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## Weekly Trend Overview
This week, the crypto market has seen a general upward trend, and the upward trend of mainstream currencies is very obvious. The overall amount of funds in the market has increased rapidly, with popular currencies increasing by more than 10%. Of course, there are still some currencies showing a downward trend. The total amount of funds in the current market is $1.61 trillion, which is a more significant increase compared to the same period last week.

The crypto project of Top100 had a 9:1 rise and fall ratio this week, and the overall market situation was generally rising. This round of Little Bulls exceeded the expectations of many market users, and the large-scale short-selling situation this week also indicates this. In short, the market's recovery momentum will further intensify this week, with preliminary predictions of a slight pullback in the future and a further bullish trend. BTC reached a high of $44,280 this week, while ETH reached a high of $2,349.

The prices of BTC and ETH have risen and fallen by 16% and 14.58% in a week. Within this week, the 7-day increase in ORDI reached 158%. Due to external news factors, the trend of the currency's sharp decline and rise is very exaggerated, and it seems to be starting to trend towards a slight fluctuation.

The overall trend of the crypto market this week is towards rapid growth, with a significant increase in total market value. The most influential hot topic information within a week is the comments made by <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> Core developers regarding Ordinals and BRC-20. In addition, more hot topics are focused on the market's own trends, with all parties focusing on this, and there is less information on other aspects.

The trend of BTC and ETH this week continues the same as last week, with an overall stepped distribution. Presently, the BTC price has entered a relatively stable state, fluctuating around the price of $43,300. However, ETH is still making efforts to climb during the current closing period, and we can expect to reach the price of $2,400. The price increase is relatively weak.

As of now, the global crypto market cap is $1.61 trillion, and the entire market has risen by approximately 0.32% within 24 hours.

## Crypto Market
🔥 After 578 days, BTC returned to above $40,000, with a seven-day increase of +16%, surpassing Berkshire Hathaway and Tesla to re-enter the top ten global assets by market value. The holding of over 1000 BTC addresses reached a new high in December 2022.

🔥 ORDI has been greatly affected by news factors this week, experiencing a sharp rise and fall, with a current market value exceeding $1 billion.

🔥 The crypto market experienced a general rise within a week, with 24-hour BTTIOLD+70%, AURORA+49%, BITCOIN (non Bitcoin)+44%, LUNC+40%, ALEX+32%. <a href="/id/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> exceeded $2,200 for the first time in May 22 years, with Blast TVL exceeding $717 million and <a href="/id/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> TVL exceeding $1.66 billion, setting new highs for the year.

🔥 The crypto market has a relatively concentrated burst of positions within a week, with a total of $149 million sold across the entire network within 24 hours, with the main burst of short positions.

🔥 The price of Pudgy Penguins flooring exceeds a record high of 10E, with a 24-hour rate of 20%.

🔥 Forbes launches Web3 Experience and Community Center ForbesWeb3.

🔥 The President of El Salvador stated that the country's BTC investment profits have exceeded $3 million.

🔥 The total trading volume of <a href="/id/price/dydx-dydx" target="_blank" class="blog_inner_link">dYdX</a> Chain exceeds $400 million, with SOL trading volume second only to BTC and ETH.

🔥 The Korean won has surpassed the US dollar to become the largest fiat currency trading pair in BTC.

🔥 The open positions and trading volume (November) of CME BTC futures, the number of holders of large open contracts in CME BTC futures, and the open contract volume of Deribit perpetual futures are all approaching historical highs.

🔥 The number of BTC on-chain transactions (November), BTC computing power, ORDI prices, Orbitrum One TVL, OP TVL, Blast TVL, Ethereum L2 total TVL, SOL TVL, FLOKI staking TVL, and US crypto lobbying spending have all reached new highs this year.

🔥 The market value of stablecoins has reached $128.8 billion, with a 70% market share of USDT.

🔥 CoinShares had a net inflow of $1.76 billion in digital asset investment products in the past 10 weeks, and a net inflow of $176 million in digital asset investment products last week.

🔥 Google releases the multimodal AI model Gemini.

🔥 A16z shares the noteworthy trends in the crypto industry next year, including feature rich application models, decentralized governance models, user experience optimization, modular technology <a href="/id/price/stacks-stx" target="_blank" class="blog_inner_link">Stacks</a>, the combination of AI and blockchain, the transition from "Play to Earn" to "Play and Earn," formal verification, NFT, SNARKS, and more.

🔥 Bitcoin Core v26.0 has been released, and developer Luke has stated that if Ordinals and BRC-20 disappear after the fix, the in_script_ion chain is a feasible solution that can benefit BTC without eliminating the in_script_ion. This has led to a 24-hour surge in ORDI.

