Weekly Analysis of Web3, Blockchain, and Cryptocurrency Developments
This analysis report, backed by quality data, covers the major developments the Web3, Blockchain, and Crypto sector has experienced this week.
Breaking News This Week
- Ethereum’s Eclipse CEO Steps Back Amid Misconduct Allegations
- Neel Somani, CEO of Ethereum’s Eclipse project, reduces role following sexual misconduct allegation, asserting innocence while acknowledging gravity of situation.
- Kraken Questions SEC’s Case Amid Ongoing Dispute
- Kraken challenges SEC’s lawsuit accuracy, three months after filing motion to dismiss, regarding charges of unregistered brokerage activities.
- Bitcoin Falls as Federal Reserve Mulls Inflation Combat Tactics
- Bitcoin price drops to $60,934.11 as Federal Reserve evaluates strategies against persistent inflation in the United States.
- Nigerian Government Denies Binance Bribery Allegations
- Nigerian government refutes Binance CEO’s claim of $150 million bribe demand to settle criminal charges, labelling allegations as baseless diversionary tactics.
- Canada Fines Binance Over Anti-Money Laundering Violations
- Canada imposes fine on Binance for violating anti-money laundering regulations, citing non-compliance with rules related to operating as foreign money services business.
- Trump Plans Cryptocurrency Donations for Election Campaign
- Former President Trump intends to accept cryptocurrency donations for his 2024 U.S. presidential campaign, signalling a shift in approach toward crypto compared to the Biden administration.
- White House Blocks Republican Effort on Cryptocurrency Custody Services
- White House vows to veto House Resolution 109 aimed at freeing banks to offer crypto custody services, despite passing through the House of Representatives, halting hopes for U.S. crypto banking.
- Chainlink Integration Powers Hong Kong Dollar Stablecoin
- RD Technologies integrates Chainlink CCIP and Proof of Reserve to support Hong Kong dollar stablecoin, enabling secure cross-chain transfers and on-chain verification of reserve backing.
- SEC Issues Wells Notice to Robinhood Amid Legal Threat
- Robinhood receives Wells Notice from SEC, adding to list of crypto trading platforms facing legal action, asserts platform doesn’t list securities, deeming SEC’s case weak.
Blockchain Performance
Top Blockchain Performers by 7-Day Change
This week’s top blockchain performers, based on their 7-day change, are opBNB, BNB Smart Chain, Ronin, Near Protocol, and Cosmos. Last week, the top performers were Core, ZetaChain, StarkNet, Scroll and Filecoin. None of these chains could enter the list this week.
| Blockchain | 7-Day Change (in %) | TVL |
|---|---|---|
| opBNB | +17.1% | $29,035,685 |
| BNB Smart Chain | +12.1% | $6,029,605,772 |
| Ronin | +5.1% | $187,485,507 |
| Near Protocol | +5.0% | $317,732,963 |
| Cosmos | +4.7% | $1,372,069 |
opBNB marks the highest 7-day change of +17.1%. BNB Smart Chain closely follows with +12.15%. Ronin, Near Protocol, and Cosmos register +5.1%, +5.0% and +4.1% respectively.
Top Performers: 7-Day Change in Top 5 Blockchains with Highest TVL
Ethereum, TRON, BNB Smart Chain, Solana, and Arbitrum One are the top five blockchains in the market on the basis of TVL and market dominance. Let’s see how the top five blockchains have performed this week, using 7-day TVL change.
| Blockchain | Dominance (in %) | 7d Change (in %) | TVL |
|---|---|---|---|
| Ethereum | 61.52% | -5.7% | $51,847,288,647 |
| TRON | 9.74% | -2.3% | $8,211,022,800 |
| BNB Smart Chain | 7.15% | +12.1% | $6,029,605,772 |
| Solana | 4.77% | +2.6% | $4,022,451,729 |
| Arbitrum One | 3.01% | -3.4% | $2,540,928,822 |
Among the top five chains by TVL, BNB Smart Chain marks the highest 7-day change of +12.1%. Solana follows with +2.6%. The chain with the highest negative 7-day change is Ethereum, which records a change of -5.7%. Arbitrum One follows with a negative change of -3.4%
Cryptocurrency Market Analysis
Cryptocurrency 7-D Price Change and Dominance Analysis
Bitcoin, Ethereum, Tether, BNB, and Solana are the top cryptocurrencies as per the market cap and dominance indices. Let’s analyse their seven-day price change.
