Weekly Web3 Research | Total Volume of Crypto Market Changed Relatively Little in a Week; Vitalik Appeared in HK to Give a Speech; Congestion Problem in Solana is Intensifying

2024-04-12, 02:52

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## Weekly Trend Overview
The overall crypto market maintained a relatively small fluctuation this week, with a relatively small overall fluctuation. Within a week, it rose first and then fell. There was some recovery near the weekend closing period although the overall change was not significant. The overall market value growth has not changed much compared to the same period last week, maintaining around $2.6 trillion, and has increased by 0.10% within 24 hours. Market sentiment has reached 76. This week, key mainstream currencies have shown a mixed trend of rise and fall, but most mainstream currencies have maintained a relatively small range of rise and fall, with an overall trend of mainly fluctuating fluctuations. Overall, the crypto market has not achieved a rebound this week, and the overall market is still in a period of fluctuation adjustment. It is expected to experience a slight rebound over the weekend, and there is a high probability of maintaining a fluctuating trend in the future.

Compared to last week, the total crypto market this week has shown a slight decline, with an overall slow upward trend since the opening. There was a rapid rise during the day, followed by another decline until the end of the weekend, when there was some recovery. The fluctuation ratio of the top 100 crypto projects within a week is 3:7, with the main growth mainly focused on recent popular currencies, and the price changes of the top mainstream currencies are relatively small. The BTC price has returned to above $70,000 within a week and is currently around $70,060, with a weekly increase or decrease of around 2.44%. ETH has also rebounded to some extent this week, with an overall increase of around 5.04%, currently maintaining a sustained fluctuation of around $3,501.

The best performing coin on the market this week was <a href="/uk/price/neo-neo" target="_blank" class="blog_inner_link">NEO</a>, with a 7-day increase of 47.8%. The coin price is currently maintained around $21.94, ranking first in a week of gains.

The overall trend of the crypto market this week is mainly characterized by slight fluctuations, and the ups and downs are not significant. There are still some mainstream currencies with significant gains, and the overall market is likely to experience another slight rebound during the weekend. Although the trend is upward, the growth rate is limited.

## Crypto Market
🔥 The crypto market's weekly trend is mainly characterized by volatile fluctuations, with relatively small changes in total volume.

🔥 On Monday, 24-hour BTC+4.2%, ETH+6.7%; Top 500 increase or decrease in market value ≥ 30%: None; TON price, Runestone floor price, Base TVL, Pendle TVL, and Base daily transaction volume have reached historic highs.

🔥 Tuesday 24-hour BTC -1.7%, ETH+1.1%; The top 500 companies with a market value increase or decrease of ≥ 30%: VELO+53%, NEO+32%; TON price, ENA price, ARC-20 token AVM price, Runestone floor price, and Base TVL set new historical highs.

🔥 Wednesday 24-hour BTC -1.9%, ETH -2.9%; Top 500 increase or decrease in market value ≥ 30%: None; BORED prices and Mantle TVL hit historic highs; Altcoins followed the general decline of the market, while the Meme sector fell generally.

🔥 Thursday 24-hour BTC+2.5%, ETH+2.1%; Top 500 increase or decrease in market value ≥ 30%: None; TON price, ENA price, PENDLE price, RIVUS price, Runestone floor price, BTC mining difficulty, Base TVL reaching historic highs; GBTC's daily net outflow hit a new low; BRC20 and BTC NFT generally rose.

🔥 The number of new addresses added to <a href="/uk/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> in March reached a new high since November 2021, and the activity of long-term holders decreased.

🔥 <a href="/uk/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a>: UniswapX has been launched on the interface.

🔥 Color Protocol launches ERC-404 conversion protocol for Meme.

🔥 Atomics Protocol is testing the ARC20 token splitting solution.

🔥 TON's 2024 roadmap will be launched, including the launch of Gasless trading, Wallet v5, new cross chain technology Teleport, and more.

🔥 TON launches a 1 million <a href="/uk/price/toncoin-ton" target="_blank" class="blog_inner_link">Toncoin</a> sponsorship program for the Chinese community.

🔥 Saga announces the launch of the first phase of the mainnet; The current circulating market cap of SAGA is approximately $500 million, with a total market value of approximately $5.7 billion.

🔥 The US BTC spot ETF had a net outflow of approximately $223 million yesterday.

🔥 The total value of USDe's BTC collateral assets has exceeded $550 million.

🔥 Vitalik Buterin appeared in Hong Kong to give a speech on Reaching the Limits of Protocol Design, Building on Ethereum in the 2020s.

🔥 The worsening congestion problem in <a href="/uk/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> has caused delays in the initiation of multiple projects on the network.

🔥 TON's market value surpassed ADA and became the 10th largest cryptocurrency by market cap.

🔥 Degen launches "Deploy on Degen Week", offering over 10 million DEGEN token rewards.

🔥 Farcaster protocol revenue exceeded $1 million.

🔥 Friend.tech has initiated a new registration process.

🔥 The proportion of BTC circulation supply that has not been transferred for at least one year reached 65.84%, a new low since October 2022.

🔥The US BTC spot ETF had a net outflow of approximately $18.6 million on Tuesday.

