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Gate.io Blog Weekly Web3 Research | BTC Once Exceeded $35K; There Is An Issue with the Indexing of In_script_ion Numbers on the Bitcoin Network; The Progress of Bitcoin Spot ETFs Is Still Ongoing

Weekly Web3 Research | BTC Once Exceeded $35K; There Is An Issue with the Indexing of In_script_ion Numbers on the Bitcoin Network; The Progress of Bitcoin Spot ETFs Is Still Ongoing

27 October 10:22

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
This week, the cryptocurrency market showed a general upward trend, with significant upward fluctuations. The prices of most mainstream cryptocurrency projects have generally increased, and currently, cryptocurrency users generally hold a bearish and volatile attitude. The current total market funding is $1.3 trillion, the highest level since the beginning of this year.

The cryptocurrency projects of the Top 100 saw a general increase throughout the week, with most mainstream currencies experiencing upward trends starting from Monday. The trend of BTC is especially crucial, which has driven the ETH and counterfeit currency markets, thereby affecting the overall market trend. Currently, over half of the funds in the encryption market are concentrated in BTC, accounting for over 52%, and the price has shown a downward trend.

The weekly price increases for BTC and ETH have reached 18.7% and 14.4%. Among the cryptocurrency projects ranked 100, the MEME project PEPE rapidly increased, reaching 96.4% within a week. It is currently in a volatile trend and can continue to be monitored in the future.

Overall, the performance of the cryptocurrency market this week confirmed the bullish trend forecast of last week. The cyclical fluctuations in the market itself, coupled with the emergence of positive news about BTC on the news side, directly affected the price performance of the coin this week and triggered an overall upward trend in the market.

The price performance of BTC and ETH showed a strong binding relationship this week. At present, the price of BTC remains fluctuating around $34,000, while the price of ETH is currently fluctuating around $1,800. Both currencies have entered a new cycle this week, but due to the significant short-term increase, there is a certain probability of price correction in the future. Therefore, it is necessary to keep an eye on the news.

As of now, the global cryptocurrency market value has rebounded to $1.3 trillion, with the entire market falling by about 0.6% in 24 hours, an increase of 15% compared to last week's $11,300.

## Crypto Market
🔥 BTC surged 15% within 24 hours, reaching a new high in three months, with prices exceeding $35,000 at one point.

🔥 Since MicroStrategy purchased BTC, BTC has achieved+147%, making it the best-performing asset class.

🔥 The BTC network has encountered an issue with the indexing of in_script_ion numbers, which poses a double risk to existing BRC-20 transactions. This has led to a significant 46% decrease in the daily average number of transactions in the BTC chain since mid September. Magic Eden announced that BRC-20 transactions have been suspended until all BRC-20 transactions have reached a complete consensus.

🔥 The first batch of 100 million DOT tokens loaned by <a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">Polkadot</a> will be unlocked this week.

🔥 MakerDAO increased RWA assets by $50 million, with a total value of over $3.3 billion.

🔥 Grayscale has won the SEC's lawsuit regarding the conversion of GBTC, and the SEC may choose to approve Grayscale’s application or reject it for other reasons.

🔥 The BlackRock iShares <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> Trust is listed on DTCC with the code IBTC, and has stated that it will begin preparing seed ETFs for BTC spot ETFs this month. DTCC has stated that BlackRock IBTC was included in its qualified documents in August, but does not represent any regulatory approval results.

🔥 Lightning Network Company Lightspark has released a universal currency address solution, while the founder of Ordinals has released a failed solution with an in_script_ion number.

🔥 The cross-chain trading platform SushiXSwap has launched the V2 version.

🔥 Year Finance has modified token economics and added the Vote Escrow mechanism.

🔥 ARK Invest and 21Shares' spot BTC ETFs are listed on DTCC.

🔥 The market share of BTC has reached a new high since April 21, accounting for over 52%. The average capacity of lightning network public channels has increased to nearly 8 million satoshi.

🔥 DYdX Chain V1.0 has been released and its V4 code has also been open-sourced.

🔥 BlockFi successfully completed bankruptcy restructuring and initiated compensation plans.

🔥 OpenSea launches the open-source collection tool Shipyard.

🔥 Laribe will adopt a new decreasing fee structure, with the option to completely cancel platform fees.

🔥 Sudoshwap launches the NFT short selling protocol sudoshhort.

🔥 Memeland launches MEME token sales and announces the token contract address.

🔥 The stock of ETH on the entire network trading platform has dropped to an all-time low.

🔥 Sui will launch a new mode of compressing mnemonic phrases formats, which can reduce 12 words to 8 words.

