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April 22, 2024
Market Analysis

Crypto Market Weekly Review : Top News , Price Analysis, Blockchain Trends and Updates

This evaluation report, backed by high quality knowledge, covers the main developments the Web3, Blockchain and Crypto sector has skilled this week. 

1. Breaking Information This Week

  • Nigeria Seeks Binance Consumer Information

Nigeria calls for Binance to share prime 100 consumer particulars, aiming to manage the alternate and strengthen its nationwide foreign money, the naira, towards crypto affect. The federal government perceives Binance as a big impediment hindering efforts to stabilise the naira. 

  • Bakkt Faces NYSE Delisting

Bakkt, a crypto custody and buying and selling platform, receives a warning from the NYSE for failing to keep up its share value above $1 for 30 consecutive days, risking delisting. 

  • Dogecoin Soars on Musk’s Nod

Dogecoin experiences a big surge in worth following billionaire Elon Musk’s endorsement, suggesting the potential acceptance of Dogecoin as a cost technique for Tesla sooner or later.

  • Coinbase Plans $1B Bond Providing

Coinbase, a number one cryptocurrency alternate, publicizes its intention to boost $1 billion by a convertible bond providing, concentrating on certified institutional consumers. The funds raised shall be allotted in the direction of numerous company functions.

  • U.S. Orders Passport Give up from Binance’s Former CEO

In a big growth regarding Binance’s former CEO Changpeng Zhao, the US points an instruction for him to give up all energetic or skilled passports to a delegated third get together. This directive is a part of ongoing authorized proceedings.

  • Grayscale Seeks Approval for Bitcoin Mini Belief

Grayscale, the world’s largest digital asset supervisor, recordsdata an software with the US Securities and Alternate Fee to launch a ‘Grayscale Bitcoin Mini Belief.’  

  • Thailand Permits Non-public Funds for U.S. Bitcoin ETFs

Thailand’s Securities and Alternate Fee introduces regulatory adjustments allowing the institution of personal funds that may spend money on spot Bitcoin exchange-traded funds traded on U.S. exchanges.

  • JPMorgan CEO Helps Residents’ Proper to Purchase Bitcoin

JPMorgan CEO Jamie Dimon expresses assist for people’ freedom to purchase Bitcoin, emphasising their rights regardless of issues relating to the cryptocurrency’s affiliation with illicit actions. 

  • Hong Kong Considers Ethereum ETF

Amidst the surge in demand for cryptocurrency funding merchandise, Hong Kong-based entities discover the potential for launching a spot Ethereum exchange-traded fund.

  • Indian Platform to Introduce U.S. Bitcoin ETFs

Mundrex, an Indian cryptocurrency funding platform, publicizes plans to introduce U.S. Bitcoin exchange-traded funds to cater to institutional and retail buyers inside India.

  • Tether Launches USDT on Celo Community

Tether, the issuer of the biggest stablecoin USDT, collaborates with Celo to launch USDT on the carbon-negative Celo community. This goals to boost transaction effectivity and streamline dApps targeted on funds, lending and different fin providers throughout the Celo ecosystem.

  • BRICS Develops Blockchain Cost System

Russia, as a member of the BRICS alliance, publicizes the event of a blockchain-based cost system to facilitate commerce settlements amongst BRICS member nations.  

1.1. Particular Report: Bitcoin Bull Run Updates

  • Bitcoin Hits $70K: Unprecedented Bull Run Indicators Market Shift

Not too long ago, Bitcoin hit an all-time excessive, hovering previous $70,000, signalling a big second within the ongoing bull market. As of sixteenth March, 2024, the worth of Bitcoin stands at round $68,880.76. This comes forward of an upcoming halving occasion, scheduled for mid-April. In contrast to previous patterns the place Bitcoin surged after halving, this time it’s reaching new peaks earlier than the occasion. One other noteworthy change is the arrival of spot Bitcoin ETFs on US inventory exchanges, including a contemporary dimension to the market. These developments point out a departure from earlier cycles, showcasing a novel trajectory for Bitcoin’s present upward motion. This recommend that the current bull run differs from its predecessors by way of timing and market dynamics. It displays evolving investor sentiment and rising institutional curiosity in Bitcoin as a digital asset. 

2. Blockchain Efficiency

On this part, we are going to analyse two elements primarily: the top-performing blockchains based mostly solely on their 7-day change and the highest performers among the many prime 5 blockchains with the very best TVL.  

2.1. Prime Blockchain Performers by 7-Day Change

This week’s prime blockchain performers, based mostly on their 7-day change, are Fraxtal, Areon Community, Kroma, Merlin, and REI.  

