Market Express on January 25
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 25th, the total market capitalization of the crypto market is $1.55 trillion, an increase of 0.65% compared to yesterday; the total trading volume is $50.7 billion, a decrease of 31.21% compared to yesterday.
The performance of mainstream crypto assets is as follows:
The price of $BTC is $40,022, a 0.5% increase compared to yesterday; the market capitalization of $BTC is $784.6 billion, accounting for 50.62% of the total market capitalization; the 24-hour trading volume of $BTC is $17.7 billion, accounting for 34.91% of the total trading volume.
The price of $ETH is $2,224, a 0.2% decrease compared to yesterday; the market capitalization of $ETH is $267.2 billion, accounting for 17.35% of the total market capitalization; the 24-hour trading volume of $ETH is $9.6 billion, accounting for 19.93% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.97% of the total market capitalization of the crypto market, and the combined trading volume accounts for 54.84% of the total trading volume.
The performance of sector gains and losses is as follows:
All sectors have seen gains, with the top three sectors in terms of gains being Ai, SocialFi, and DePIN, with gains of 6.54%, 3.65%, and 3.4% respectively. The Ai sector is led by TAO. The SocialFi sector is led by CHZ and DESO. The DePIN sector is led by ICP and HNT.
The market capitalization of stablecoins is as follows:
The total market capitalization of six stablecoins, including $USDT, $USDC, $DAI, $FDUSD, $TUSD, and $BUSD, is $131.1 billion, an increase of $500 million compared to yesterday, accounting for 8.46% of the total market capitalization of the crypto market.
The gas situation in the market:
The average gas price today is 12 gwei, a 33.33% increase compared to yesterday.
The top 5 entities consuming gas are Uniswap, MEV, Wrapped Ether, BananaGun, and Maestro.
The situation of $ETH staking:
As of 2:00 pm Hong Kong time on January 25th, the total amount of $ETH staked is 29.2698 million, an increase of 54,200 compared to yesterday.
The staking rate of $ETH today is 24.40%, an increase of 0.08% compared to the previous working day.
Now let's quickly browse through the top 5 crypto news worth paying attention to today:
Analyst: GBTC trading volume drops again, indicating depletion of selling pressure
According to data released by Bloomberg analyst Eric Balchunas, the trading volume of GBTC has dropped again today, indicating a possible depletion of selling pressure. Bloomberg data shows that the trading volume of GBTC today is $462 million, compared to $762 million yesterday.
US SEC delays decision on BlackRock's spot Ethereum ETF application
Public documents show that the US SEC has delayed its decision on BlackRock's spot Ethereum ETF (iShares Ethereum Trust) application. Bloomberg analyst James Seyffart said that in the coming months, the SEC will continue to make decisions on spot Ethereum ETFs from other issuers, with the next important date being May 23rd.
Foreign media: Lido DAO condemns LayerZero's cross-chain bridge through support for competitors Wormhole and Axelar
Last October, cross-chain interoperability protocol LayerZero created a cross-chain bridge and requested recognition from Lido DAO, but deployed the bridge before receiving formal approval from the organization. Critics believe that LayerZero is trying to portray itself as an official partner of Lido without DAO's permission. Currently, 81% of the votes support the competing cross-chain bridge proposals from Axelar and Wormhole, which are the two largest competitors of LayerZero. Before the official voting approval of the Axelar-Wormhole proposal, the cross-chain bridge will soon become the "official" provider for Lido.
EigenLayer extends the open time for staking to February 6th and removes all LST staking limits
EigenLayer introduces three new LSTs in its staking ecosystem: sfrxETH, mETH, and LsETH, and removes the personal limit of 200,000 $ETH for LST. EigenLayer is introducing a new method of distributing staking points, which sets the staking point limit for any LST, LRT, or individual deposit to 33% of the future total issuance.
Solana launches next-generation SPL token extensions to support enterprise use cases
Solana has launched a next-generation SPL token extension that provides native support for enterprise use cases without relying on third parties. The new extensions include "Confidential Transfers" that protect the balance of users during transfers and hide transaction amounts, "Wallet Controls" that allow token issuers to control wallet interactions with their tokens, and "Transfer Hooks" that enable token and user interaction customization. The extensions also include "Transfer Fees" that collect fees at the protocol level.
Next, let's quickly browse through the top 5 token price increases today:
The first place is Helium, with a price of $6.98 at 1:00 pm today, a 21.6% increase in the past 24 hours.
Helium is a decentralized Internet of Things (IoT) network based on Solana. Users with device nodes can mine and earn rewards using Helium's native cryptocurrency token, $HNT, by building a decentralized network with wireless gateways and blockchain mining devices. Currently, Helium 5G hotspots have expanded their coverage to Mexico City and Oaxaca.
The second place is $MANTA, with a price of $3.15 at 1:00 pm today, an 18.4% increase in the past 24 hours.
$Manta Network is a modular ecosystem built for the next generation of dApps. It currently offers two networks: $Manta Pacific, a modular L2 ecosystem built on Ethereum that provides scalable and low gas fee environments for next-generation dApps to surpass the limitations of the traditional Ethereum Virtual Machine (EVM) environment.
The third place is $IOTA, with a price of $0.2455 at 1:00 pm today, a 16.9% increase in the past 24 hours.
