Web3 Investment Research Weekly|The crypto market generally showed a volatile trend during the week, the price of BTC hit a record high, becoming the 13th largest currency in the world, and the Bitcoin halving has been less than 40 days

Quick Facts of the Week

The overall sentiment of the crypto market remained enthusiastic this week, but it ushered in shocks and fluctuations on the basis of the continuous upward movement in the past week or two, and the total amount of funds in the market approached the $30,000 mark at the highest, but then experienced a shock pullback, and now remains at $2.67 trillion, down 3.24% in 24 hours. This week, the key mainstream currencies hit a new high, with BTC, ETH and BNB being more representative, but at present, several mainstream currencies have ushered in a pullback, the price has fallen rapidly, but the amplitude is relatively controlled in a small range, the weekly rise and fall is relatively small at the current point in time, and the market sentiment index is still in a state of greed.

Although the total volume of the cryptocurrency market has increased compared to last week, the rally is much lower than in the past week or two compared to the $2.53 trillion in the same period last week. Although BTC and ETH hit new highs this week, the overall increase was small, and ETH even showed a downward trend, and these two key currencies are still in a state of shock and correction. At present, as we approach the closing stage of the weekend, the overall trend of the market is dominated by shocks and pullbacks, and it is expected that the weekend will usher in key market changes again.

The ratio of the rise and fall of the top 100 cryptocurrency projects in a week is about 52:48, and the distribution of the rise and fall of most mainstream currencies in the market this week is relatively balanced, which is also in line with the current differences in the rise and fall of different sectors. BTC price broke through $73,000 in a short period of time, with a weekly rise and fall of about 3.10%, and currently remains at $69,649 to continue to fluctuate, ETH also exceeded $4,000 in a short period of time this week, but the currency price has pulled back significantly, with an overall increase of about -1.68% for a week, and it is currently maintained at about $3,800.

During the week, the token ZRK (0x Protocol) rose by more than 160% in 7 days, and the price of the coin is currently maintained near $1.36, ranking first in the weekly increase.

During the week, the overall volatility of the cryptocurrency market was more obvious, but the rally in individual sections continued to decrease near the closing stage. The crypto market is currently in a new cycle of volatility, and most of the current volatility will continue in the short term until key external events arrive.

Crypto market

🔥 The crypto market was generally volatile for the week, with the top key currencies hitting new highs.

🔥 Within a week, BTC broke through $73,000 and hit a new all-time high, while ETH broke through $4,000.

🔥 The Ethereum Cancun upgrade was activated on the mainnet at 21:54 on March 13, bringing many new features to the Ethereum ecosystem.

🔥 This week, BTC surpassed silver in market capitalization to become the eighth largest asset in the world.

🔥 The London Stock Exchange said it would accept applications for Bitcoin and Ethereum ETNs in the Q2 quarter.

🔥 The Bitcoin halving is expected to take place in April 2024, with less than 40 days remaining.

🔥 Within a week, the price of PIXEL, the open interest of bitcoin contracts on the whole network, the dollar capacity of the Lightning Network reached a new high, the game sector led the gains, the price of BTC, the price of SSV, the price of PEPE, the price of PYTH, the daily net inflow of BTC spot ETF, the open interest of BTC contracts, the difficulty of BTC mining, the RON price, the open interest of CME BTC futures, the daily new address of Solana, the new high of Lido TVL, the TON ecosystem, the record high of TRON TVL, The Solana ecosystem is growing and the Avalanche ecosystem is growing.

🔥 Monero releases GUI version 0.18.3.2 "Fluorine Fermi".

🔥The daily trading volume of DEXs on the BSC chain surpassed the DEX on the Ethereum chain, ranking first in the daily trading volume of DEXs.

🔥Jupiter announced Zeus Network and SharkyFi as the first projects to be launched.

🔥 The blockchain game RACA will release the genesis box again on March 13th.

🔥 Last week, the net inflow of digital asset investment products, the daily net inflow of VanEck HODL, the daily income of BTC miners hit a new high, BRC-20, crypto stocks rose, and blue-chip NFT fell.

🔥 Within a week, about 10 project parties announced the completion of a total of about $277 million in financing.

🔥BTC surpassed the Swiss franc this week to become the 13th largest currency in the world.

🔥MicroStrategy closed an $800 million offering of convertible senior notes for the purchase of BTC, and it purchased 12,000 BTC at an average purchase price of $68,477.

🔥 Trump locked in the Republican presidential nomination, and Trump said that if he is re-elected, he will not hit BTC or other cryptocurrencies.

🔥The market value of ETH surpassed Walmart and ranked 19th in the global mainstream asset list.

🔥Blast announced that the annualized yield of the ecological stablecoin USDB increased to 15%.

🔥MetaMask is testing a full-chain Mastercard payment card.

🔥Tether plans to break the "monopoly" of Amazon, Microsoft and others in the field of cloud computing with its new platform Pear Runtime.

🔥 South Korea's cryptocurrency trading volume on Sunday last week exceeded Friday's stock market volume, and the premium index hit a new high in nearly two years.

🔥 Recently, it was revealed that Kickstarter, a world-renowned fundraising platform, had received a secret investment of $100 million from a16z in 21 years, but the blockchain transformation was unsuccessful.

🔥Telegram users have reached 900 million and are close to profitability, the founder said that he is considering an IPO, and the news sent TON up 34% in 24 hours.

🔥TURNOVER launches auction-to-earn NFTs The Trillionaires.

