Web3 Weekly Research | Market Uptrend Continues, DeFi Renaissance Strengthens; South Korea's Daily Trading Volume Reaches $34 Billion
Weekly Overview
This week, the cryptocurrency market has continued to show a clear upward trend, with most major cryptocurrencies experiencing broad gains. Due to overall market activity, various projects have been very dynamic, and market sentiment remains optimistic, with overall market capitalization growth similar to last week. BTC reached a new all-time high, breaking the $100,000 mark, although its market share has slightly decreased to around 54%. The weekly high for BTC was approximately $103,500. Overall, key cryptocurrencies are maintaining a bullish trend, and further upward movements are likely. The market sentiment index stands at around 85, with expectations of new developments as the weekend approaches. The total market capitalization has seen a slight increase compared to the same period last week, reaching approximately $3.67 trillion, with a 24-hour increase of 5.24%.
Compared to last week, this week the cryptocurrency market has shown overall gains, with the DeFi revival intensifying and altcoin performance continuing to improve. BTC reached a new all-time high this week, seeing an increase of about 6.34%. ETH also saw significant gains, nearing the $4,000 mark, with a weekly increase of approximately 10.25%, currently maintaining around $3,915.
The overall positive trend in the cryptocurrency market continues.Influenced by external news, major cryptocurrencies experienced upward movements. This week, CRV saw a remarkable 130% increase over the past seven days, mainly driven by the DeFi revival, making it the top gainer among major cryptocurrencies, currently around $1.11.
As we approach the weekend, there is a high likelihood of further gains in the cryptocurrency market, although slight pullbacks could still occur.
Cryptocurrency Market
🔥 On December 2, four asset management firms submitted applications to U.S. regulators to create Bitcoin ETFs that use derivatives to minimize or completely avoid potential losses.
🔥 On December 2, reports indicated that Bitcoin spot ETF inflows for the month surged to $6.5 billion, setting a new historical record, far exceeding any previous month.
🔥 IntoTheBlock reported that since early November, Tether has minted over $13 billion in USDT, marking the fastest issuance rate since 2021.
🔥 The BitVol (Bitcoin Volatility) index, launched by T3 Index in collaboration with the options trading platform LedgerX, reached 60.33 this week, with a daily increase of 1.11%.
🔥 According to market sources, MicroStrategy purchased an additional 15,400 BTC for approximately $1.5 billion.
🔥 Whale monitored that Ripple re-locked 1 billion XRP in a custody wallet starting at 2:21 AM on Monday, valued at approximately $1.546 billion.
🔥 The Avalanche Foundation announced on social media that the Avalanche9000 mainnet will launch on December 16.
🔥 MicroStrategy utive Chairman Michael Saylor posted on social media that the company acquired 15,400 BTC for $1.5 billion at an average price of $95,976.
🔥 The Block also reported that the Layer1 blockchain project Sonic Labs (formerly Fantom) announced that its mainnet has generated its first block, marking the completion of the “Genesis” phase, and it is expected to go live soon.
🔥 On December 3, Grayscale opened its Grayscale XRP Trust to qualified investors, allowing them to gain exposure to XRP in a securities format.
🔥 Grayscale submitted an application to convert its Solana Trust into a spot ETF. Although the current asset management size of this product is $134 million, relatively small, if approved, it will set an important market precedent for other ETF issuers.
🔥 MicroStrategy founder Michael Saylor proposed a “Trump Max” plan to establish a strategic Bitcoin reserve for the U.S. government, suggesting the acquisition of 4 million BTC and converting 75% of the surplus into BTC.
🔥 TRONSCAN reported that on December 3, the total daily protocol revenue on the TRON network reached $21.66 million, setting a new record.
🔥 According to Token Terminal, the decentralized exchange Curve Finance has an annualized revenue of nearly $37 million over the past 30 days.
🔥 On December 4, Grayscale is seeking to convert its Grayscale Solana Trust (GSOL) into an exchange-traded fund (ETF).
🔥 On December 4, Ethereum co-founder Vitalik Buterin stated in an interview that current blockchain applications primarily exist in two extremes: one type consists of idealistic projects that do good but struggle to be profitable; the other type is highly profitable but lacks real significance.
🔥 According to data compiled by Visa, the transaction volume of cryptocurrency stablecoins exceeded $700 billion in November, setting a new record, approaching the annual transaction levels of payment giant Visa.