$IOTA is a distributed ledger technology (DLT) built on Tangle, a directed acyclic graph (DAG), which can be described as a multi-dimensional blockchain. It aims to support frictionless data and value transfer between humans and machines without the need for blocks and miners.
It is worth noting that the upgrade of $IOTA 2.0 will be launched in 2024, which is an innovative improvement to the $IOTA network. In the first quarter of 2024, it will be launched as a testnet. In the second quarter of 2024, it will transition to Shimmer. By the end of 2024, $IOTA 2.0 mainnet will be launched.
The fourth place is $TAO, with a price of $328.85 at 1:00 pm today, a 16.4% increase in the past 24 hours.
Bittensor is a language for building decentralized commodity markets or "subnets" under a unified token system. These different markets function through Bittensor's blockchain, allowing each market to interact and join a single computing infrastructure. By analogy, Bittensor brings the same type of abstraction to Bitcoin that Ethereum added for running decentralized contracts, but also introduces the reverse innovation of Bitcoin - digital markets.
The fifth place is $MKR, with a price of $2,118 at 1:00 pm today, a 9.6% increase in the past 24 hours.
$Manta Network is a modular ecosystem built for the next generation of dApps. It currently offers two networks: $Manta Pacific, a modular L2 ecosystem built on Ethereum that provides scalable and low gas fee environments for next-generation dApps to surpass the limitations of the traditional Ethereum Virtual Machine (EVM) environment.
The recent growth of $MANTA token is due to $Manta Network's announcement in its official blog that it is taking a series of measures to expand into the Asian market, especially in South Korea and Hong Kong. $Manta Network is establishing a branch in South Korea, and Newman Capital has announced strategic investment in $Manta Network, with the specific amount undisclosed.
Finally, let's quickly browse through the noteworthy projects and data in the DeFi and NFT markets: Overall situation of the DeFi market
Today, the total TVL of the DeFi market is $54.65 billion, a decrease of 0.69% in the past 24 hours.
The TVL of the top 10 public chains has mostly declined, with the top three declines being PulseChain, Ethereum, and Solana, with declines of 3.83%, 3.40%, and 3.38% respectively. This indicates a cooling interest in mainstream public chains in the market.
Noteworthy TVL movements:
Llama Airforce is a multi-ecosystem governance rights management protocol with a current TVL of $17.96 million, a 91.84% increase in the past 24 hours. Llama Airforce helps users harvest governance rewards from various ecosystems and convert them into a single asset for automatic compounding, saving transaction fees for handling different reward tokens. Recently, Llama Airforce announced the launch of a compounding pool for cvxPRISMA tokens. The increase in TVL is mainly driven by the inflow of PXCVX (CVX staked by Pirex).
Buttonwood is a diversified DeFi service protocol with a current TVL of $10.86 million, a 28.12% increase in the past 24 hours. Buttonwood features a customized AMM mechanism for LSTs (reducing impermanent loss to protect LST yields), on-chain bonds, zero-clearing lending, bilateral auctions, and other functions, providing a one-stop circulation mode for on-chain assets. The protocol has a significant association with AMPL. The increase in TVL is mainly driven by funds flowing into the Ethereum chain.
Burrow is a decentralized, non-custodial, liquidity pool-based interest rate platform on the NEAR chain, with a current TVL of $62.92 million, a 27.69% increase in the past 24 hours. Burrow supports the supply and borrowing of over 20 assets on the NEAR chain. Recently, Burrow announced the launch of a buyback plan for its native token BRRR, using 60% of stablecoin revenue for BRRR buybacks.
Overall situation of the NFT market: As of 2:00 pm Hong Kong time on January 25th, the total market capitalization of the NFT market is $8.88 billion, a 0.38% decrease compared to yesterday; the trading volume is $22.27 million, a 16.62% decrease compared to yesterday.
The performance of blue-chip NFTs is as follows:
Today, the floor price of blue-chip NFTs has seen a slight increase except for Crypto Punks, with Azuki and Pudgy Penguins maintaining high floor prices; the trading volume of blue-chip NFTs has decreased across the board.
The floor price of BAYC is 25.49 $ETH, a 0.35% increase compared to the same period yesterday; the 24-hour trading volume is 19 transactions, with a trading volume of 478.57 $ETH, a 7.05% decrease compared to the same period yesterday.
The floor price of Crypto Punks is 62.95 $ETH, a 1.63% decrease compared to the same period yesterday; the 24-hour trading volume is 8 transactions, with a trading volume of 546.1 $ETH, a 12.07% decrease compared to the same period yesterday.
The floor price of MAYC is 4.46 $ETH, a 0.47% increase compared to the same period yesterday; the 24-hour trading volume is 139 transactions, with a trading volume of 629.19 $ETH, a 29.98% decrease compared to the same period yesterday.
The floor price of Azuki is 7.31 $ETH, a 2.41% increase compared to the same period yesterday; the 24-hour trading volume is 134 transactions, with a trading volume of 986.37 $ETH, a 54.32% decrease compared to the same period yesterday.
The floor price of Pudgy Penguins is 18.55 $ETH, a 2.49% increase compared to the same period yesterday; the 24-hour trading volume is 66 transactions, with a trading volume of 1.12k $ETH, a 13.71% decrease compared to the same period yesterday.
Thank you for listening to today's SoSo Value Crypto Daily, and I hope you have gained some insights.