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.
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 is set to invest in spot Bitcoin ETFs for its Global Allocation Fund, signaling a significant stride toward mainstream cryptocurrency adoption among institutional investors.
Spain’s AEPD orders Worldcoin to halt personal data collection due to privacy concerns, emphasizing insufficient information disclosure and data processing issues.
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 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 undergoes forced layoffs, letting go of over 200 employees, and faces a revenue downturn following legal actions initiated by the SEC.
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.
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.
Investors of Friend.tech relinquish token sale rights, empowering users with full control over funds amidst the platform’s declining popularity.
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.
Senator Ted Cruz leads a group proposing legislation to block the Federal Reserve from implementing CBDCs, raising concerns over potential surveillance implications.
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.
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).
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.
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.
Our analysis extends to the broader crypto market, covering key aspects such as price changes, dominance, and the week’s top gainers and losers.
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.
This week’s top gainers showcase impressive performances:
| 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.
| 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.
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.
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.
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.
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.
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.
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: Cryptopunks and Gem led the NFT marketplace volume surge, with increases of 165% and 68.52%, respectively, indicating heightened trading activity. Blur showed a moderate rise of 11.53%, while Opensea experienced a more moderate increase of 3.45%. Conversely, Blur Aggregator witnessed a slight decline of 2.15%. These fluctuations suggest shifts in user interest and trading behavior within the NFT market.
CryptoPunks #3100, Art Blocks #78000049, Art blocks #78000667, Bored Ape Yacht Club #8861, and CryptoPunks #7846 are the top NFT collectable sales reported this week in the NFT market landscape.
| NFT Collectibles | Price (in USD) |
| CryptoPunks #3100 | $16,010,724.00 |
| Art Blocks #78000049 | $1,800,695.17 |
| Art blocks #78000667 | $1,052,107.11 |
| Bored Ape Yacht Club #8861 | $933,798.38 |
| CryptoPunks #7846 | $869,691.63 |
CryptoPunks #3100 fetched the highest price at $16,010,724. Following closely, Art Blocks #78000049 sold for $1,800,695.17, indicating strong demand. Art blocks #78000667, Bored Ape Yacht Club #8861, CryptoPunks #7846 also garnered significant attention, fetching $1,052,107.11, $933,798.38, and $869,691.63, respectively.
BRCStarter, Masa, Edu3Labs, K9 Finance, Bounty Temple, YOUR Protocol, and Weave6 are the major ICOs that ended this week.
| ICO | Received | Token Price | Fundraising Goal | Total Tokens | Token (Available for Sale) |
| BRCStarter | $1,020,000 | $0.18 | $400,000 | 21,000,000 | 31.8% |
| Masa | $17,690,000 | $0.079 | $8,790,000 | 1,588,866,523 | Nil |
| Edu3Labs | $500,000 | $0.03 | $900,000 | 900,000,000 | 9.44% |
| K9 Finance | $1,600,000 | $0.00001 | $100,000 | 999,999,999,999 | 25.39% |
| Bounty Temple | Nil | $1 | $960,000 | 48,000,000 | 13% |
| YOUR Protocol | $1,120,000 | $0.01 | $400,000 | 1,000,000,000 | 28% |
| Weave6 | $2,690,000 | $0.015 | $1,400,000 | 1,000,000,000 | 20% |
Analysis: BRCStarer surpassed its $400,000 goal, raising $1,020,000 with 31.8% of tokens available. Edu3Labs reached $500,000 with 9.44% tokens available. K9 Finance raised $1,600,000 with 25.39% tokens available. YOUR Protocol raised $1,120,000 with 28% tokens available. Weave6 surpassed its $1,400,000 goal with 20% tokens available.
As of March 9, 2024, hackers have stolen a significant $7.69 billion, with decentralized finance platforms bearing the brunt of the attacks. WOOFI suffered an $8.5 million loss in a recent hack, adding to the series of incidents that affected Seneca, Tectonica, and FixedFlot.
These incidents underscore the importance of robust security measures within the blockchain ecosystem.
In this comprehensive analysis of Web3, Blockchain, and Crypto, we have unveiled powerful insights, providing stakeholders with valuable information to stay up-to-date about market developments. As the landscape evolves, the strategic integration of technology and data-driven decision-making becomes paramount for navigating these decentralized technologies.
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