Weekly Overview

The overall crypto market maintained a relatively small fluctuation this week, with a relatively small overall change. It rose first and then fell during the week, but it recovered somewhat near the weekend closing time, but the overall change was not large. The overall market value growth did not change much compared to the same period last week, maintaining at around 2.6 trillion US dollars, up 0.10% in 24 hours. Market sentiment came to 76. This week, the key mainstream currencies showed mixed gains and losses, but most of the mainstream proportions rose and fell within a small range, and the overall trend was still mainly volatile. Overall, the crypto market failed to achieve a rebound this week, and the market is still in a period of volatility adjustment. It is expected to usher in a small round of recovery over the weekend, and the probability of maintaining a volatile trend in the future is relatively high.

Compared with last week, the total volume of the cryptocurrency market this week showed a slight downward trend. It has basically shown a slow upward trend since the opening. There was a round of rapid rise during the day, and then it fell again until the weekend closing stage. The rise and fall ratio of the top 100 cryptocurrency projects in a week was 3:7. The main growth was mainly in the recent popular currencies, and the price changes of the top mainstream currencies were small. The price of BTC returned to above $70,000 again in a week, and is currently around $70,060, with a weekly rise and fall of about 2.44%. ETH also recovered to a certain extent this week, with an overall increase of about 5.04%, and currently maintained at around $3,501 and continued to fluctuate.

The best performing coin in the market this week is NEO, which has increased by 47.8% in 7 days. The price of the coin currently remains at around US$21.94, ranking first in the weekly increase.

The overall cryptocurrency market this week was dominated by small fluctuations, with neither ups nor downs. Some mainstream currencies still saw large increases. The overall market will most likely see a small rebound over the weekend, and although it is on an upward trend, the increase is limited.

Crypto Market

🔥The crypto market's weekly trend was mainly volatile, with small changes in total volume.

🔥24 hours on Monday: BTC +4.2%, ETH +6.7%; Top 500 by market cap: up or down ≥30%: None; TON price, Runestone floor price, Base TVL, Pendle TVL, and Base daily transaction volume hit record highs.

🔥24 hours on Tuesday, BTC -1.7%, ETH +1.1%; the top 500 stocks by market capitalization rose or fell ≥30%: VELO +53%, NEO +32%; TON price, ENA price, ARC-20 token AVM price, Runestone floor price, and Base TVL hit record highs.

🔥BTC -1.9%, ETH -2.9% in 24 hours on Wednesday; Top 500 by market cap rose or fell ≥30%: None; BORED price and Mantle TVL hit record highs; Altcoins fell along with the broader market, and the Meme sector fell across the board.

🔥BTC +2.5%, ETH +2.1% in 24 hours on Thursday; Top 500 stocks by market cap rose or fell ≥30%: None; TON price, ENA price, PENDLE price, RIVUS price, Runestone floor price, BTC mining difficulty, Base TVL hit record highs; GBTC daily net outflow hit a new low; BRC20 and BTC NFT generally rose.

🔥The number of new addresses in Ethereum in March hit a new high since November 2021, and the activity of long-term holders declined.

🔥Uniswap: UniswapX is now available on the interface.

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

🔥Atomicals Protocol is testing an ARC20 token split solution.

🔥TON 2024 roadmap is launched, including the launch of Gasless transactions, Wallet v5, new cross-chain technology Teleport, etc.

🔥TON launches a 1 million Toncoin funding plan for the Chinese community.

🔥Saga announced the launch of the first phase of the mainnet; SAGA’s current circulating market value is approximately US$500 million and its total market value is approximately US$5.7 billion.

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

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

🔥V God appeared in Hong Kong to give speeches on Reaching the Limits of Protocol Design and Building on Ethereum in the 2020s.

🔥Solana’s worsening congestion problem has led to delays in the launch of multiple projects on the network.

🔥TON's market value surpasses ADA, becoming the 10th largest cryptocurrency by market value.

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

🔥Farcaster protocol revenue exceeded $1 million.

🔥friend.tech has launched a new registration process.

🔥The proportion of BTC circulating supply that has not been transferred in at least 1 year reached 65.84%, the lowest since October 2022.

🔥The U.S. BTC spot ETF saw a net outflow of approximately $18.6 million on Tuesday.