🔥 The SBF trial is ongoing, and SBF has prepared a large amount of testimony and appeared in court on October 26th to testify.

🔥 Meta's metaverse division lost $3.74 billion in Q3.

🔥 Coinbase filed a final lawsuit against the SEC regarding its unregistered securities case.

## Regulatory Policies
🔥 The encrypted transaction application Vibra is suspected to have been suspended in Ghana, Kenya, and Nigeria, and the co-founder claims that only Nigerian users are impacted.

🔥 Chainalysis released a report stating that due to regulatory impact, DeFi usage in North America has significantly decreased this year, and the United States may be losing regulation of the stablecoin market. However, despite regulatory issues, North America still ranks first in the world in terms of cryptocurrency applications.

🔥 The Bank of Spain has stated that the digital euro will become an important component of the financial system.

## Crypto Market Highlights  
⭐️In the past week, the cryptocurrency market has seen a general and significant increase across the board. The proportion of funds in the BTC market has further increased, but other categories of coins have also been driven to show a collective upward trend this week, indicating a further <a href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> overall.

⭐️Amidst the increasing bullish trend in the market this week, PEPE's weekly increase has now reached around 96.4% due to rapid fluctuations in the market cycle.
![](https://gimg2.gateimg.com/image/article/16983733061.png)
(Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/16983733212.png)
(Data Courtesy Of TradingView)

The high point of BTC prices this week was $35,212. In last week's price forecast for BTC, a significant increase in BTC prices this week was already a high-probability event. However, due to the positive news, the actual increase in BTC exceeded many people's bullish expectations, reaching the range of $35,000, with a significant increase. However, there has been a certain degree of price correction, slightly fluctuating at $34,000.

The actual price trend of BTC this week is equivalent to the overall trend of the crypto market. At the closing stage last week, the key point for BTC prices to return to $30,000 was most bullish expectations. Combined with the impact of the market both inside and outside this week, the upward trend further intensified, quickly entering the price range above 34,000 and maintaining it. The market trend driven by BTC is highly likely to be a slightly longer-lasting bull market, which may last for a few weeks. There is a possibility of a certain degree of price correction in the future. If it occurs, the probability of falling into the $32,000-$33,000 range is high.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/16983733323.png)
(Data Courtesy Of TradingView)

ETH's trend this week has maintained strong consistency with BTC, and its price has finally risen to a clear price range, reaching a high point of around $1,860. Currently, ETH's price remains fluctuating around $1,800.

Although the price trend of ETH has finally begun to show a clear upward trend this week, the stock of various trading platforms is currently low, indicating that the liquidity of the coin has not been further released. There is still a lot of room for price increase in the current market cycle, and the future trend can be further bullish.

## Web3 Project Trend
This week, the total market value of seven types of projects has shown an upward trend, and the amplitude is not small. They are generally affected by the market cycle of this week. The encryption market is currently entering a new cycle of volatility, and various segmented tracks are experiencing short-term upward trends. However, most of them have already entered a new fluctuation cycle.

| Project category  | 7d Change  | Top 3 Gainers  | Comment |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 |  18.4% | $MUU, INTR, HMND | The overall performance of Layer 1 has increased significantly this week, which is consistent with the growth rate of the overall market funds. |
| Layer 2  | 21.5%  | ARB, BOBA, OP | Although the overall increase in Layer 2 was significant this week, it is still a top project with a relatively large proportion of overall funding. |
| DeFi  | 16.8%  | INTR, OKS, TOAD | The DeFi track performed similarly to other mainstream project types this week, with increased funding further exacerbating liquidity. |
| NFT  | 18.7% | STARL, AIMX, XMON | The overall performance of the NFT market is also decent, but due to the overall upward trend, the ranking of project total value has not changed much. |
| MEME  | 23.7%  | PEPE，BONK，MIC | The MEME coin showed a significant increase in previous projects this week, and due to the rapid increase in liquidity, the trend of the top projects was more intense. |
| LSD  | 15.1% | SCANTO, STNEAR, SAVAX | The growth of the LSD sector is concentrated in non-top projects, benefiting from the rise in mainstream coin prices, and the LSD track is in a strongly correlated state. |
| BRC-20  | 29.1% | OHMS,OXBT, $B20 |  Due to BTC network-related issues, many projects on the BRC-20 track have been affected somewhat this week, but the overall increase is still relatively large. |

<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>

BTC/USDT + 1.35%

ETH/USDT + 5.36%

GT/USDT + 4.02%

Weekly Trend Overview

Crypto Market

Regulatory Policies

Crypto Market Highlights

BTC & ETH Weekly Performance

Web3 Project Trend

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