🔥 RippleX developers are currently promoting a new upgrade to the XRP Ledger (XRPL), including a reduction in transaction fees.
🔥 BlackRock’s IBIT assets have surpassed $50 billion, achieving this milestone in just 228 days, five times faster than any other ETF.
🔥 Nick Forster, founder of Derive and cryptocurrency analyst, stated, “BTC remains a meme asset; market psychology often draws broader audience attention, attracting new market participants and changing the perspectives of existing ones, leading to further volatility and potential upward movement. Therefore, excessive consolidation around $100,000 is unlikely.”
🔥 Bloomberg reported that cryptocurrency trading volumes have surged to an all-time high, with centralized spot and derivatives exchanges surpassing $10 trillion in digital asset trading for the first time.
🔥Google Trends data shows that interest in “altcoins” began to rise from early November after Trump’s election victory, with today’s search volume peaking near 100.
Regulatory & Macro
🔥 On December 2nd, according to an S-1 filing submitted to the U.S. SEC, WisdomTree has filed an application for the WisdomTree XRP Fund, an exchange-traded fund (ETF). The fund will issue common shares of beneficial interest and is set to be listed on the Cboe BZX Exchange, Inc., under the ticker symbol “TICKER.”
🔥 According to iNews24, starting next year, virtual asset service providers in South Korea, including Dunamu (Upbit), Bithumb, and Coinone, will be required to pay regulatory fees.
🔥 South Korean President Yoon Suk-yeol’s declaration of a state of emergency triggered a surge in cryptocurrency market trading volume to $34 billion within 24 hours, setting a new annual high.
🔥 On December 5, Cointelegraph reported that the U.S. Commodity Futures Trading Commission (CFTC) announced a record recovery of $17.1 billion in funds for fiscal year 2024, including $2.6 billion in civil penalties and $14.5 billion in recoveries and restitution. The FTX case contributed $12.7 billion, including $8.7 billion in restitution and $4 billion in recoveries, setting a record for the largest recovery amount in CFTC history.
🔥Russian President Vladimir Putin questioned the necessity of holding national foreign exchange reserves, stating that such reserves can easily be seized for political reasons.
Crypto Market Highlights
⭐️Over the past week, the cryptocurrency market has continued its recent upward cycle but has entered a relatively stable consolidation phase, with a growing trend of pullbacks. However, this week, due to various news factors and increased market activity, the overall trend has seen further upward movement. As the weekend approaches, the market as a whole has entered a more stable state, though there’s a high possibility of additional gains in the near future.
⭐️This week, due to a general market rally, top-performing cryptocurrencies have shown significant gains. CRV, influenced by the resurgence of DeFi, has seen very active trading on the Curve platform. Over the past seven days, it has risen by approximately 130%. Although it has shown a short-term downtrend, it remains relatively stable overall. The current price of CRV is around $1.11, with a weekly high of about $1.23. A further price correction is expected as the week progresses.
(Source：coinmarketcap)
Bitcoin & Ethereum Weekly Performance
BTC
(Source：TradingView)
This week, BTC’s price fluctuated within a consolidation range for most of the time. As we approached the weekend, it quickly surged from around $94,600, breaking through the $100,000 mark and reaching a new all-time high. The significant increase in BTC’s price this week was largely driven by external market factors that influenced the overall upward movement. The weekly high for BTC was approximately $103,700, while the low was around $93,587 during the middle of the week.
Analysis suggests that BTC’s price movements this week were mainly influenced by the overall rise in the market, along with the excitement surrounding DeFi, which has contributed to BTC’s upward trend. However, this also led to a slight decline in BTC’s market dominance. Looking ahead, the upward trend for BTC remains clear in the long term.
ETH
(Source：TradingView)
This week, Ethereum (ETH) saw a more pronounced price increase compared to Bitcoin (BTC). In contrast to the previous two weeks, ETH has surpassed the $3,900 mark and is approaching the key $4,000 level. Throughout the week, ETH has mostly followed the overall market trends, maintaining a price around $3,910. The weekly increase for ETH is approximately 10.25%.Currently, ETH is in a phase of slight fluctuations, and it is expected that there will be a new price rally as we approach the weekend. However, this rally is likely to be modest, with a reasonable chance of directly breaking through the $4,000 level.
Web3 Project Trends
This week, the total market capitalization of seven categories of projects has shown a continuous upward trend, with overall market performance reflecting significant gains. As we approach the weekend closing period, there is a probability of a market pullback, which could lead to a new round of price corrections.
