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Ever feel like you’re missing out on the latest in Web3, blockchain, and the ever-changing crypto market? You’re not alone! This weekly analysis is your one-stop shop for staying ahead of the curve.
This week, we’re uncovering groundbreaking news, from legal battles involving Terraform Labs and the SEC to BlackRock’s potential entry into the Bitcoin ETF game. But that’s not all! We’ll also be dissecting the top performers in the blockchain and DeFi space, along with eye-catching NFT marketplace trends and million-dollar NFT sales.
You can’t afford to miss this. Let’s dive into the highlights.
1. Breaking News this Week
- US Pushes for Extradition of Terraform Labs Co-Founder
The US government is intensifying efforts to bring back Do Kwon, co-founder of Terraform Labs, from Montenegro to South Korea amid ongoing legal disputes over extradition.
- BlackRock Eyes Bitcoin ETF Investment for Global Allocation Fund
BlackRock is set to invest in spot Bitcoin ETFs for its Global Allocation Fund, signaling a significant stride toward mainstream cryptocurrency adoption among institutional investors.
- Spanish Regulator Halts Worldcoin’s Data Collection Activities
Spain’s AEPD orders Worldcoin to halt personal data collection due to privacy concerns, emphasizing insufficient information disclosure and data processing issues.
- FTX and BlockFi Agrees to Settlement in Legal Dispute
FTX agrees to pay up to $874.5 million to BlockFi to potentially settle their bankruptcy-related legal conflict, providing a glimpse of resolution amidst ongoing litigation.
- WOOFi DeFi Platform Hit by $8.75M Exploit
WOOFi experiences an $8.75 million loss from a hack targeting its swap feature on the Arbitrum network, prompting efforts to recover funds and identify perpetrators.
- Binance.US Faces Layoffs and Revenue Decline Amid Legal Woes
Binance.US undergoes forced layoffs, letting go of over 200 employees, and faces a revenue downturn following legal actions initiated by the SEC.
- Binance to Suspend Nigerian Naira Services Amid Regulatory Pressure
Binance announces the suspension of NGN services due to increased regulatory scrutiny in Nigeria, leading to the automatic conversion of remaining NGN balances to Tether stablecoin.
- Legal Victory for Fantom Foundation Against Multichain
Fantom Foundation secures a legal triumph against Multichain, anticipating compensation for damages suffered from a security breach, with the aim of asset retrieval through liquidation proceedings.
- Friend.tech Investors Grant Users Control Over Funds
Investors of Friend.tech relinquish token sale rights, empowering users with full control over funds amidst the platform’s declining popularity.
- SunContract Launches First NFT Marketplace for Solar Panels
SunContract pioneers the world’s first NFT marketplace for solar panels, offering direct earnings or energy consumption from tokenized solar farms, reshaping the landscape of renewable energy access.
- US Senators Introduce Bill Against Central Bank Digital Currencies
Senator Ted Cruz leads a group proposing legislation to block the Federal Reserve from implementing CBDCs, raising concerns over potential surveillance implications.
- Bitfinex Hacker Aids Prosecutors in Bitcoin Fog Case
Ilya Lichtenstein, involved in the Bitfinex theft, collaborates with prosecutors in a Bitcoin Fog money laundering case, showcasing a noteworthy collaboration between hackers and legal authorities.
2. Blockchain Performance
In this segment, we delve into the vibrant world of blockchain, exploring top performers based on their 7-day change and dissecting the dynamic landscape of the top five blockchains by Total Value Locked (TVL).
2.1. Top Blockchain Performers by 7-Day Change
This week has witnessed stellar performances from key players in the blockchain arena. Here are the top performers:
| Blockchain | 7-Day Change (in %) | TVL |
| Beam | +1140% | $12.73m |
| Blast | +274% | $731.08m |
| ICP | +233% | $36.95m |
| Bostrom | +107% | $4.64m |
| DeFiVerse | +103% | $3.91m |
Insights: Beam takes the lead with a remarkable 7-day change of +1140%, indicating robust investor interest and growth potential. Other noteworthy performers include Blast, ICP, Bostrom, and DeFiVerse, signaling evolving market dynamics and potential opportunities for investors.
