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Crypto Weekly Report: In-Depth Market Analysis, Blockchain, DeFi, NFT and More

Welcome to Web3, Blockchain & Crypto Weekly Magazine, your go-to source for the latest developments in blockchain, cryptocurrency, and the evolving Web3 landscape. Each week, we give you a comprehensive overview of breaking news, insightful analyses, and in-depth coverage of key industry trends.

In this fast-paced, highly competitive digital era, staying informed is paramount. Our mission is to provide you with curated content that distills complex data and concepts into easily digestible insights, empowering you to navigate the ever-changing landscape of Web3, blockchain, and crypto with confidence.

Our weekly report is meticulously crafted using original data sourced from reputed platforms such as Coingecko, Defilama, Coinmarketcap, Blockworks, ETFdb, Cryptoslam, ICODrops, and Cruchbase. By leveraging these trusted sources, we ensure the accuracy and reliability of our analyses.

Here is a glimpse of what you can expect from each edition of Web3, Blockchain and Crypto Weekly Magazine.

Blockchain performance: Analyses top blockchains, highlighting movers and shakers based on 7-day changes and TVL. Cryptocurrency Market: Covers prices, dominance trends, and notable gainers and losers of the week. Stablecoin Overview: Explores leading stablecoin stability and growth using metrics like market capitalisation, dominance and trading volume.

Bitcoin ETF Market Analysis: Examines the evolving landscape of Bitcoin ETFs, including futures and spot.

DeFi Market Overview: Provides insights into the decentralised finance sector, tracking metrics like 7-day TVL. NFT Marketplace Analysis: Explores NFT marketplace activity, as well as top NFT collectible sales. Web3 Funding Analysis: Reveals an overview of the ICO landscape. Weekly Blockchain Hack Analysis: Provides clear insights about hacks and associated losses. 

Web3, Blockchain & Crypto Weekly Magazine is your trusted companion on the journey towards a decentralised future. Join us each week, as we unravel the latest development using original data. 

Web3, Blockchain & Crypto Weekly Report 

This analysis report, backed by quality data, covers the major developments the Web3, Blockchain and Crypto landscape has witnessed this week. 

1. Breaking News This Week 

  • SEC Charges Former Zipmex CEO with Corruption

The SEC accuses ex-CEO of Zipmex Thailand, Akarlap Yimwilai, of fraudulent activities during his tenure, including false statements and concealing vital information.

  • Leadership Change at Hub 8 Bitcoin Mining 

Hub 8 announces Asher Genoot as a new CEO following allegations against former management practices and finances raised by an activist report.

  • HELLO Labs Partners for Crypto for Crypto TV Series 

HELLO Labs teams up with MarketAcross to launch “Killer Whales,” a crypto television series, aiming to entertain and educate global audience on blockchain technology.

  • NBA Faces Lawsuit Over Crypto Marketing Deal 

A class action lawsuit alleges the NBA’s negligence in promoting defunct crypto exchanges, leading to investor losses amid market turbulence in 2022.

  • Ethereum Staking Hits 25% Milestone 

Approximately 30 million ETH, equivalent to 25% of the total supply, is now staked, signalling significant community participation in Ethereum’s staking ecosystem.

  • SEC Delays Decision on Ethereum ETF

The SEC postpones its decision on a joint spot Etheruem ETF proposal by Invesco and Galaxy Digital for the second time, continuing the trend of regulatory delays. 

  • South Korea to Investigate OKX Exchange 

South Korean authorities lauch an investigation into OKX over allegations of improper registration and influencer-driven promotions of its services in Telegram communities.

  • Binance Denies Data Breach Allegations 

Binance refutes claims of a data breach made by a hacker who purportedly gained access to a law enforcement request account, maintaining the security of user accounts.  

  • South Korea Considering Spot Bitcoin ETFs

South Korea’s Financial Supervisory Services expresses interest in exploring spot Bitcoin ETFs, signalling a potential shift in the country’s regulatory stance towards cryptocurrency exchange-traded funds.

  • El Salvador’s President Bukele Wins Landslide Victory 

President Nayib Bukele secures a landslide victory in El Salvador’s elections, potentially paving the way for his re-election, buoyed by his anti-gang measures and Bitcoin adoption.  