🔥Tether CEO: The $500 million BTC mining plan is close to completion.

🔥Worldcoin: People who have registered for a World ID can request to have their iris scan deleted.

🔥Founder of Jupiter: will give a speech at the Token2049 conference and introduce a "new animal".

🔥Pandora launches ERC-404 trading marketplace Box Protocol.

🔥friend.tech funding indicators surge ahead of potential airdrop and V2 release.

🔥Sui announced the game handheld console SuiPlay0x1, which is expected to be launched next year.

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

🔥US BTC spot ETF saw net inflows of $124 million on Wednesday.

🔥The amount of BTC held by miners this week is the lowest since early 2021.

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

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

🔥SLERF founder said that the .slerf Solana domain name will be launched.

🔥Crypto artist XCOPY forwarded and recommended FLIES.

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

Regulation & Macro Policy

🔥The release of US CPI data higher than expected triggered market fluctuations.

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

🔥Uniswap received a notice from the U.S. SEC Wells.

🔥Paraguay reconsiders mining ban, considers selling excess energy to miners.

Crypto Market Highlights

⭐️In the past week, the overall cryptocurrency market has failed to rebound and is still in a small fluctuation adjustment cycle. Most cryptocurrencies have an overall upward trend as they enter the weekend closing stage, but the changes are really small. At present, it seems that several key upcoming events may have limited impact on the overall crypto market, but have a greater impact on the performance of individual currencies. As the BTC halving is approaching, the recent inflow and outflow of ETFs are repeated. It is highly likely that the crypto market will react in the following period, but the early stage is still dominated by shocks and fluctuations.

⭐️Although the overall market conditions were not good this week, some mainstream currencies still achieved significant gains. The gains of the TOP100 mainstream currencies such as NEO, CKB, ENA, and TON all reached more than 40%, which is closely related to the official actions behind them. The overall driving effect brought by the overheating of the MEME sector earlier has gradually weakened. Among them, NEO's weekly increase reached 47.8%, and the current price remains at around US$21.94. The weekly price high was around US$23.5, and the low was around US$14.8 during the opening period.

Bitcoin & Ethereum Weekly Performance

Bitcoin (BTC)

The price trend of BTC this week was basically affected 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 US dollars. After reaching the high point of the week, it began to fluctuate downward, and near the closing of the weekend, it rose again to around 70,000 US dollars and continued to fluctuate. The high point of the week was 72,769 US dollars, and the low point was around 67,470 US dollars.

Analysts believe that BTC's price performance this week is in line with the normal trend, without much trading influence, and more of a normal trend fluctuation under the support of news factors. The inflow and outflow of ETF funds have shown a state of repeated changes between large net outflows and large net inflows in recent days. In addition, the BTC halving is coming, and the recent market performance of the BTC L2 track, etc., the BTC price will still have a relatively clear support in the short term, but it may be difficult to see a substantial upward trend. At present, the fluctuation trend of the currency is detailed. It is expected that the price will reach above $71,000 again at the weekend closing stage, and then decline slightly. The probability of a substantial price increase or decrease in the next week is relatively high.

Ethereum (ETH)

The price trend of ETH this week is similar to that of BTC. The recent price performance of ETH has been fluctuating repeatedly in the range of 3300-3600 USD. The trend this week is still more affected by the market and shows regular fluctuations. The high point of the price in the week is around 3730 USD, and the low point is around 3347 USD at the opening stage.

Analysts believe that the ETH price performance this week lacks any bright spots, and the Ethereum ecosystem has not been hot recently, which makes the currency as a whole in a relatively regular volatile market, and the price performance is more affected by the market changes brought by other currencies. As the weekend closes, the currency does not show much signs of recovery, and the probability of further rise in the next week is low, and it is likely to rise above $3,600 during the weekend.

Web3 Project Trends

This week, the total market value of most of the nine types of projects showed a downward trend. Due to the impact of market cycle fluctuations, each track was basically dominated by a downward trend. Except for Solana-MEME which continued the upward trend, other tracks basically performed poorly. At present, it will take some time for the overall market to recover.

Author: Charles T. This article only represents the author's views and does not constitute any trading advice. The content of this article is original and the copyright belongs to Gate.io. If you need to reprint it, please indicate the author and source, otherwise legal liability will be pursued.