Blockchain 7-Day Change (in %) TVL
Fraxtal +2034% $13.04m
Areon Community +560% $85.74
Kroma +503% $784,039
Merlin +190% $14.67m
REI +101% $41,962

Over the previous 7 days, a number of blockchain tasks have proven vital development. Fraxtal leads with a powerful 2034% surge, adopted by Areon Community (560%, Kroma (503%), and Merlin (190%). REI additionally noticed a notable development at 101%. These substantial will increase point out heightened investor curiosity and potential market adoption. 

2.2. Prime Performers: 7-Day Change in Prime 5 Blockchains with Highest TVL

Ethereum, BNB Good Chain, Arbitrum One, Solana, and Polygon Pos are the highest 5 blockchains out there on the premise of TVL and market dominance. Let’s see how the highest 5 blockchains have carried out this week, utilizing 7-day TVL change. 

Blockchain Dominance 7d Change TVL (in Billion)
Ethereum 62.33% -5.75% $53.58b
Tron 11.08% +1.06% $10.106b
BSC 6.88% +12.41% $5.943b
Solana 4.63% +20.37% $3.886b
Arbitrum 4.39% -2.75% $3.493b
Others 10.69%

Among the many prime 5 blockchains by Whole Worth Locked (TVL) and market dominance, Solana showcased the very best development at 20.37% over the previous week, adopted by Binance Good Chain (BSC) at 12.41%. Nevertheless, Ethereum skilled a decline of 5.75%, whereas Arbitrum noticed a lower of two.75%. Anyway, Tron confirmed a reasonable development of 1.06%. These fluctuations could replicate shifts in investor sentiment and utilization patterns.  

3. Crypto Market Evaluation

The crypto value and dominance evaluation and prime good points and losers evaluation are the 2 prime elements of the crypto market evaluation. 

3.1. Crypto 7-D Value Change and Dominance Evaluation

Bitcoin, Ethereum, Tether, BNB, and Solana are the highest cryptocurrency as per the market cap and dominance indices. Let’s analyse their seven-day value change. 

Cryptocurrency 7d- Change (in %) Dominance Share Value Market Cap
Bitcoin +0.7% 49.46% $68,880.76 $1,353,886,545,783
Ethereum -5.5% 16.24% $3,718.35 $446,770,252,360
Tether -0.5% 3.74% $0.996 $102,851,306,645
BNB +24.4% 3.45% $610.51 $93,985,322,481
Solana +28.0% 2.96% $187.31 $82,793,385,449
Others 24.15%

Among the many prime cryptocurrencies by market cap and dominance, Solana and Binance Coin (BNB) confirmed vital good points of 28.0% and 24.4% respectively over the previous week. In the meantime, Bitcoin skilled a modest enhance of 0.7%, whereas Ethereum and Tether noticed declines of 5.5% and 0.5% respectively. These fluctuations could replicate shifts in investor sentiment and market dynamics. 

3.2. Prime Gainers & Losers of the Week in Crypto Market

Right here is the checklist of prime gainers and prime losers of the week within the cryptocurrency market. The evaluation is made utilizing the 7-day Achieve and 7-day Lose indices. 

3.2.1. Prime Gainers of the Week in Crypto

Cryptocurrency 7-Day Achieve Value
Ox Protocol +131.58% $1.28
Jupiter +86.98% $1.36
Pyth Community +58.18% $1.10
Gala +44.51% $0.06514
Avalanche +33.31% $57.14

Ox Protocol demonstrated exceptional development at 131.58%, adopted intently by Jupiter with an 86.98% enhance. Pyth Community additionally confirmed vital good points at 58.18%, whereas Gala and Avalanche skilled extra modest however nonetheless notable development at 44.51% and 33.31% respectively. 

3.2.2. Prime Losers of the Week in Crypto

Cryptocurrency 7-Day Loss Value
Bitcoin SV -22.06% $90.29
Arweave -21.46% $35.30
eCash -19.41% $0.0000582
Shiba Inu -19.40% $0.000029
Mantle -17.90% $0.8696

Bitcoin SV skilled essentially the most vital decline at 22.06%, adopted by Arweave (-21.46%), eCash (-19.41%), Shiba Inu (-19.40%), and Mantle (-17.90%). These decreases could also be attributed to varied elements, corresponding to market sentiment shifts, regulatory issues, or particular project-related developments. 

3.3. Stablecoin Weekly Evaluation

Tether, USDC, DAI, First Digital USD, and TrueUSD are the highest stablecoins out there by way of market capitalization. Let’s analyse their weekly efficiency utilizing seven-day market capitalisation, market dominance and buying and selling quantity indices.  

