Analysis of Weekly Trending Crypto Track - Layer 1

2024-07-08, 01:16

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/image/article/1720401279rdzz.jpeg)
## TL；DR
Last week, the overall crypto market experienced a general decline, with most tracks showing significant decreases and the market situation being relatively sluggish. Among the categories of tracks ranked in the top 20, Layer1 has a relatively high popularity this week, measured by two dimensions: the overall decline is relatively small, and the market ranking is high.

The overall weekly increase and decrease of the Layer1 track is -8.5%, with a relatively small decline in mainstream tracks, and the overall market share still accounts for an absolute proportion of the crypto market share. Most of the other mainstream popular tracks have a higher weekly decline than the L1 track, so this week, we choose to provide a basic explanation of their situation and a brief introduction to their popular projects, including popular dApps or coin issuance information, while also making certain predictions about the market situation.

The current overall market value of the ayer1 track is $1.74 trillion, fluctuating by1% within 24 hours. The market has rebounded during the day.

## Trending Projects
### SAGA
SAGA is an L1 protocol that allows developers to automatically start a dedicated network unrelated to virtual machines, parallel, and interoperable, providing more scalability for applications. Each Chainlet belonging to SAGA replicates the mainnet, with the same validator set and security model.

The project token was launched on the Binance platform on April 9, 2024, but its network ecosystem layout was earlier, mainly serving game-type applications, and also covering a small number of NFT and DeFi-type applications.

SAGA has significantly increased the current market trend, with a short-term increase of 17.4%. The high point of the price is close to $1.4, and the low point once dropped to a unit price of $0.9 near the weekend closing period. Compared to other Layer1 track projects, SAGA's price has rebounded earlier and is in a leading position.

The reason for this trend is that the SAGA protocol has achieved existing extensions to various projects in the L1 network environment with the rise of various L2 platforms. At the same time, the token release thread promoted by the official has reached a phased end within a week. In addition, the trading volume on the Binance platform has significantly increased within a week, which means that the currency to which this project belongs performs well among a group of L1 projects within a week.

However, in the long run, the currency has been fluctuating and declining since its launch, and this week, it is still mainly in a regular fluctuation cycle. The probability of subsequent fluctuations in the market is still relatively high.
![](https://gimg2.gateimg.com/image/article/172040135911.jpeg)
SAGA price data  (Source: coingecko)
### HAC
Hacash is a cryptosystem based on the PoW mechanism and programmability. It is the first cryptocurrency to simultaneously achieve decentralization and purchasing power stability. The entire coin system consists of three different PoW coins: HACD, BTC, and HAC. Among them, HACD is the first NFT and generative art based on the PoW mechanism.

The price of HAC reached a new high in the first quarter of 2024 but then showed a continuous downward trend, which is no longer comparable to the high price period. However, the currency to which the project belongs performed well this week, with high popularity in the Layer1 track project.

The weekly price of HAC has a high point of $5.97 and a low point of $3.79. The short-term fluctuation is around 12.5%, and the current price remains around $4.87. The recovery trend of the currency's price is still relatively smooth.

The rapid,short-term increase is because the project has recently officially launched a market operation strategy and has received high overall attention. The probability of a subsequent increase in this currency is relatively high due to the recent dynamics of the official market and the impact of initial market actions.
![](https://gimg2.gateimg.com/image/article/172040137212.jpeg)
HAC price data  (Source: coingecko)

## Post Market Forecast
The Layer1 track represents the basic performance of the overall crypto market. Due to occupying a large market share, this track is still more affected by recent news factors, and the overall market situation is relatively sluggish. We must wait for further market cycle changes and news aspects.

However, this cycle of change is likely to be further prolonged along with the market's bottoming process, and more significant changes are expected in July.

<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>

分享一下