2.2. Top Performers: 7-Day Change in Top 5 Blockchains with Highest TVL
Among the top five blockchains based on TVL and market dominance, we observe intriguing developments:
| Blockchain | 7d Change | TVL (in Billion) | Dominance |
| Ethereum | +6.9% | $59,288,434,523 | 64.62% |
| TRON | +6.5% | $10,098,440,866 | 11.01% |
| BNB Smart Chain | +6.0% | $5,626,763,719 | 6.13% |
| Arbitrum One | +8.6% | $4,309,027,310 | 4.70% |
| Solana | +23.5% | $3,257,819,734 | 3.55% |
| Others | 9.99% |
Noteworthy: Solana steals the spotlight with a striking 7-day change of +23.5%, underscoring its growing appeal and investor confidence. Arbitrum One, Ethereum, TRON, and BNB Smart Chain also show positive changes, each contributing to the evolving blockchain narrative.
3. Crypto Market Analysis
Our analysis extends to the broader crypto market, covering key aspects such as price changes, dominance, and the week’s top gainers and losers.
3.1. Crypto 7-D Price Change and Dominance Analysis
Delving into the top cryptocurrencies by market cap index, we unravel their seven-day price changes and dominance indices:
| Cryptocurrency | 7d- Change | Dominance Percentage | Price | Market Cap |
| BTC | +9.6% | 49.45% | $68,306.06 | $1,342,141,469,658 |
| ETH | +14.2% | 17.23% | $3,932.73 | $472,291,730,873 |
| USDT | +0.1% | 3.73% | $1.00 | $101,738,271,493 |
| BNB | +18.4% | 2.75% | $487.70 | $75,018,712,838 |
| SOL | +12.6% | 2.37% | $146.52 | $64,665,887,149 |
| Others | 24.47% |
Key Takeaways: Binance Coin emerges as the frontrunner with an 18.4% increase, followed by Ethereum with 14.2%. Bitcoin, Solana, and Tether also experience notable fluctuations, indicating a vibrant market with BNB leading the growth among top cryptocurrencies.
3.2. Top Gainers & Losers of the Week in Crypto Market
This week’s top gainers showcase impressive performances:
3.2.1. Top Gainers of the Week in Crypto
| Cryptocurrency | 7-Day Gain | Price |
| FLOKI | +176.35% | $0.0002544 |
| Pepe | +132.07% | $0.000009506 |
| Bitcoin Gold | +114.03% | $68.79 |
| Shiba Inu | +82.96% | $0.00003613 |
| Arweave | +74.94% | $45.51 |
Insights: FLOKI leads as the top gainer with an impressive 176.35% gain, followed by Pepe, Bitcoin Gold, Shiba Inu, and Arweave. These substantial gains reflect heightened volatility and speculative interest in these altcoins.
3.2.2. Top Losers of the Week in Crypto
| Cryptocurrency | 7-Day Loss | Price |
| Kaspa | -12.51% | $0.1505 |
| Flare | -10.74% | $0.04126 |
| Bitget Token | -8.78% | $0.8418 |
| Sui | -6.88% | $1.54 |
| Synthetix | -5.01% | $4.36 |
Observations: Kaspa records the highest loss with a decline of 12.51%, followed by Flare, Bitget Token, Sui, and Synthetix. These losses indicate downward pressure on these assets.
3.3. Stablecoin Weekly Analysis
In this section, we dissect the stablecoin market, focusing on Tether, USDC, DAI, First Digital USD, and TrueUSD, examining their market capitalization, dominance, trading volume, and 7-day change indices.
| Stablecoins | Market Dominance (7d) [in %] | Market Capitalisation (7d) | Trading Volume (7d) | Market Capitalisation |
| Tether | 71.40% | $101,243,181,281 | $98,927,999,091 | $101,820,611,377 |
| USDC | 21.14% | $29,970,583,776 | $10,313,587,222 | $29,960,678,119 |
| Dai | 3.12% | $4,423,321,885 | $465,531,900 | $4,429,268,413 |
| First Digital USD | 2.32% | $3,293,517,902 | $18,793,185,526 | $3,301,136,890 |
| TrueUSD | 0.91% | $1,292,435,169 | $116,060,920 | $1,293,055,369 |
| Others | 1.11% |
Over the past week, Tether maintained its dominance among stablecoins with 71.40%, followed by USDC (21.14%), Dai (3.12%), First Digital USD (2.32%), and TrueUSD (0.91%). Tether’s significant market dominance indicate its widespread usage and acceptance as a stablecoin for trading and transactions.
| Stablecoins | 7-Day Change |
| Tether | +0.2 |
| USDC | +0.1 |
| Dai | +0.4 |
| First Digital USD | +0.4 |
| TrueUSD | +0.4 |
Observations: Stability prevails among top stablecoins, with DAI, First Digital USD, and TrueUSD displaying a 0.4% increase over the week. Tether and USDC follow closely with a 0.2% and 0.1% uptick, respectively.