🔥 Atomicals proposed the ARC-20 token splitting scheme, aiming to break through the BTC dust limit and achieve high-precision trading, while the Atomicals ecosystem token ATOM reached a new high.

🔥 Sotheby's announced its first auction of artworks based on BTC Ordinals.

🔥 Bithumb will conduct an IPO and establish a public welfare foundation.

## Regulatory Policies
🔥 The US Internal Revenue Service stated that approximately half of all investigations into digital assets over the past year have involved tax issues.

## Macro Economy
There is currently no clear macroeconomic information exposed regarding the crypto market this week.

## Crypto Market Highlights  
⭐️In the past week, the crypto market has generally risen, continuing the bullish trend of the previous week and experiencing significant breakthroughs. The impact of news factors within the week was relatively small, but more importantly, the market cycle of the crypto market itself reached a relatively clear point. After breaking free from the shadow of the previous Binance incident, the market as a whole continued its bullish trend. This week, due to the key points in the prices of some mainstream and popular currencies, the bullish trend further intensified, driving the overall upward trend of the market.

⭐️ Despite the generally bullish market situation this week, the price of ORDI has been rising all the way. However, due to external news factors, it has surged and plummeted in the short term. Currently, the future trend of the currency is not yet clear, and it is more likely that it will continue to fluctuate in the short term.
![](https://gimg2.gateimg.com/image/article/17020054921.png)
(Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17020055032.png)
(Data Courtesy Of TradingView)

The price of BTC broke through a high point of $44,280 this week, and the currency achieved consecutive breakthroughs at several key price points within a week, driving overall bullish confidence in the market. Currently, the price of the currency remains around $43,386, with slight fluctuations continuing.

Overall, BTC's performance this week continued the bullish trend of last week, but it did come a bit suddenly. The continuous upward trend of the previous two weeks almost did not show any range fluctuations of oscillation and downward trend, and the continuous breakthrough of key price levels has put the currency into an unpredictable trend state. If we do not consider the impact of external news factors, then BTC does have a considerable probability of price correction. However, in this market cycle, even with a pullback, BTC is unlikely to fall below $38,000, and the price trend of the currency has entered a new cycle.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/17020055123.png)
(Data Courtesy Of TradingView)

The price curve of ETH has been relatively more intense this week, with obvious fluctuations in the market, but it still shows a clear ladder-like distribution. The high point of the price within a week appeared in the closing stage, with the current highest price at $2,356.

The price of ETH this week has continued to rise further from last week's closing price, staying above $2,100 for most of the week. However, the volatility is more pronounced. Compared to BTC's consecutive breakthroughs in key price levels, the current price of ETH has more room for increase, and it is expected to quickly break through $2,400 in the short term. The probability of a pullback in the following week is relatively small, and it is more likely to be dominated by a volatile trend.

## Web3 Project Trend
This week, the total market value of seven types of projects has generally risen, with many tracks clearly continuing the trend of last week. Coupled with the combined effect of market sentiment, BRC-20 has performed the best and has experienced an explosive rise this week.

| Project category  | 7d Change | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 |  14.1% | $SMH,GNO, RON | The increase in Layer 1 this week is consistent with mainstream currencies such as BTC and ETH, but in reality, the TOP project has seen a relatively large increase, with the highest being close to 50%. |
| Layer 2  | 15.6%  | OP, SKL, ARB | The Layer 2 sector has seen a significant increase this week, with past projects still being the main focus, and the distribution of top project increases is relatively average. |
| DeFi  | 11.1%  | ANY, JEWEL, DHT | The liquidity of the DeFi track has further increased this week, with significant gains in top projects. However, due to the overall market growth, DeFi's performance this week was not as good as other mainstream tracks. |
| NFT  | 13.5% | $CRYPT, VIBE, PAPER | The NFT market continued its bullish trend from last week this week, with the top projects performing well, but the growth trend of mainstream top projects is not very obvious. |
| MEME  | 21.1%  | WSB，$PUDGY，$CRAMER | MEME coin has performed similarly to the NFT track this week, continuing the bullish trend from last week, and market sentiment has received further feedback. |
| LSD  | 14.7% | BRG, DVT,STSOL | The increase in the LSD sector this week is mainly due to the appreciation effect brought by mainstream currencies, and the growth rate of the top projects itself is not significant. |
| BRC-20  | 137.6% | XING,OSPY,ORMM |  The BRC-20 track has been very popular due to recent market sentiment, and it has experienced explosive growth this week, with the TOP projects basically doubling. |



<div class="blog-details-info">
<div>Author:**Charles T.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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Weekly Web3 Research | The Crypto Market Saw A General Rise Throughout the Week; BTC Returned to Above $40K After 578 Days; The Market Value of Stablecoins Exceeds $128.8 Billion