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Gate.io Blog Weekly Web3 Research | The Crypto Market Showed A Rebound Trend This Week; The Total Destruction of ETH Approached 4M So Far; Solana's On-chain DEX Daily Trading Volume Exceeds Ethereum

Weekly Web3 Research | The Crypto Market Showed A Rebound Trend This Week; The Total Destruction of ETH Approached 4M So Far; Solana's On-chain DEX Daily Trading Volume Exceeds Ethereum

02 February 10:27

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview

The overall crypto market has shown a rebound trend this week, with major crypto currencies showing a clear upward trend compared to last week. The market situation for a week is no longer affected by market related fluctuations as it was in the previous week or two. The prices of various mainstream currencies have rebounded significantly, but the intraday fluctuations are still quite intense, especially with the recurrence of large-scale liquidation on February 1st, resulting in frequent fluctuations in coin prices. Presently, the crypto market has reached around $1.64 trillion, an increase in total funds compared to the same period last week. Mainstream cryptocurrencies have shown a volatile upward trend after opening, and currently, due to the fluctuation of the new crypto cycle, there is a significant impact on the price trends of various currencies within the day due to the large scale of net liquidation.

The top 100 crypto projects have a rise and fall ratio of approximately 7:3 within a week, with most currencies showing a rebound trend. The price of BTC has seen a significant increase within a week, currently maintaining a continuous fluctuation around $43,000, with the highest point of the coin price reaching around $43,717 within a week. The weekly high of ETH is $2,387, currently maintaining a slight fluctuation around $2,300. The trend of the crypto market in the Top 100 crypto market this week is mainly characterized by a rebound in coin prices. However, it has just experienced a large-scale multi-order liquidation in a short period of time, and there may be a possibility of an overall decline in the future.

The prices of BTC and ETH have risen and fallen to 7.80% and 3.72% in a week. Within this week, RON experienced a 7-day increase of 28.75%. As Ronin has experienced multiple market cycles, the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> side chain has also seen a significant increase in recent times with the overall rise of the ecosystem. Currently, the price has reached around $2.86.

The crypto market as a whole has shown a recovery trend this week, with significant changes in total market value. However, there has been significant intraday volatility, and market volatility has continued. Market changes need to be monitored for future market trends.

## Crypto Market
🔥 The Web3 social music service SOMESING was attacked and lost over $11.5 million.

🔥 Unlocking within a week includes approximately $91 million in DYDX, approximately $74.41 million in OP, approximately $5.56 million in SUI, and approximately $2.31 million in ACA.

🔥 Jiashi Fund has submitted its first BTC ETF application in Hong Kong and will be listed as early as after the Chinese Spring Festival.

🔥 Last week, the sales of NFTs on the BTC chain exceeded $58 million, ranking second on the public chain.

🔥 The total amount of ETH destroyed has approached 4 million so far.

🔥 Manta Pacific TVL exceeds $1.7 billion.

🔥 The current total user volume of Blast is 117000, and TVL has exceeded $1.3 billion.

🔥 <a href="/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> Lianchuang said that Ethereum+Rollups/Validity is the only way for Web3 to reach the scale of the Internet.

🔥 The founder of RSS3 announced that the RSS3 mainnet is about to be launched.

🔥 <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> added over 10 million new addresses in January, reaching a new high since May 2022. At the same time, the daily transaction volume of on chain DEX exceeded $700 million, currently second only to Ethereum.

🔥 Jupiter has a 24-hour trading volume of over $1.2 billion within a week, ranking first on the DEX list. Its joint venture has stated that it will negotiate with the community on the most effective way to use JUP and will not air drop it randomly. It will air drop in January every year, with an expected four rounds.

🔥 45% of the Meme coin WEN airdrops have not been collected yet, and collection is about to end. The value of the single number exceeds $100, which has affected the registration volume of Solana to a new high.

🔥 BTC mining company GRIID has started trading on NASDAQ.

🔥 The cross chain interoperability protocol LayerZero V2 has been launched, including universal messaging, modular security, license free execution, unified semantics, and V1 compatibility.