4. Bitcoin ETF Weekly Analysis
To gain a comprehensive understanding of the Bitcoin ETF market, we segregate the analysis into Bitcoin Futures ETFs and Bitcoin Spot ETFs, exploring performance indicators such as change percentage, asset under management, and price.
4.1. Bitcoin Futures ETF Weekly Analysis
ProShares, VanEck, Valkyrie, Global X and Ark/21 Shares are the top Bitcoin Future ETFs, as per the Asset Under Management index. Let’s use the change percentage index to analyse these ETFs.
| Bitcoin Futures ETFs | Change (Gain/Loss) | Asset Under Management (in Billion) | Price |
| ProShares | +2.41% | $598.78M | $31.86 |
| VanEck | +0.33% | $42.41M | $39.22 |
| Valkyrie | +1.32% | $38.20M | $22.30 |
| Global X | +4.31% | $26.10M | $71.70 |
| Ark/21 Shares | +2.25% | $8.01M | $67.69 |
Among the top Bitcoin Futures ETFs, Global X showed the highest gain at 4.31%, followed by ProShares (2.41%), Ark/21 Shares (2.25%), Valkyrie (1.325), and VanEck (0.33%). These gains reflect positive performance.
4.2. Bitcoin Spot ETF Weekly Analysis
Grayscale, Blackrock, Fidelity, Ark/21 Shares and Bitwise are the top Bitcoin Spot ETFs, as per the Asset Under Management index. Let’s analyse them using the change index.
| Bitcoin Spot ETFs | Change (Gain/Loss) | Asset Under Management (in Billion) | Price |
| Grayscale | +2.40% | $26.60B | $61.90 |
| BlackRock | +2.38% | $12.97B | $39.55 |
| Fidelity | +2.50% | $8.35B | $60.73 |
| Ark/21 Shares | +2.38% | $2.55B | $69.39 |
| Bitwise | +2.41% | $1.88B | $37.85 |
Among the top Bitcoin Spot ETFs, Fidelity exhibited the highest gain at 2.50%, followed closely by Bitwise (2.41%), Grayscale (2.40%), BlackRock (2.38%), and Ark/21 Shares (2.38%). These gains indicate positive performance.
5. DeFi Market Weekly Status Analysis
Lido, EigenLayer, AAVE, Maker, and JustLend are the five top DeFi protocols available. Let’s analyse its weekly performance using the 7d Change index.
| DeFi Protocols | 7d Change (in Total Value Locked) [in %] | TVL |
| Lido | +15.02% | $38.936b |
| EigenLayer | +18.02% | $11.74b |
| AAVE | +13.81% | $11.487b |
| Maker | +1.47% | $9.374b |
| JustLend | +8.42% | $7.557b |
Among the top DeFi protocols, EigenLayer saw the highest growth in Total Value Locked over the past week, with a remarkable increase of 18.02%. Following closely, Lido and AAVE exhibited substantial gains at 15.02% and 13.81%, respectively. JustLend showed a moderate increase of 8.42%, while Maker experienced a more modest rise of 1.47%. These fluctuations suggest dynamic shifts in user activity and investment across different DeFi platforms.
6. NFT Marketplace: A Basic Weekly Analysis
Delving into the realm of Non-Fungible Tokens (NFTs), we examine the performance of top NFT marketplaces – Blur, Blur Aggregator, Opensea, Cryptopunks, and Gem – based on the 7-Day Rolling Volume, 7-Day Rolling Trade, and Volume Change indices.
| NFT Marketplaces | Volume Change [Last 7 Day over the Previous 7 Day Volume] | Market Share | 7-day Rolling Volume | 7-day Rolling Trade |
| Blur | +11.53% | 40.20% | 31341.58 | 31798 |
| Blur Aggregator | -2.15% | 29.60% | 16057.74 | 16312 |
| Opensea | +3.45% | 16.09% | 9840.83 | 21985 |
| Cryptopunks | +165% | 10.66% | 7318.74 | 43 |
| Gem | +68.52% | 1.44% | 2283.27 | 3448 |
| Others | 2.01% |
Insights:…
Read More: This Week in Crypto: Top Blockchain Performers, Market Analysis & NFT Trends
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