2. Blockchain Performance 

In this section, we will analyse two factors primarily: the top-performing blockchains based solely on their 7-day change and the top performers among the top five blockchains with the highest TVL.  

2.1. Top Blockchain Performers by 7-Day Change 

This week’s top blockchain performers, based on their 7-day change, are ZetaChain (+3318%), Omax (+585%), Algorand (+183%), Kintsugi (+125%), and Bitcoin (+68.76%). 

Blockchain  7-Day Change (in %) TVL
ZetaChain +3318% $1.93m
Omax +585% $207,886
Algorand +183% $319.2m
Kintsugi +125% $457,433
Bitcoin  +98.76% $606.27m

ZetaChain showed the most significant growth, followed by Omax and Algorand. Kintsugi and Bitcoin also experienced notable increases. 

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

Ethereum, Tron, BSC, Arbitrum and Solana are the top five blockchains in the market on the basis of TVL. Let’s see how these blockchains have performed this week. 

Blockchain  7d Change  TVL (in Billion)
Ethereum  +18.09% $38.925b
Tron  +7.28% $8.554b
BSC +2.10% $3.627b
Arbitrum  +6.40% $2.802b
Solana  +12.38% $1.832b

Among the top 5 blockchains with the highest Total Value Locked, Ethereum led with a 7-day change of +18.09% this week, indicating significant growth. Solana followed closely with a change of +12.38%, displaying substantial positive movement. Tron and Arbitrum experienced moderate increases of +7.28% and +6.40%, respectively. BSC showed the smallest change at +2.10%. 

3. Crypto Market Analysis 

The crypto price and dominance analysis and top gains and losers analysis are the two prime factors of the crypto market analysis. 

3.1. Crypto Price and Dominance Analysis  

The total cryptocurrency market capitalisation, as on 9th Friday, February, 2024, is $1,871,882,825,034. Meanwhile, the total crypto volume is $93,544,148,196. 

BTC, ETH, USDT, BNB, SOL and XRP are the top cryptocurrency as per the market cap index. Let’s understand the dominance scenario. 

Cryptocurrency Dominance Percentage  Price Market Cap 7d- Change
BTC 48.36% $47.406.03 $930,277,176,250 +9.8%
ETH 16.15% $2,505.80 $301,117,548,622 +8.0%
USDT 5.32% $1.00 $96,288,427,250 +0.1%
BNB 2.68% $324.35 $50,060,466,107 +7.4%
SOL 2.46% $110.17 $48,144,889,529 +10.6%
XRP 1.55% $0.5253 $28,641,133,228 +3.6%
Others  23.48%

This week, Solana showed the most significant rise at 10.6%, with a 2.46% dominance and a market cap of $48.14 billion. Bitcoin also performed well with a 9.8% increase, maintaining dominance at 48.36% and a market cap of $930.28 billion. Ethereum followed closely, up by 8.0%, with a 16.15% dominance and a market cap of $301.12 billion. Binance Coin also surged by 7.4%, while XRP increased by 3.6%. USDT only demonstrated a slight increase of 0.1%. 

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

Here is the list of top gainers and top losers of the week in the crypto currency market. The analysis is made using the 7-day Gain and 7-day Lose indexes. 

3.2.1. Top Gainers of the Week in Crypto 

Dymension, Kaspa, Bonk, BitTorrent (New), and Terra Classic are the top gainers of the week in the crypto market. 

Cryptocurrency  Price  7-Day Gain 
Dymension  $7.64 +91.19%
Kaspa $0.1381 +34.48%
Bonk $0.00001345 +28.67%
BitTorrent (New) $0.000001026 +27.34%
Terra Classic  $0.0001202 +25.89%

This week’s crypto market witnessed notable gains among various cryptocurrencies. Dymension led with an impressive 91.19% increase, followed by Kaspa (+34.48%), Bonk (28.67%), BitTorrent (New) (+27.34%), and Terra Classic (+25.89%). 

3.2.2. Top Losers of the Week in Crypto 

Monero, Ronin, Jupiter, Frax Share and WEMIX are the losers of the week in the cryptocurrency market. 

