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Gate.io Blog Weekly Web3 Research | The Overall Trend of the Crypto Market Cooled Down; The Cumulative Trading Volume of BTC Spot ETFs Reached $10B; Solana Has A Monthly Active Address of 13.9M

Weekly Web3 Research | The Overall Trend of the Crypto Market Cooled Down; The Cumulative Trading Volume of BTC Spot ETFs Reached $10B; Solana Has A Monthly Active Address of 13.9M

19 January 10:01

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
The trend of the crypto market has cooled down this week, and overall it has remained flat, with relatively small fluctuations in the prices of several mainstream currencies. However, after the approval of BTC spot ETFs, the trading volume has exceeded $10 billion this week, and with the approaching halving date of BTC, there should be a wave of bullish market trends from top to bottom in the future. At present, the crypto market remains at around $1.64 trillion, a decrease in total funds compared to the same period last week. Except for the main cryptocurrencies that were able to continue the trend of last weekend's crypto prices during the opening phase, the subsequent sell-out further exacerbated the overall market downturn, and market sentiment was also directly affected.

The top 100 crypto projects have a rise and fall ratio of 2:8 within a week, showing a trend of overall decline. The BTC price has fallen by more than 10% within a week and has now fallen below the $42,000 level. The highest point in the week is at $46,934 during the opening period. ETH reached a one week high of $2,701, and the subsequent decline is also quite significant. Currently, it remains fluctuating around $2,487. Not only BTC and ETH, but also the overall performance of the top 100 cryptocurrencies has shown a general downward trend, which is a direct reflection of market sentiment at present. Continuous market smashing actions are continuing, and the main tone of this market cycle should be basically maintained in this state.

The prices of BTC and ETH have fluctuated by -10.01% and -4.45% in a week. Siacion (SC) saw a 7-day increase of 28.48% this week, making it the currency with the largest increase in the market. Compared to the previous weeks of various currencies, the price increase of SC due to project and ecosystem actions was relatively small.

The overall decline in the crypto market has been very significant this week, with a total market value decrease of over $5 million compared to the same period last week. It seems that there is a short-term market trend after the approval of BTC spot ETFs.

## Crypto Market
🔥 Within a week, the overall market situation in the crypto market has cooled down, and for the first time in recent times, market sentiment has fallen to "neutral," with relatively small fluctuations in mainstream coins.

🔥 On the 15th, during the opening phase of the market, there was a 24-hour sell-off of $120 million, with the main selling of multiple orders.

🔥 This week's token unlocks include $140 million INJ, $26.69 million AXS, $21.69 million APE, $2.17 million FLOW, $750000 NYM, $470000 EUL, and more.

🔥 CoinShares stated that the average production cost of BTC after halving is $37,856, so the price needs to be maintained above $40,000 to make most miners profitable. This view is also the mainstream view in the current market. In the long run, due to cost factors, the lowest price of BTC in the future will remain at a new high.

🔥 OpenSea will improve differentiation between NFT categories through a 2.0 upgrade.

🔥 <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> holds a 71% market share in stablecoins, with a growth rate of 21% in 2023.

🔥 TIA prices, Pudgy Penguins floor prices, Metis TVL, and digital asset investment products have reached new highs in weekly trading volume, while MAV prices and Bounce-related tokens have generally risen.

🔥 CoinGecko released a report stating that since 2014, over 50% of cryptocurrencies have died.

🔥 BendDAO is developing a new feature called "Debt Swap."

🔥 Azuki announced the expansion of its IP strategy to three branches: anime, gaming, and physical, and will launch luxury brands and games based on Beanz.

🔥 <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> Mobile plans to launch its second smartphone.

🔥 Circle stated that the supply of USDC decreased by 44% last year, but the number of wallets including 10 USDC increased by 59%, with a surge in the use of USDC in remittance transactions in the Asian market.

🔥 The daily trading volume of <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> network reached a new high in several years within a week.

🔥 Vitalik stated that becoming a Validium is the right choice for most blockchain apps, and a good distributed DA assurance system can improve its security.

🔥 StarkNet core members apologize for using the wrong word for "electronic beggar."

🔥 The Blast testnet has been officially launched.

🔥 Solana has a monthly active address of 13.9 million, ranking first in the public chain.

🔥 Solana Mobile launches Chapter 2 pre-sale with a pre-sale deposit of $450.

🔥 <a href="/price/1inch-1inch" target="_blank" class="blog_inner_link">1inch</a> released data for the year 23, with Swap trading volume+70% reaching 6.5 million transactions.

🔥 Yuga Labs Q1 launches a publicly available free version of the Dookey <a href="/price/dash-dash" target="_blank" class="blog_inner_link">Dash</a> game.

🔥 AltLayer has released airdrop standards and token economics, and a snapshot has been completed.

🔥 The cumulative trading volume of BTC spot ETFs has reached $10 billion, and currently has attracted approximately $2 billion in capital inflows.

🔥 After the ETF was approved, nearly 50,000 dormant or BTCs belonging to the same team woke up.

🔥 The overall computing power of BTC has decreased by about 25% this week due to the cold wave restrictions in the United States.

🔥 Ethereum core developer Paritosh stated that the Goerli fork has been finalized.