Stablecoins Market Dominance (7d) [in %] Market Capitalisation (7d) Buying and selling Quantity (7d) Market Capitalisation
Tether 71.41% $103,373,346,487 $130,951,632,368 $103,264,006,510
USDC 21.26% $30,773,017,723 $16,658,776,093 $30,885,574,951
Dai 3.21% $4,648,316,842 $944,181,765 $4,683,642,896
First Digital USD 2.08% $3,014,277,332 $20,886,611,920 $3,007,809,366
TrueUSD 0.79% $1,140,482,667 $137,076,979 $1,138,588,303
Others 1.25%

Tether maintains a dominant place with 71.41% market dominance over the previous week. USDC follows with 21.26%, whereas Dai, First Digital USD, and TrueUSD maintain smaller market shares at 3.21%, 2.08%, and 0.79% respectively. Tether’s vital dominance signifies its widespread utilization and acceptance as a steady retailer of worth throughout the cryptocurrency ecosystem. 

Let’s analyse the weekly efficiency of the highest stablecoins additional utilizing the seven-day value change index. 

Stablecoins 7-Day Value Change Value
Tether -0.2 $0.9991
USDC +0.001 $0.9996
Dai -0.4 $0.9966
First Digital USD -0.3 $0.9974
TrueUSD -0.001 $1

Among the many prime stablecoins by market capitalisation, USDC confirmed minimal value change with a slight enhance of 0.001% over the previous week. Dai skilled a modest decline of 0.4%, whereas First Digital USD and Tether each decreased by 0.3% and 0.2% respectively. True USD noticed the smallest change at -0.001%. These fluctuations point out comparatively steady costs for many stablecoins. 

4. Bitcoin ETF Weekly Evaluation

Bitcoin Futures ETFs and Bitcoin Spot ETFs ought to be analysed individually, to be able to get the correct image of the Bitcoin ETF market, as they characterize two completely different segments. Let’s begin!

4.1. Bitcoin Futures ETF Weekly Evaluation

ProShares, VanEck, Valkyrie, World X and Ark/21 Shares are the highest Bitcoin Future ETFs, as per the Asset Below Administration index. Let’s use the change proportion index to analyse these ETFs. 

Bitcoin Futures ETFs Change (Achieve/Loss) Asset Below Administration (in Billion) Value
ProShares -0.28% $598.78M $31.68
VanEck +0.33% $42.41M $39.22
Valkyrie -1.47% $38.20M $21.41
World X +3.24% $26.10M $68.26
Ark/21 Shares +1.11% $8.01M $68.31

Among the many prime Bitcoin Futures ETFs by Property Below Administration, World X displayed the very best achieve at 3.24%, adopted by Ark/21 Shares with a 1.11% enhance. VanEck noticed a modest achieve of 0.33%. Conversely, Valkyrie skilled a lack of 1.47%, and ProShares a minimal lack of 0.28%. These fluctuations recommend various investor sentiment and market dynamics surrounding Bitcoin Futures.  

4.2. Bitcoin Spot ETF Weekly Evaluation

Grayscale, Blackrock, Constancy, Invesco/Galaxy, and Ark/21 Shares are the highest Bitcoin Spot ETFs, as per the Asset Below Administration index. Let’s analyse them utilizing the change index. 

Bitcoin Spot ETFs Change (Achieve/Loss) Asset Below Administration (in Billion) Value
Grayscale -0.32% $27.68B $61.60
BlackRock -0.30% $15.42B $39.39
Constancy -0.25% $9.19B $60.48
Invesco/Galaxy N/A $3.69B N/A
Ark/21 Shares -0.39% $2.80B $69.15

Among the many prime Bitcoin Spot ETFs by Property Below Administration, Ark/21 Shares displayed the biggest loss at -0.39%, adopted by Grayscale with a -0.32% lower. BlackRock and Constancy additionally skilled declines of -0.30% and -0.25% respectively. These decreases recommend a slight downturn within the efficiency of Bitcoin Spot ETFs over the analysed interval of the final seven days. 

5. DeFi Market Weekly Standing Evaluation

Lido, EigenLayer, AAVE, Maker, JustLend are the 5 prime DeFi protocols accessible. Let’s analyse its weekly efficiency utilizing the 7d Change index. 

DeFi Protocols 7d Change (in Whole Worth Locked) [in %] TVL
Lido -5.37% $36.863b
EigenLayer -2.79% $11.526b
AAVE -1.29% $11.368b
Maker -1.51% $9.249b
JustLend +0.78% $7.68b

Among the many prime DeFi protocols, Lido skilled the biggest lower in Whole Worth Locked (TVL) over the previous week at -5.37%, adopted by EigenLayer (-2.79%), maker (-1.51%), and AAVE (-1.29%). In distinction, JustLend noticed a slight enhance of 0.78% in TVL. These fluctuations could replicate adjustments in consumer exercise, market sentiment, or protocol-specific developments impacting the utilization and attractiveness of those DeFi platforms throughout the ecosystem. 