Cryptocurrency  Price  7-Day Loss
Monero (XMR) $121.27 -28.04%
Ronin (RON) $2.59 -13.75%
Jupiter (JUP) $0.5197 -11.15%
Frax Share (FXS) $9.08 -10.71%
WEMIX (WEMIX) $2.24 -6.53%

This week’s crypto market saw notable losses among several cryptocurrencies. Monero experienced the most significant decline at -28.04%, followed by Ronin at 13.75%, Jupiter at -11.15%, Frax Share at -10.71%, and WEMIX (WEMIX) at -6.53%. 

3.3. Stablecoin Weekly Analysis 

Tether, USDC, DAI, First Digital USD, and TrueUSD are the top stablecoins in the market in terms of market capitalization. Let’s analyse their weekly performance employing seven-day market capitalisation, market dominance and trading volume indexes.  

Stablecoins  Market Capitalisation Market Capitalisation (7d) Market Dominance (7d) [in %] Trading Volume (7d)
Tether (USDT) $96,294,862,958 $96,268,386,138 71.81% $38,958,319,354
USDC (USDC) $27,927,324,932 $27,730,047,416 20.55% $7,139,178,037
Dai (DAI) $4,891,823,704 $4,871,962,731 3.64% $92,349,617
First Digital USD $2,770,743,728 $2,692,561,029 1.89% $5,798,103,475
TrueUSD $1,464,994,714 $1,463,027,879 1.09% $85,266,087

In our weekly analysis of stablecoins, we observed varied trends in their seven-day market performance. Tether (USDT) maintained a dominant position with a maket capitalisation of $96.27 billion and a market dominance of 71.81%. Despite a slight decrease, it continued to hold the largest share of the stablecoin market. USDC and DAI also experienced moderate declines in market capitalisation, with USDC at $27.73 billion and Dai at $4.87 billion. However, First Digital USD and TrueUSD showed relatively stable market capitalisation at $2.69 billion and $1.46 billion, respectively. 

Trading volumes reflected investor activity, with USDT leading at $38.96 billion, followed by USDC at $7.13 billion and First Digital USd at $5.79 billion, demonstrating the liquidity and demand for these stablecoins in the cryptocurrency market.  

4. Bitcoin ETF Weekly Analysis 

Bitcoin Futures ETFs and Bitcoin Spot ETFs should be analysed separately, in order to get the right picture of the Bitcoin ETF market, as they exhibit different characteristics. Let’s start!

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 Asset Under Management (in Billion) Price  Change (Gain)
ProShares (BITO) $598.78M $22.54 +4.45%
VanEck (XBTF) $42.41M $39.22 +0.33%
Valkyrie (BTF) $38.20M $14.78 +3.50%
Global X (BITS) $26.10M $55.23 +8.61%
Ark/21 Shares (ARKA) $8.01M $46.88 +4.37%

In this week’s Bitcoin Futures ETF analysis, Global X led with a gain of 8.61%. Proshares, Ark/21 Shares, and Valkyrie followed closely, gaining +4.45%, 4.37%, and +3.50%. VanEck recorded a modest 0.33% gain. 

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 Asset Under Management (in Billion) Price  Change (Gain)
Grayscale (GBTC) $20.27B $42.48 +4.42%
BlackRock (IBIT) $3.31B $27.15 +4.30%
Fidelity (FBTC) $2.75B $41.64 +4.41%
Ark/21 Shares (ARKB) $717.00M $47.60 +4.39%
Bitwise (BITB) $672.40M $25.95 +4.43%

In this week’s Bitcoin Spot ETF analysis, Bitwise, Grayscale and Fidelity led gains with a 4.43%, 4.42%, and 4.41% increase, respectively. Ark/21 Shares and BlackRock closely followed, gaining 4.39% and 4.30% respectively. 

5. DeFi Market Weekly Status Analysis 

Lido, Maker, AAVE, JustLend, and EigenLayer are the five top DeFi protocols available. Let’s analyse its weekly performance using the 7d Change index. 

DeFi Protocols TVL 7d Change (in Total Value Locked) [in %]
Lido $24.207b +9.18%
Maker $8.145b +4.47%
AAVE $7.474b +6.82%
JustLend $6.593b +7.08%
EigenLayer $6.065b +181%

In the DeFi market this week, EigenLayer leads with a robust growth of 181%. Lido stands with a 9.18% increase, followed closely by JustLend and AAVE with a rise of 7.08% and 6.82%, respectively. Maker also maintains its momentum, marking a 4.47% increase. 