🔥 The classic game Adventure Island will launch a Web3 version based on Avalanche.

🔥 Grayscale submits an application for registration with the mini version of GBTC. Ordinals releases 0.16.0 to enhance configuration flexibility and expand inscription functionality.

🔥Ordinals releases 0.16.0 to enhance configuration flexibility and expand inscription functionality.

🔥The Uniswap Web App has launched a limit order function.

🔥Curve lending platform LlamaLend is launched.

🔥Elon Musk released images of Pepe in response to the project's recent popularity.

🔥Milady said that LADYS would be destroyed for utility.

🔥L2 fees have decreased, and the swap fee on OP has been less than $0.01.

🔥OP, ZORA, and Base support EIP-4844.

🔥Arbitrum announced that the ArbOS Atlas upgrade will be performed on-chain on March 14, with additional fee reductions introduced on March 18.

🔥The zkSync Era sequencer cost is reduced by about 88%.

🔥V God in Warpcast said that the basic Rollup scaling milestone has been achieved, and the next milestone may be the Walker tree and historical data expiration.

🔥The BTC spot ETF had a net inflow of $683.7 million on the 13th, a recent high.

🔥BSC has launched a BEP-336 upgrade based on EIP-4844 to reduce transaction costs.

🔥The chairman of Stripe disclosed that the company has started working on cryptocurrencies.

🔥PancakeSwap V4 is expected to launch in Q3, and it will make trading cheaper and more efficient.

🔥Magic Eden launched a diamond airdrop, which linked Ethereum users back to 2017.

🔥 Musk said that Tesla will support DOGE payment at some point in the future, and this news drove DOGE to see a large rise in the day.

Regulatory Policies

🔥 Thailand's SEC allows accredited investors to invest in US BTC spot ETFs.

🔥 The Hong Kong Monetary Authority (HKMA) has launched a sandbox for stablecoin issuers.

🔥 The founder of Bitcoin Fog, a cryptocurrency mixing service, was convicted of money laundering.

Crypto Market Highlights

⭐️ In the past week, the overall market of the cryptocurrency market has basically been dominated by the rise of mainstream currencies plus the rise of many different sectors, but this process has been accompanied by more frequent intraday corrections. After several weeks of rapid rise in the market, although the overall trend continues to rise, it does overheat in the short term, coupled with the large scale of intraday trading arbitrage, which has brought more frequent price impacts to many currencies. However, in general, the upward trend of the crypto market remains the same, and there is a high probability that the overall general rise will occur again in the short term.

⭐️ Although the MEME sector rose again this week, ZRK rose rapidly in the short term, with a weekly increase of more than 160%, and the price also came to about $1.36 due to well-known reasons, that is, the heat impact brought about by the breakthrough in the direction of the protocol. On the whole, it is still a continuation of last week's upward trend, although many types of crypto sectors have risen in turn during the week, but MEME currencies such as PEPE, FLOKI, SHIB and other MEME currencies have performed very well in a week, and several TOP currencies have tightened, but PEPE is still in the lead, with the price coming to $0.000006904, a seven-day increase of more than 140%, continuing last week's rapid trend.

Bitcoin & Ether weekly performance

Bitcoin (BTC)

During the week, the price trend of BTC basically continued the downward trend in the closing stage of last week, and even fell below the $68,000 level in a short period of time. After moving higher again above $71,000, it began to fluctuate, and then experienced a short pullback, and finally broke through the all-time high of $73,000. After entering the current time period, the price of BTC began to retreat, from $73,000 all the way down to around $69,000, and then continued to fluctuate and then rose again above $70,000.

For BTC, which accounts for more than half of the total market capitalization, on the one hand, the halving cycle is approaching, and on the other hand, the rapid influx of external ETF funds has directly driven the recent multiple rounds of upward trend in the crypto market. However, the price change of BTC itself is actually more affected by the market trading cycle in a short period of time, and the price shows multiple ups and downs concentrated in a certain range, but this is a normal price fluctuation and does not have much impact on long-term holding.

Ether (ETH)

The price trend of ETH during the week is smaller than that of BTC, and the price trend curves of the two currencies are very similar. ETH basically stabilized above $3,900 at the opening stage, but there was a decline in a short period of time, falling all the way below $3,800, and then quickly rising above $4,000, but the duration was short, and the price of ETH basically remained in the price range of $3,900-$4,000 for most of the week. Entering the current stage, the price of ETH has corrected significantly, falling as low as near $3,720 and has now returned to above $3,800.

The analysis believes that the performance of ETH coin price during the week basically follows the market trend, although the Ethereum Cancun upgrade has been activated, but the new features involved are not significant, and the impact on the Ethereum ecology is weak. Overall, the price trend of ETH is similar to that of BTC, experiencing a number of short-term small pullbacks in a week, and the overall price performance is relatively stable, and it is a high probability event to rise higher and rise above $4,000.

Web3 Project Trends

Compared with last week, most of the total market value of the nine types of projects this week still continued the upward trend, but the general growth rate slowed down, and the tracks were affected by the market cycle, and the distribution of ups and downs was basically balanced during the week. The fluctuations of different types of projects will generally be dominated by volatile upward trends, which need to be viewed together with market changes and over-the-counter news factors.

**Author: Charles *This article represents the views of the author only and does not constitute any trading advice. *The content of this article is original, the copyright is owned by Gate.io, if you need to reprint, please indicate the author and source, otherwise you will be held legally responsible. **