6. NFT Market: A Primary Weekly Evaluation

Blur, Blur Aggregator, Opensea, Gem and Cryptopunks are the highest NFT marketplaces on the premise of market share. Let’s analyse them utilizing the Quantity Change (change of final 7d quantity over the earlier 7d quantity) index.  

NFT Marketplaces Quantity Change [Last 7 Day over the Previous 7 Day Volume] Market Share 7-day Rolling Quantity 7-day Rolling Commerce
Blur -49.17 45.63% 15545.64 29097
Blur Aggregator -57.37 23.46% 6825.23 18172
Opensea -43.80 20.65% 5530.39 16392
Cryptopunks -81.38 4.29% 1362.72 26
Gem -55.28 4.17% 1020.53 3384
Others 1.79%

Among the many prime NFT marketplaces, Cryptopunks noticed the biggest lower in quantity change at -81.38%, adopted by Blur Aggregator (-57.37%) and Gem (-55.28%), Blur and Opensea additionally skilled notable decline at -49.17% and -43.80% respectively. These reductions in quantity change over the previous week in comparison with the earlier week could point out shifts in consumer exercise, market traits, or particular elements impacting buying and selling volumes throughout the NFT market ecosystem. 

6.1. Prime NFT Collectible Gross sales this Week

Artwork Blocks #78000531, $ORDI BRC-20 NFTs #68fa5adbd, CryptoPunks #1603, CryptoPunks #5404, and CryptoPunks #5668 are the highest NFT collectable gross sales reported this week within the NFT market panorama. 

NFT Collectibles Value (in USD)
Artwork Blocks #78000531 $556,077.58
$ORDI BRC-20 NFTs #68fa5adbd $493,162.09
CryptoPunks #1603 $296,358.53
CryptoPunks #5404 $241,201.88
CryptoPunks #5668 $239,860.50

Artwork Blocks #78000531 holds the very best value at $556,077.58, adopted intently by $ORDI BRC-20 NFTs #68fa5adbd at $493,162.09. CryptoPunks #1603 ranks third with a value of $296,358.53, whereas CryptoPunks #5404 and #5668 comply with intently with costs of $241,201.88 and $239,860.50 respectively.  

7. Web3 Weekly Funding Evaluation

7.1. ICO Panorama: A Weekly Overview

Apeiron, YOUT Protocol, EZswap Protocol, Aevo, Age of Dino, and StarHeroes are the main ICOs that ended this week. Let’s analyse how a lot they’ve acquired. 

ICO Acquired Token Value Fundraising Objective Whole Tokens Token (Out there for Sale)
Apeiron $18,900,000 $0.11 $3,300,000 1,000,000,000 24%
YOUR Protocol $1,120,000 $0.01 $400,000 1,000,000,000 28%
EZswap Protocol $1,150,000 $0.04 $150,000 1,000,000,000 N/A
Aevo $16,600,000 N/A 45,000,000 Token 1,000,000,000 23%
Age of Dino $8,000,000 N/A N/A N/A N/A
StarHeroes $1,790,000 $0.02625 $200,000 700,000,000 12.46%

Apeiron secured the very best quantity, elevating $18,900,000, adopted by Aevo with $16,600,000. Age of Dino additionally acquired a big sum of $8,000,000, whereas StarHeroes, EZswap Protocol, and YOUR Protocol raised comparatively smaller quantities at $1,790,000, $1,150,000, and $1,120,000 respectively. These figures replicate investor curiosity and confidence within the tasks.  

8. Weekly Blockchain Hack Evaluation

As of March 16, 2024, hackers have stolen a whopping $7.69 billion. Most of this, about $5.84 billion, was taken from decentralised finance platforms. One other chunk, $2.83 billion, was stolen from bridges that join completely different blockchain networks.

On March 8, 2024, Unizen was hacked, shedding round $2.1 million. On March 5, 2024, WOOFI was additionally focused by hackers, leading to a lack of $8.5 million. Earlier within the 12 months, each Seneca and Tectonica fell sufferer to hacks: Seneca misplaced $6.5 million on February 28, whereas Tectonica misplaced $0.25 million on February 22. 

Nevertheless, essentially the most vital blow this 12 months got here to FixedFlot, which misplaced a staggering $26.1 million on account of a hacking assault. 

On this week’s complete evaluation of Web3, Blockchain and Crypto, we’ve got introduced out highly effective insights, which can be utilized to stay-to-data concerning the market developments. Because the panorama evolves, the strategic integration of expertise and data-driven decision-making turns into paramount for stakeholders navigating the dynamic realms of decentralised applied sciences. 

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