6. NFT Marketplace: A Basic Weekly Analysis 

Blur, Blur Aggregator, Opensea, Gem and X2Y2 are the top NFT marketplaces as per the 7-day Rolling Volume index. Let’s analyse them using the 7-Day Rolling Volume, 7-Day Rolling Trade and Volume Change indexes.  

NFT Marketplaces  Market Share 7-day Rolling Volume  7-day Rolling Trade  Volume Change [Last 7 Day over the Previous 7 Day Volume]
Blur 47.94% 29969.97 53359 +15.20%
Blur Aggregator 25.89% 14325.34 28959 +24.12%
Opensea 18.85% 10600.50 37780 +25.64%
Gem 2.44% 1328.45 6467 -14.69%
X2Y2 2.25% 1451.49 1880 +143% 

In this week’s NFT marketplace analysis, X2Y2 leads with a 143% increase in trading volume compared to the previous week. Opensea, and Blur Aggregator follow with a notable volume surge of 25.64% and 24.12%, respectively. 

Blur also shows a comparatively moderate volume surge of 15.20%. However, Gem experiences a decline of 14.69%. 

6.1. Top NFT Collectible Sales this Week 

Bored Ape Yacht Club #1726, CryptoPunks #1510, CryptoPunks #9736, CryptoPunks #735, and Azuki #9143 are the top NFT collectable sales reported this week in the NFT market landscape. 

NFT Collectibles  Price (in USD)
Bored Ape Yacht Club #1726 $668,296.81
CryptoPunks #1510 $348,356.50
CryptoPunks #9736 $240,322.81
CryptoPunks #735 $233,247.69
Azuki #9143 $217,261.03

Bored Ape Yacht Club #1726 was sold for $668,296.81. CryptoPunks #1510, CryptoPunks #9736, and CryptoPunks #735 received $348,356.50, $240,322.81, and $233,247.69, respectively. Azuki #9143 also secured around $217,261.03. 

7. Web3 Weekly Funding Analysis 

7.1. ICO Landscape: A Weekly Overview  

Ta-da, MeMusic, Meson.Network, Lends, Icon.X World, and Web3War are the major ICOs that ended this week. 

ICO Token Price  Received  Received (in %) Fundraising Goal Total Tokens  Token (Available for Sale)
Ta-da (Artificial Intelligence) 0.022 USD $4,550,00 100 $1,100,000 1,000,000,000 27.57%
MeMusic (Platform) 0.02 USD $4,070,000 100% $300,000 1,000,000,000 25.75%
Meson.Network (Blockchain Service) 1.75 USD $12,250,000 100% $8,750,000 100,000,000 31%
Lends (Lending) 0.02 USD $3,820,000 100% $190,000 625,000,000 46.32%
Icon.X World (Platform) 0.075 USD $1,420,000 100% $670,000 100,000,000 24.5%
Web3War (Gaming) 0.0533 USD $1,650,000 100% $1,650,000 150,000,000 25%

Ta-da received $4,550,00. MeMusic, Meson.Network, Lends secured $4,070,000, $12,250,000, and $3,820,000, respectively. Icon.X World, and Web3War also amassed $1,420,000, and $1,650,000, respectively. 

8. Weekly Blockchain Hack Analysis

As on 10th, February, 2024, the total value hacked is $7.65b. The total value hacked in DeFi is $5.79, and the total value hacked in bridges is $2.83. 

On 30th January, 2024, Abracadabra suffered a hack, inflicting a loss of $6.5m. On 22 Jan, and 16 Jan, 2024, Concentric and Bungee experienced similar hacks, causing a loss of $1.17m and $3.3m, respectively. On 12th Jan, and 4th Jan, 2024, Wise Lending and Gamma suffered hacks, making a loss of $0.46m, and $4.5m, respectively. 

Endnote 

In this week’s comprehensive analysis of Web3, Blockchain and Crypto, we have brought out powerful insights, which can be used to stay-to-data about the market developments. As the landscape evolves, the strategic integration of technology and data-driven decision-making becomes paramount for stakeholders navigating the dynamic realms of decentralised technologies.  

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