🔥<a href="/uk/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> CEO: The $500 million BTC mining plan is nearing completion and deployment.

🔥Worldcoin: People who have registered with a World ID can request the removal of iris scans.

🔥Founder of Jupiter will speak at the Token 2049 conference and introduce a "new animal."

🔥Pandora launched the ERC-404 trading market Box Protocol.

🔥The friend.tech funding indicator surged before potential airdrops and V2 versions were released.

🔥Sui announced the gaming handheld SuiPlay0x1, expected to be launched next year.

🔥 UNI 24-hour -16%, founder Adams posted that he will fight to the end.

🔥The US BTC spot ETF had a net inflow of $124 million on Wednesday.

🔥This week, the number of miners holding BTC reached its lowest level since the beginning of 2021.

🔥The MerlinStarter platform coin MSTAR IDO will be launched on Friday.

🔥The founder of Marginfi announced his departure from the team.

🔥The founder of SLERF announced the launch of the .slerf Solana domain.

🔥Crypto artist XCOPY shares recommended FLIES.

🔥CONDOM pre-sale raised nearly 5,000 SOL Rug.

## Regulatory & Macro Policies
🔥The higher-than-expected release of US CPI data has caused market volatility.

🔥The market predicts that the Federal Reserve may cut interest rates later this year, and will only cut rates 1-2 times.

🔥Uniswap received notification from the US SEC Wells.

🔥Paraguay is reconsidering mining bans and considering selling excess energy to miners.

## Crypto Market Highlights  
⭐Last week, the overall crypto market has not started to rebound and is still in a slightly volatile adjustment cycle. Although most cryptocurrencies have shown an upward trend towards the end of the weekend, the changes are not significant. Presently, it appears that the upcoming key schedule events may have limited overall impact on the crypto market, with a greater impact on the performance of individual currencies. As the halving of BTC approaches, the inflow and outflow of ETFs in recent times have been fluctuating, and it is highly likely that the crypto market will react in the future. However, in the early stage, it is still mainly characterized by volatility.

⭐️Although the overall market situation was not good this week, some mainstream currencies still achieved significant gains. The top 100 mainstream currencies, NEO, CKB, ENA, and TON, all saw gains of over 40%. This is closely related to the official actions behind it. The overall driving effect of the overheated MEME sector earlier has gradually weakened. Among them, the weekly increase in NEO reached 47.8%, and the current price remains around $21.94. The high point of the weekly price is around $23.5, while the low point appears around $14.8 during the opening period.
![](https://gimg2.gateimg.com/image/article/17128901511.jpeg)
(Data Courtesy Of Coinmarketcap)

## BTC & ETH Weekly Performance

### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17128901882.jpeg)
(Data Courtesy Of TradingView)

The price trend of BTC this week was mainly influenced by the large net inflow of spot ETFs and market expectations after the opening, and there was a round of upward trend, but it basically remained between $69,000 and $72,500. After reaching a one week high, it began to fluctuate downward. As the weekend closed, it rose again and continued to fluctuate around $70,000. The high point of the weekly price is $72,769, while the low point is around $67,470.

Analysis suggests that the price performance of BTC this week is in line with the conventional trend, with little impact from the trading side, and more likely due to the fluctuation of the conventional trend under the influence of news factors. The inflow and outflow of ETF funds have shown a fluctuating trend of large net outflows and large net inflows in recent days, and the halving of BTC is imminent. In addition, due to the recent market performance of the BTC L2 track, BTC prices will still have a clear support force in the short term, but it may be difficult to see a significant upward trend. Presently, the fluctuation trend of the coin is detailed, and it is expected to reach above $71,000 again during the weekend closing stage, followed by a slight decline. There is a high probability of significant price fluctuations in the next week.

<a href="/uk/price/audius-audio" target="_blank" class="blog_inner_link">Audius</a>
![](https://gimg2.gateimg.com/image/article/17128902273.jpeg)
(Data Courtesy Of TradingView)

The price trend of ETH this week is similar to that of BTC. Recently, ETH's price performance has been fluctuating repeatedly in the range of $3,300-$3,600. This week's trend is still more influenced by the market and shows a regular fluctuation trend. The high point of the price within a week is around $3,730, while the low point is around $3,347 at the opening stage.

Analysis suggests that the ETH coin price lacks significant highlights this week, and the Ethereum ecosystem has also been in a relatively hot spot recently. This has led to the overall fluctuation of the coin in a more conventional market, and its price performance is more impacted by market changes brought by other currencies. As the weekend closing phase approaches, there is not much sign of a recovery for the coin, and the probability of further appreciation in the next week is low, with a high probability of rebounding above $3,600 during the weekend period.

## Web3 Project Trend
This week, the total market value of most of the nine categories of projects showed a downward trend. Due to the impact of market cycle fluctuations, the main downward trend was in various tracks. Except for Solana MEME, which continued to rise, other tracks performed poorly. Currently, it seems that there is still some time before the overall market recovery.
![](https://gimg2.gateimg.com/image/article/1712912544img_v3_029s_19c215c1-ecb1-40a5-9458-c30531711aix.jpg)

<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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