a significant decline in blue chip NFTs. The TOP projects are mainly focused on past popular projects, and the magnitude is significant. |
| MEME  | 12.0% | LEIA,DGLN,SILLYCAT | The overall growth rate of the MEME coin sector has plummeted this week, but the growth rate of the TOP coin is still exaggerated, and the market's hype is relatively high. |
| LRT  | -5.1% | PENDLE,SOMM,SEN |The LRT track has experienced a decline this week, mainly due to rapid fund trading and conversion between projects, with overall fluctuations not significant. |
| BRC-20  | 1.5% | NOOT,JPEG,$DOG |  The BRC-20 sector lacks relevant hot topics this week, and the TOP projects are mainly dominated by small fluctuations. |
| AI  | 7.2% | CHAPZ,VRX,AIUS |  Although the growth of the AI track has slowed down this week, it still has a good upward momentum. Due to the influence of news factors, it is highly likely to rise again in the short term. |
| Solana MEME  | 3.08% | POU,SILLYCAT,ELGATO |  The Solana ecosystem has been gaining popularity recently, especially in the MEME related sector. However, the price of SOL itself has also reached a new high, and it is highly likely that the ecosystem will experience a general upward trend in the future. |

<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>