🔥 Magic Eden has officially launched a multi-chain wallet.

🔥 DYdX Chain has been upgraded to v3.0 and supports liquidity staking.

🔥 BTC L2 Merlin will be launched as early as February and will launch incentive activities to ensure fair launch.

🔥 IZUMi launches DEX-as-a-Service service and collaborates with Merlin to launch MerlinSwap.

🔥 Grayscale GBTC BTC positions fell below 500,000.

🔥 The US BTC spot ETF advertisement has been displayed normally on Google search.

🔥 This month, the cumulative BTC value of crypto whales has exceeded $3 billion.

🔥 Bounce Brand announced that its BTC staking chain BounceBit has been launched.

🔥 Gate.io has officially launched the In_script_ion Launchpad.

🔥 The founder of Curve sold over 150 million CRVs, ending a six-month ethical lockdown on February 1st, during which only two investors made small sales.

🔥 The daily activity of decentralized social Farcaster has exceeded 10000 for the first time.

🔥 The Nervos Ecosystem Fund has launched the BTCKB program, promoting CKB to become POW+UTXO BTC L2.

🔥 Conflux has released the BTC L2 roadmap, with the short-term goal of establishing a BTC pledge mechanism and integrating agreements such as Ordinals.

🔥 TRC20-USDT circulation and daily creation of <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> new addresses have reached new highs.

🔥 Solana's monthly trading volume has reached its highest level in nearly a year or two.

🔥 The UAE made its first digital dirham transfer worth approximately $13.6 million through the mBridge CBDC platform.

🔥 ZetaChain announces token economics, opens up airdrops for pickup, and launches XP incentive plans.

🔥 Ripple's personal account has been stolen for over $100 million <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a>.

🔥 RSIC In_script_ion Floor Price, ETH Options January Trading Volume, Sui TVL, Predicted Market Polymarket Monthly Trading Volume & Number of New Accounts, <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> Q4 Net Profit and other record highs.

🔥 On February 1st, the crypto market experienced a large number of short positions, with a total of $210 million sold out within 24 hours, with the main selling multiple orders.

🔥 FTX is expected to fully pay customer claims in bankruptcy liquidation, but will not restart.

## Regulatory Policies
🔥 The principal offender in the Silk Road case pleaded guilty and 8,100 BTC involved was confiscated.

🔥 A person is on trial in London for fraud and laundering £ 5 billion through BTC.

🔥 The German police have temporarily detained 50,000 BTCs worth $2.1 billion in their crackdown on piracy.

🔥 UK law enforcement agencies have confiscated $1.7 billion in BTC suspected of money laundering.

🔥 Hong Kong is investigating WorldCoin's alleged violation of collecting customer iris information.

## Crypto Market Highlights  
⭐️In the past week, the overall crypto market has rebounded, and the weekly trend curve has been greatly affected by intraday fluctuations. During the early period of the week, the crypto market as a whole rose, with individual currencies experiencing gains exceeding 10 percentage points. This is because last week, the trading volatility in the BTC market gradually returned to normal, and the market entered a new cycle of volatility. Therefore, most mainstream cryptocurrencies in the crypto market experienced a significant rebound.

⭐️Although the market has experienced a general increase this week, the overall increase in the market is limited. The currencies with significant increases are still based on the dynamics of various projects. Within seven days, RON's increase reached 28.75%. As a side chain project built by Axie based on Ethereum, RON has played an important role in it. Recently, with the recovery of the market and the activity of Ethereum, the coin has also experienced multiple rounds of growth following its own ecosystem. This week's market trend has also reached a new high for more than a month in a row, with the price of the coin approaching $3. There is still considerable room for future upward expectations.
![](https://gimg2.gateimg.com/image/article/17068408101.png)
(Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17068408232.png)
(Data Courtesy Of TradingView)

The price of BTC fluctuated sharply this week, with an overall trend of volatility. The high point of the price once reached above $43,700, while the low point remained above $41,500. Since the close of last weekend, BTC prices have risen above the key price of $40,000 and have basically continued to rise. But after entering February, there was a large-scale sell-out in the market, and BTC prices experienced a rapid short-term decline. Currently, they have rebounded and remain fluctuating around $43,000.

