Market Express on January 23

Let's start by focusing on the overall market situation in the Crypto market today.

As of 2:00 pm Hong Kong time on January 23rd, the total market capitalization of the cryptocurrency market is $1.57 trillion, a decrease of 3.09% compared to the same period last year; the total trading volume is $68.3 billion, an increase of 104% compared to the same period last year.

The performance of mainstream cryptocurrencies is as follows:

The price of $BTC is $40,032, a decrease of 1.7% compared to the same period last year; the market capitalization of $BTC is $784.8 billion, accounting for 49.99% of the total market capitalization; the 24-hour trading volume of $BTC is $23 billion, accounting for 33.66% of the total trading volume.

The price of $ETH is $2,341, a decrease of 2.8% compared to the same period last year; the market capitalization of $ETH is $281.4 billion, accounting for 17.37% of the total market capitalization; the 24-hour trading volume of $ETH is $14.6 billion, accounting for 21.36% of the total trading volume.

The combined market capitalization of $BTC and $ETH accounts for 67.36% of the total market capitalization of the cryptocurrency market, and the combined trading volume accounts for 55.02% of the total trading volume.

In addition, $OKB has experienced a short-term decline to $25.1, a decrease of 52.59%.

The performance of sector gains and losses is as follows:

All sectors are mainly in decline, with the top three sectors in terms of decline being GameFi, DePIN, and Others, with declines of 3.86%, 3.67%, and 3.64% respectively. The GameFi sector is led by $IMX and AXS. The DePIN sector is led by $ICP and FIL. The Others sector is led by SATS.

The market capitalization of stablecoins is as follows:

The total market capitalization of six stablecoins, including $USDT, $USDC, $DAI, FDUSD, TUSD, and $BUSD, is $130.1 billion, a decrease of $100 million compared to yesterday, accounting for 8.28% of the total market capitalization of the cryptocurrency market.

The gas situation in the market:

The average gas price today is 10 gwei, a decrease of 65.63% compared to yesterday.

The top 5 entities consuming gas are Uniswap, MEV, XEN Crypto, Wrapped Ether, and 1inch.

The situation of $ETH staking:

As of 2:00 pm Hong Kong time on January 23rd, the total amount of $ETH staked is 29.1383 million, an increase of 66,300 compared to yesterday.

Today's $ETH staking rate is 24.3%, an increase of 0.05% compared to the previous working day.

Now let's quickly browse through the top 5 crypto news worth paying attention to today:

US Bitcoin Spot ETF's total trading volume in the first 7 trading days is close to $19 billion

The trading volume of the US Bitcoin Spot ETF exceeded $2 billion for the seventh consecutive trading day, with GBTC still accounting for more than half of it. Fidelity's Bitcoin Spot ETF's trading volume exceeded BlackRock for the second consecutive day, with Fidelity's FBTC trading volume reaching $410 million on the seventh day. The total trading volume of the Bitcoin Spot ETF in the first seven trading days is close to $19 billion.

The trading volume of the US Bitcoin Spot ETF exceeded $2 billion for the seventh consecutive trading day, and Fidelity exceeded BlackRock for the second consecutive day

The trading volume of the US Bitcoin Spot ETF exceeded $2 billion for the seventh consecutive trading day, with GBTC still accounting for more than half of it. Fidelity's Bitcoin Spot ETF's trading volume exceeded BlackRock for the second consecutive day, with Fidelity's FBTC trading volume reaching $410 million and BlackRock's IBIT reaching $395 million. The total trading volume of the Bitcoin Spot ETF in the first seven trading days is close to $19 billion.

The first Bitcoin Spot ETF in Hong Kong is expected to be launched by mid-2024

Zhu Chengyu, Chairman of VSFG, revealed that they have reached a cooperation intention with a local fund company in Hong Kong and are preparing to submit an application. It is expected to be officially submitted before the Lunar New Year and launched in the first quarter. Wong Hiu Ki, Chief Operating Officer of HashKey Group, one of the licensed virtual asset exchanges, said that more than ten fund companies are actively preparing to launch spot ETFs in Hong Kong, of which 7 to 8 have entered the actual promotion stage and strive to promote the landing of Bitcoin spot ETFs in Hong Kong as soon as possible in the next few months.

Coinbase to list Ondo Finance (ONDO)

Coinbase Assets tweeted that Coinbase will add support for Ondo Finance (ONDO) on the Ethereum network (ERC-20 tokens), and the platform marks this asset as "experimental." Please do not send this asset through other networks, as there may be a risk of loss of funds. If liquidity conditions are met, trading will start later today. Once the supply of this asset is sufficient, the ONDO-USD trading pair will be phased in for trading.

EigenLayer plans to provide a "shared security" model for DApps

EigenLayer, an Ethereum re-staking protocol, plans to adopt a "shared security" system, which is a mechanism that allows protocols to join the network by leveraging a common $ETH staking pool. This version will allow the re-staked amount of $ETH on EigenLayer (currently over $1.7 billion) to be made available to all services developed on the network, enabling a universal security mechanism.

Next, let's quickly browse through the top 5 token gainers of the day:

The first place is $MAV, with a current price of $0.5927 at 1:00 pm today, up 19.6% in the past 24 hours.