| Cryptocurrency | 7-D Change (in %) | Dominance Percentage | Price | Market Cap |
|---|---|---|---|---|
| Bitcoin | -3.9% | 50.71% | $60,934.11 | $1,200,268,706,365 |
| Ethereum | -6.4% | 14.78% | $2,921.19 | $350,807,094,812 |
| Tether | -0.0% | 4.68% | $1.00 | $110,844,032,187 |
| BNB | +0.0% | 3.81% | $586.70 | $90,180,359,491 |
| Solana | +0.4% | 2.77% | $145.83 | $65,235,323,274 |
Among the top five cryptocurrencies by market cap, only Solana marks a positive change; it records a change of +0.4%. The highest negative change is shown by Etherem, which registers a change of -6.4%. Last week, Bitcoin and Tether showcased positive changes. This time, Bitcoin displays a negative change of -3.9%, and Tether shows a change of -0.0%
Top Gainers & Losers of the Week in Cryptocurrency Market
Here is the list of top gainers and top losers of the week in the cryptocurrency market. The analysis is made using the 7-day Gain and 7-day Lose indices.
Top Gainers of the Week in Crypto
| Cryptocurrency | 7-Day Gain | Price |
|---|---|---|
| Akash Network | +35.02% | $5.85 |
| Render | +30.09% | $10.87 |
| Toncoin | +20.60% | $6.97 |
| Arweave | +16.59% | $41.24 |
| Kaspa | +15.06% | $0.1283 |
Akash Network, with +35.02% gain, is the top gainer of the week. Render and Toncoin follow with +30.09 gain and +20.60% gain, respectively. Arweave and Kaspa show +16.59% gain and +15.06% gain, respectively.
Top Losers of the Week in Crypto
| Cryptocurrency | 7-Day Loss | Price |
|---|---|---|
| Core | -21.20% | $1.62 |
| Wormhole | -20.50% | $0.5974 |
| Bonk | -19.25% | $0.00002309 |
| Stacks | -17.34% | $2.01 |
| Lido DAO | -14.40% | $1.78 |
Core, with a 7-day loss of -21.20%, is the top loser of the week. Wormhole follows with a 7-day loss of -20.50%. Bank registers a loss of -19.25%, and Stacks displays a loss of -17.34%. Lido DAO reports a loss of -14.40%.
Stablecoin Weekly Analysis
Tether, USDC, DAI, First Digital USD, and Ethena USDe are the top stablecoins in the market in terms of market capitalization. Let’s analyse their weekly performance using seven-day market capitalisation, market dominance and trading volume indices.
| Stablecoins | Market Dominance (7d) [in %] | Market Capitalisation (7d) | Trading Volume (7d) | Market Capitalisation |
|---|---|---|---|---|
| Tether | 70.63% | $110,774,390,760 | $43,232,517,723 | $110,839,699,373 |
| USDC | 21.11% | $33,104,074,658 | $6,085,824,820 | $33,106,032,488 |
| DAI | 3.48% | $5,459,263,317 | $591,430,715 | $5,465,103,817 |
| First Digital USD | 2.43% | $3,813,866,678 | $6,017,294,988 | $3,818,135,796 |
| Ethena USDe | 1.47% | $2,302,513,937 | $55,284,303 | $2,302,847,630 |
Tether dominates the stablecoin market with a dominance percentage of 70.63%. USDC follows with an impressive dominance percentage of 21.11%. Dai, First Digital USD and Ethena USDe show 3.48%, 2.43% and 1.47% dominance, respectively. Compared to the previous week’s market dominance data, we see no significant changes in dominance of any of the top five stablecoins.
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.
Subscribe to Amen Crypto newsletter to stay updated with the latest Ethereum price updates and predictions.