Analysis suggests that BTC's coin price has risen significantly this week. With the overall shift in the crypto market cycle last week, BTC prices began to rebound and the momentum continued until January 31st. The subsequent performance of the coin price is mainly characterized by rapid fluctuations, influenced by large-scale market explosions. Due to the decline in market sentiment caused by news factors, the coin price has declined, but it still remains around $43,000. The future trend of the coin price is likely to be mainly characterized by fluctuations, and is expected to remain within the range of $42,500 to $43,500.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/17068408343.png)
(Data Courtesy Of TradingView)

The price trend of ETH this week has remained similar to that of BTC, with a continuous upward trend since the opening period. The weekly high point of the coin price approached $2,400, but was later affected by market fluctuations, resulting in a significant short-term decline. Currently, it remains around $2,300 and continues to fluctuate slightly. The lowest point of the coin price within a week is around $2,230, and the overall weekly increase in the coin price is several percentage points lower than that of BTC.

Analysis suggests that the trend of ETH coin prices has shown a certain degree of upward trend this week with the overall recovery of the market, but the overall range is limited, basically around 3%. However, before the recent large-scale market sell-out, ETH was hitting the key price level of $2,400, but it has experienced a rapid decline and remained around $2,300. Presently, the price changes of ETH this week are relatively limited in terms of both ups and downs. Meanwhile, transactions on various tracks within the Ethereum ecosystem are also frequent, which actually provides some support for ETH. The probability of the coin price falling below $2,200 in the future is small, and the key resistance level is currently around $2,400.

## Web3 Project Trend

This week, the total market value of seven types of projects has rebounded compared to last week, but it is obvious that the market has been greatly affected by changes in the overall market. The large-scale sell-off market that occurred between 1.31 and 2.01 days has led to a diving trend in the total value of various tracks. Currently, most mainstream currencies have begun to maintain a slight fluctuation in the market trend. Overall, the market itself is greatly affected by market fluctuations within a week, and continuous attention should be paid to subsequent dynamic changes. However, the probability of a significant downward trend from the previous week in the short term is relatively low.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 4.2% | BUSY,TET, JKL | The Layer 1 sector has seen some growth this week, but due to market fluctuations, the main projects have shown a coin price trend of first rising and then falling. |
| Layer 2  | 2.0%  |CYBA, IMX, POL | The growth rate of Layer 2 track this week is relatively limited, and the TOP projects are mainly based on old projects in the past, with limited growth. |
| DeFi  | 2.9%  | ACS, OKS, HDRN | The liquidity of the DeFi sector has increased, but there is a lack of popular related projects this week. |
| NFT  | 2.4% | JELLY,NTVRK, PHUNK | The NFT market situation is basically consistent with the mainstream market trend, with limited overall growth within a week, but the recovery trend of the TOP projects is relatively obvious. |
| MEME  | -0.2%  | PORK,FSONIC,PEPE | The MEME coin track has temporarily stopped its rapid decline this week, with an overall bearish trend and limited growth in TOP projects. |
| LSD  | 6.0% | ANKRMATIC TRUMATIC,STAPT | The LSD sector has seen a significant increase this week, due to the overall upward trend of mainstream currencies within a week, and the impressive performance of MATIC-related coin types. |
| BRC-20  | 15.0% | ORMM,$BMP,GRUM |  The recovery of the BRC-20 track this week is very obvious. Due to the significant overall decline last week, there was a wave of upward trend as the market rebounded. |

<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>

ETH/USDT + 4.95%

BTC/USDT + 0.66%

GT/USDT + 3.84%

Weekly Trend Overview

Crypto Market

Regulatory Policies

Crypto Market Highlights

BTC & ETH Weekly Performance

Web3 Project Trend

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