Weekly Crypto Market Review: Comprehensive Analysis of Altcoins, Notable News, Emerging Blockchain Trends, and Much More
This comprehensive analysis report provides an in-depth look at the major developments in the Web3, Blockchain, and Crypto landscape that occurred this week. It is supported by high-quality data and offers valuable insights into various areas of the industry.
1. Breaking News This Week
– Uniswap v4 Improves Efficiency: Uniswap v4 has introduced optimizations after Ethereum’s Dencun upgrade, resulting in improved gas fee efficiency and dynamic adjustments. These enhancements aim to reduce user fees and expand the use cases of Uniswap, offering a more cost-effective and versatile decentralized exchange experience.
– TRON Enhances Bitcoin’s Functionality: TRON plans to integrate tokens with Bitcoin, aiming to improve scalability and speed through layer 2 solutions. This integration aims to create seamless interaction between TRON and Bitcoin networks, enhancing interoperability and expanding Bitcoin’s utility in decentralized ecosystems.
– U.S. Treasury Corrects Terrorism Reports: The U.S. Treasury has acknowledged inaccuracies in terrorism funding reports involving cryptocurrency donations. The reported figures were inflated, and the actual amounts were likely much smaller. This correction clarifies the extent of cryptocurrency involvement in terrorist financing and highlights the importance of accurate reporting and oversight.
– Uniswap Founder Warns Against Scams: Uniswap founder, Hayden Adams, has alerted the community to scams using deceptive Ethereum Name Service domains. Scammers exploit fake domains that resemble legitimate addresses, posing risks to unsuspecting users. Adams’ warning emphasizes the need for vigilance against fraudulent schemes targeting cryptocurrency users through sophisticated means.
– SEC Chairman Faces Bitcoin Criticism: SEC Chairman Gary Gensler has faced criticism for his negative views on Bitcoin, with a CNBC anchor defending Bitcoin’s integrity and potential. This exchange reflects divergent perspectives on Bitcoin’s role and legitimacy in financial markets and regulatory frameworks, highlighting ongoing debates over crypto regulation.
– Founders Fund Reinvests in Crypto: Founders Fund, led by Peter Thiel, has reinvested in Bitcoin and Ether, signaling renewed interest in crypto assets. This move follows a significant divestment and highlights Silicon Valley’s evolving stance on cryptocurrencies as long-term investment vehicles amid market fluctuations.
– ARK Founder Skeptical of SEC’s ETF Stance: ARK founder Cathie Wood expresses doubts about the SEC’s willingness to approve spot ETFs beyond Bitcoin and Ethereum. Wood’s skepticism contrasts with recent ETF submissions, indicating uncertainties surrounding the regulatory acceptance of diverse cryptocurrency offerings in traditional financial markets.
– Coinbase Criticizes Fiat in Ad: Coinbase has released an advertisement critiquing fiat currencies, reflecting ongoing global currency debates and geopolitical tensions. The ad portrays fiat as increasingly obsolete, contrasting with the perceived utility and resilience of cryptocurrencies. This messaging underscores Coinbase’s commitment to fostering crypto adoption.
– South Korea Strengthens Crypto Regulations: South Korea has implemented stricter regulations to protect crypto investors from market abuses and criminal activities. Higher fines and harsher punishments aim to deter illegal activities, ensuring a safer environment for cryptocurrency trading and investment in South Korea’s digital asset landscape.
– Chinese Miners Flock to Ethiopia: Chinese Bitcoin miners are seeking favorable conditions in Ethiopia, attracted by cheap energy and strategic locations near hydroelectric projects. This influx highlights Ethiopia’s emerging role as a mining hub and its potential to reshape global Bitcoin mining dynamics amidst the evolving regulatory landscape in China.
2. Blockchain Performance
2.1. Top Blockchain Performers by 7-Day Change
The top blockchain performers based on their 7-day change are ZetaChain, Sei Network, Hedera Hashgraph, Ronin, and Aptos. ZetaChain leads with a significant increase of 347.9%, followed closely by Sei Network with a growth of 90.3%. Hedera Hashgraph, Ronin, and Aptos also show positive momentum with increases of 31.0%, 26.1%, and 21.5% respectively. These significant rises indicate strong performance and potential interest in these blockchain platforms over the past week.
2.2. Top Performers: 7-Day Change in Top 5 Blockchains with Highest TVL
Ethereum, BNB Smart Chain, Arbitrum One, Solana, and Polygon Pos are the top five blockchains in terms of Total Value Locked (TVL) and market dominance. Ethereum shows a substantial 7-day change of 16.9%, indicating a strong upward trend. Arbitrum One follows with a notable increase of 12.9%. Additionally, Polygon Pos, Solana, and BNB Smart Chain exhibit positive growth with changes of 10.4%, 8.8%, and 6.5% respectively, showcasing promising developments in TVL.