Maverick Protocol is a Coinbance Launchpool project, a CLMM protocol that dynamically adjusts liquidity positions, with the cost being the potential for higher impermanent loss: Dynamic liquidity range adjustment: Users can allow their liquidity range to move with the price Boosted Position: Allows project owners/users to add token rewards to the liquidity pool and customize the mode. Governance: Governing Maverick's business with veMAV.

$MAV token holders in the USDV community can provide liquidity to earn incentive points.

The second place is $HT, with a current price of $2.06 at 1:00 pm today, up 14.2% in the past 24 hours.

Huobi Token is the token of the centralized exchange Huobi.

The growth of $HT is due to the upcoming launch of HTX DAO token HTX on Huobi HTX, and it will support the exchange of HT. The exchange will start at 16:00 (UTC+8) on January 22nd. The higher and earlier the historical assets on the Huobi HTX platform, the better the exchange rate. HTX DAO is a transparent decentralized autonomous organization, and HTX token is the governance token of HTX DAO. To thank $HT token holders for their support and contribution to the development of the Huobi HTX platform over the years, HTX DAO provides a certain amount of tokens for $HT holders to voluntarily exchange for HTX.

The third place is $UMA, with a current price of $6.12 at 1:00 pm today, up 12.4% in the past 24 hours.

$UMA is an Optimistic oracle that maintains stability through a token staking game. $UMA's OO protects the diverse ecosystem of web3 applications, including cross-chain bridges, insurance protocols, prediction markets, and customizable DAO tool products.

Several whale accounts have transferred $UMA tokens to CEX: An address deposited 334,000 $UMA into Coinbase 10 hours ago, GSR Market received 75,000 $UMA from the project's multi-signature wallet and deposited it into Binance 10 hours ago, three addresses have transferred a total of 620,000 $UMA to CEX after the recent rise in $UMA price, and an address starting with 0x transferred 187,000 $UMA to Coinbase after being dormant for 1 year.

The fourth place is $AXL, with a current price of $0.2257 at 1:00 pm today, up 8.9% in the past 24 hours.

Axelar is a cross-chain communication platform that allows developers to create new connections and integrate their applications with all blockchain ecosystems through decentralized network protocols and SDKs.

$AXL token is featured in the RockTree OG Talks series, which highlights 2024 Infra new stars, including AXL.

The fifth place is $Sui, with a current price of $1.09 at 1:00 pm today, up 5.7% in the past 24 hours.

$Sui is a high-performance public chain for the Move language.

The recent growth of $Sui token is due to the announcement of the first global conference: $Sui Basecamp, which will be held in Paris, France on April 10-11.

Finally, let's quickly browse through the DeFi and NFT projects and data worth paying attention to in the market: The overall situation of the DeFi market

Today's total TVL in the DeFi market is $55.715 billion, a decrease of 3.41% in the past 24 hours.

The TVL of the top 10 public chains mostly declined, and the declines were relatively large. The top three declines were Solana, Avalanche, and Ethereum, with declines of 8.81%, 6.85%, and 5.02% respectively. This indicates that funds in the market are clearly withdrawing from mainstream public chain assets, and top projects are also under pressure.

Notable TVL changes

W3 Foundation is a multi-chain one-stop DeFi protocol with a current TVL of $33.33 million, an increase of 37.21% in the past 24 hours. W3 Foundation supports PEGO and BSC public chains, including AMM trading, liquidity mining, cross-chain bridges, Launchpad, and other functions. From the change in TVL, the growth of W3 Foundation mainly relies on the inflow of funds on the Pego chain.

The overall situation of the NFT market As of 4:00 pm Hong Kong time on January 23rd, the total market capitalization of the NFT market is $9.11 billion, a decrease of 0.14% compared to yesterday; the trading volume is $29.65 million, a decrease of 3.36% compared to yesterday.

The performance of blue-chip NFTs is as follows:

Today, the floor prices and trading volumes of blue-chip NFTs have fluctuated slightly, with Azuki and Pudgy Penguins maintaining high floor prices.

The floor price of BAYC is 25.65 $ETH, up 0.98% compared to yesterday; the 24-hour trading volume is 26 transactions, with a trading volume of 669.89 $ETH, down 50.03% compared to yesterday.

The floor price of Crypto Punks is 63.99 $ETH, down 1.01% compared to yesterday; the 24-hour trading volume is 23 transactions, with a trading volume of 1.57k $ETH, down 24.29% compared to yesterday.

The floor price of MAYC is 4.46 $ETH, down 1.11% compared to yesterday; the 24-hour trading volume is 166 transactions, with a trading volume of 747.61 $ETH, up 10.45% compared to yesterday.

The floor price of Azuki is 7.22 $ETH, with no change compared to yesterday; the 24-hour trading volume is 99 transactions, with a trading volume of 716.12 $ETH, down 19.13% compared to yesterday.

The floor price of Pudgy Penguins is 18.21 $ETH, up 0.46% compared to yesterday; the 24-hour trading volume is 55 transactions, with a trading volume of 974.85 $ETH, down 24.83% compared to yesterday.

Thank you for listening to today's SoSo Value Crypto Daily, and I hope you have gained some insights.