🔥 Paradigm Reth indicates that the Ethereum Prague hard fork upgrade may be executed on the testnet in Q3 and on the mainnet before the end of the year.

🔥Vitalik stated that if a project wants to be considered as L2, it needs to have stronger security attributes than multiple signatures.

🔥 <a href="/price/dydx-dydx" target="_blank" class="blog_inner_link">dYdX</a>'s 24-hour trading volume surpasses <a href="/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a> and temporarily ranks first on the leaderboard.

🔥 TUSD fell below 0.97 USDT in the short term.

## Regulatory Policies
🔥 The United Nations has issued a statement stating that USDT has become a major payment method for money laundering or fraudsters in Southeast Asia.

🔥 WeChat supports further scalability of digital RMB, with millions of merchants already connected.

## Crypto Market Highlights  
⭐️In the past week, the crypto market has experienced relatively small fluctuations, and there is a lack of influential information at the news level. The market trend is mainly focused on the current market cycle trend, and the overall performance is that most currencies have shown a clear downward trend, and the total amount of funds in the market has also dropped significantly. From the current stage, due to the influence of news factors on the previous upward trend of various currencies, they have risen rapidly in the short term. The subsequent large-scale increase in volume, coupled with the unexpected large-scale influx, has led to a generally bearish sentiment in the crypto market as a whole.

⭐️In the overall downward trend of the market this week, the projects with significant gains were mainly driven by the market sentiment triggered by their own actions. Although SC ranked the highest in the week, reaching around 28%, its market share is still very small, belonging to a small-scale market of secondary currencies. The high point of the currency's price in a week exceeded $0.012, which is indeed a significant increase compared to the low point of $0.085.
![](https://gimg2.gateimg.com/image/article/17056296521.png)
(Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17056296762.png)
(Data Courtesy Of TradingView)

The price of BTC has mostly fluctuated within the range of $42,000-$43,000 this week, with a high point of $43,500. Currently, BTC has entered a rapid downward trend, with prices falling below $42,000. However, the probability of falling below $41,000 is relatively small, and the key price support level remains strong.

Analysis suggests that the currency price trend of BTC this week has seen a further decline in price, based on the rapid decline in the closing stage last weekend. The market crash is still ongoing, and further downward trends may not be ruled out. However, the standard line of $40,000 currently does not have the possibility of falling below it. Coupled with the rapid increase in ETF trading volume, there is a considerable probability that BTC prices will rebound in the future.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/17056296923.png)
(Data Courtesy Of TradingView)

The price trend of ETH this week entered a stable state after showing an upward trend last week, and has fallen slightly this week. The overall price has not been able to maintain a sustained operation above $2,600. Although the weekly high point reached $2,701, the subsequent trend is mainly characterized by relatively stable fluctuations. After entering the statistical period, it began to decline further and currently maintains a continuous fluctuation of around $2,460.

Analysis suggests that the ETH coin price showed a relatively different upward trend last week, and has continued to rise due to the shift in market hotspots. After entering this week, due to the overall impact of the market and the lack of related hot topics, although the trading volume of the Ethereum ecosystem reached a new high, the price increase of ETH itself was clearly weak, and began to show a downward trend of volatility, with a high probability of a subsequent replenishment market.

## Web3 Project Trend
This week, the total market value of the seven categories of projects fell across the board. Due to the overall market sentiment, projects on various tracks generally showed a downward trend within the week, and the increase in TOP projects was also relatively limited. Overall, the current crypto market is in a clear downward cycle and needs to be improved through subsequent news factors and changes in market sentiment.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | -9.1% | BIT,INTR, NEXA | Layer 1 experienced a significant overall decline this week, with a few currencies with significant upward trends concentrated in the secondary category. |
| Layer 2  | -12.6%  |GEL, CWEB, DG | The Layer 2 sector has seen a significant decline this week, also impacted by the overall market situation. The overall decline of the L1 track has had a significant impact on L2. |
| DeFi  | -5.7%  | TRADE, GEM, HMX | Although the DeFi track has experienced a decline within a week, the liquidity of the top projects is still sufficient. Given the cold market conditions, DeFi has a greater focus on investment compared to other tracks. |
| NFT  | -6.9% | GEM, CLOUD, NINJA | The NFT market has remained in line with the overall market trend this week, with only a few projects showing a certain degree of general decline. |
| MEME  | -6.6%  | USEDPHONE,MEME,TRUMP | The MEME coin track lacks FOMO sentiment this week, while the demand for mobile applications has decreased, and the upward trend is more concentrated in a few TOP projects. |
| LSD  | -4.6% | SNBNB, ANKRBNB,STKBNB |The decline in the LSD sector is relatively small, with some ecosystem efforts achieving good results, especially <a href="/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a>-related LSD projects achieving a clear general upward trend. |
| BRC-20  | -9.3% | ETGM,SZAB,BEAR |  The BRC-20 track continued to decline this week, and the current market lacks hot information. Further BRC related actions and news factors are needed to improve. |

<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 -1.47%

ETH/USDT -0.39%

GT/USDT + 0.56%

Weekly Trend Overview

Crypto Market

Regulatory Policies

Crypto Market Highlights

BTC & ETH Weekly Performance

Web3 Project Trend

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