3. Crypto Market Analysis
3.1. Crypto 7-Day Price Change and Dominance Analysis
Bitcoin, Ethereum, Tether, BNB, and Solana are the top cryptocurrencies based on market capitalization. Ethereum exhibits the highest 7-day price change of 11.3%, closely followed by BNB with 11.0%. Bitcoin also shows a significant increase of 9.7% in its price. Despite minor fluctuations, Solana and Tether remain relatively stable with 0.3% and 0.0% changes respectively.
3.2. Top Gainers & Losers of the Week in Crypto Market
The top gainers of the week in the cryptocurrency market are Bitget Token, VeChain, Siacoin, Stacks, and Arweave. Bitget Token leads with a gain of 69.87%, followed by VeChain with 57.09%. Siacoin, Stacks, and Arweave also show significant gains of 50.56%, 47.55%, and 37.29% respectively. The top losers of the week are Astar, Pendle, Celestia, Osmosis, and Injective.
3.3. Stablecoin Weekly Analysis
Tether maintains dominance in the stablecoin market with a 7-day market capitalization of $97.58 billion, a 7-day market dominance of 71.63%, and a substantial 7-day trading volume of $43.36 billion. USDC follows with a $28.10 billion 7-day market cap and a 7-day trading volume of $6.50 billion. Notably, First Digital USD displays an impressive 7-day trading volume of $5.64 billion. Other stablecoins like Dai and TrueUSD show comparatively lower trading volumes.
4. Bitcoin ETF Weekly Analysis
4.1. Bitcoin Futures ETF Weekly Analysis
The top Bitcoin Futures ETFs, based on Asset Under Management, are ProShares, VanEck, Valkyrie, Global X, and Ark/21 Shares. Global X shows the highest gain at 0.61%, followed by VanEck with a gain of 0.33%. ProShares and Ark/21 Shares also exhibit positive gains of 0.20% and 0.15% respectively. However, Valkyrie experienced a slight decline of -0.91%.
4.2. Bitcoin Spot ETF Weekly Analysis
The top Bitcoin Spot ETFs, based on Asset Under Management, are Grayscale, BlackRock, Fidelity, Ark/21 Shares, and Bitwise. Bitwise leads with a gain of 0.39%, followed closely by BlackRock with a gain of 0.34%. Ark/21 Shares and Fidelity also show positive gains of 0.25% and 0.24% respectively. Grayscale experienced a gain of 0.22%.
5. DeFi Market Weekly Status Analysis
The top DeFi protocols based on Total Value Locked (TVL) are Lido, Maker, AAVE, EigenLayer, and JustLend. EigenLayer demonstrates the highest increase in TVL with a remarkable 16.88%. Lido follows closely with a 13.03% increase, while AAVE shows a solid growth of 10.41%. Maker experiences a modest rise of 2.45%. However, JustLend records a slight decrease of -0.04% in TVL.
6. NFT Marketplace: A Basic Weekly Analysis
The top NFT marketplaces based on market share are Blur, Blur Aggregator, Opensea, Gem, and Cryptopunks. Gem exhibits the highest volume change with an impressive increase of 24.64%. Blur, despite its dominant market share, shows a volume change of 9.86%. Blur Aggregator and Opensea also display positive volume changes of 5.09% and 2.86% respectively. However, Cryptopunks experiences a notable decrease in volume change at -12.76%.
6.1. Top NFT Collectible Sales this Week
The top NFT collectible sales this week include Happy Hoppers Club Poster #09281, Wrapped Ether Rock #46, CryptoPunks #3167, BOOGLE #058, and Autoglyphs #346. These sales highlight notable transactions in the digital art market, with prices ranging from $263,315.16 to $863,409.96.
7. Web3 Weekly Funding Analysis
This week’s ICO landscape features Lynex, Ta-da, MeMusic, and Meson.Network, all of which have successfully achieved their fundraising goals. These ICOs cover a range of projects, including decentralised exchanges, AI platforms, inclusive ecosystems, and bandwidth marketplaces.
8. Weekly Blockchain Hack Analysis
As of February 17, 2024, the total amount of money stolen through hacking is $7.65 billion, with $5.79 billion taken from DeFi platforms and $2.83 billion from blockchain network bridges. Recent hacks include Abracadabra, Concentric, Bungee, Wise Lending, and Gamma, resulting in various losses.
In conclusion, this comprehensive analysis report provides valuable insights into the developments and trends in the Web3, Blockchain, and Crypto landscape. By staying up-to-date with the market and leveraging data-driven decision-making, stakeholders can navigate the dynamic realms of decentralized technologies effectively.