Let's turn our attention to today's overall Crypto market situation.
As of 5:59 PM on March 3, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.33 trillion US dollars, witnessing a 24-hour change of 0.278%; the total trading volume is 91.01 billion US dollars, marking a decline of 18% from the previous day.
According to sosovalue, the price of $BTC is 61,704 USD, a decrease of 0.225% from yesterday. The market cap of $BTC is 1.21 trillion USD, accounting for 52.1% of the total market cap; $BTC's 24-hour trading volume is 36.70 billion USD, making up 40.3% of the total trading volume.
The price of $ETH is 3,407.1 USD, up 0.121% from yesterday; the market cap of $ETH is 409.33 billion USD, representing 17.6% of the total market cap; $ETH's 24-hour trading volume is 18.69 billion USD, comprising 20.5% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 69.7% of the total cryptocurrency market cap, and their combined trading volumes constitute 60.8% of the total trading volume.
After reviewing the overall crypto market situation, let's shift our focus to the top 5 token gainers of the day:
As of 17:55, the top five gainers are:
Top 1 gainer is Golem. As of 17:55 today, its market cap is 710.30M, with a coin price of 0.71030 USD, witnessing a 24-hour increase of 82.4%.
The second is NUM Token. As of 17:55 today, its coin price is 0.10497 USD, with a 24-hour increase of 78.4%.
The third is Altair. As of 17:55 today, its coin price is 0.030413 USD, showing a 24-hour increase of 55.8%.
In fourth place is Oxygen. As of 17:55 today, its coin price is 0.0095180 USD, with a 24-hour rise of 55.4%.
In fifth place is Smooth Love Potion. As of 17:55 today, its coin price is 0.0071370 USD, increasing by 53.7% over the last 24 hours.
Moving on, let's take a look at the sector performance in the crypto market.
According to sosovalue, out of 15 sectors, 13 are up and 2 are down. Notably, DePIN sector has risen 7.12% relative to the UTC 0 time, led by gains in glm (84.1%), xyo (46.2%), and xch (26.2%).
AI sector has increased 6.54% relative to UTC 0, with glm (84.1%), num (80.7%), and lai (48.7%) leading the rise.
Meme sector has fallen 2.78%, with turbo (-16.7%), $myro (-14.2%), and tsuka (-12.8%) leading the decline.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Taiko, an Ethereum Layer 2 network, has successfully completed a $15 million Series A financing round. The funding was led by Lightspeed Faction, Hashed, Generative Ventures, and Token Bay Capital, with additional participation from Wintermute Ventures, Flow Traders, Amber Group, OKX Ventures, and GSR. It remains unclear when Taiko will initiate its latest round of fundraising and whether it will opt for equity, tokens, or a hybrid structure for financing. Taiko's co-founder and COO, Terence Lam, has refrained from commenting on the timeline, structure, and valuation of the funding, but mentioned that the structures of all three funding rounds are consistent. Previously, Taiko disclosed two rounds of funding totaling $22 million in June 2023.
Next news: Shiba Inu, a dog-themed cryptocurrency, has experienced a significant surge in whale transaction volume, marking a 422% increase, the largest in nearly a year. According to IntoTheBlock data, this increase translates to $374.98 million in monetary terms and 28 trillion SHIB in cryptocurrency terms, reaching a yearly high for large transaction volume. Notably, indicators such as large holder inflows and netflows have also seen substantial increases, suggesting robust buying activity among whales. Shiba Inu's price skyrocketed on Feb. 29, with a nearly 35% rise from lows of $0.00001145 to $0.00001475, marking a significant rally. Despite a slight drop, SHIB remains 39% higher on a weekly basis. Additionally, Tangem has successfully integrated Shiba Inu's Layer-2 Shibarium into its cold wallet, indicating positive developments for the cryptocurrency.
Next news: 99% of Bitcoin addresses are currently in profit due to the cryptocurrency's surge to a three-year high of $63,215. This remarkable profitability rate, as reported by IntoTheBlock, indicates that 51.45 million Bitcoin holders are experiencing gains. The surge has also led to a decrease in selling pressure among holders, with many looking to hold onto their positions in anticipation of further price increases. Crypto analyst Ali_Charts highlighted a significant support wall between $54,300 and $56,200, suggesting a strong base for Bitcoin's price and potential for further rallies. Additionally, Bitcoin's transaction volume in profit to loss ratio and its market value to realized value (MVRV) ratio have reached their highest levels in years, indicating a bullish outlook for the cryptocurrency.
Next news: Weekly Project Updates: Uniswap Dividend Proposal Opens for Voting, Magic Eden Launches on Ethereum, Blast Mainnet Goes Live, etc
Next news: Grayscale said that if inflation remains high, U.S. Fed officials may delay interest rate cuts until later this year or 2025, it may be good for the dollar but bad for Bitcoin. The acceleration of U.S. inflation and the reduced possibility of the Fed cutting interest rates may be the main reasons that hinder the rise of cryptocurrency prices in the future.
Next news: The crypto market is experiencing a significant upturn, with the meme coin sector showing a remarkable increase of over 20%. Leading the gains are popular meme coins such as DOGE, BEFE, and PEPE. This bullish trend is attributed to the growing acceptance of Web3 applications and institutional support, which has led to increased market-wide token valuations. DOGE remains the dominant player in the meme coin market, known for its stability and strong community support. BEFE, a newer entrant, is gaining attention for its unique approach and potential for high returns, while PEPE continues to hold a strong position despite the bear market. These developments indicate a vibrant and evolving meme coin sector within the broader cryptocurrency market.
Next news: BlackRock's iShares Silver Trust (IBIT) has surpassed the largest silver ETF in terms of assets under management, and ranks third among commodity ETFs. According to HODL15Capital's statistics on March 3, BlockBeats reported that based on assets under management (AUM), BlackRock's iShares Silver Trust (IBIT) has surpassed the largest silver ETF SLV ($9.626 billion) with an AUM of $10.03 billion, ranking third among commodity ETFs. In addition, Fidelity FBTC, ARK 21Shares ARKB, and Bitwise BITB rank fifth, ninth, and eleventh, respectively.
Next news: The U.S. Securities and Exchange Commission (SEC) is unlikely to approve exchange-traded funds (ETFs) based on spot Ether ($ETH) in 2024, according to Jake Chervinsky, a top crypto lawyer. This skepticism stems from the political pressure and backlash the SEC faced after approving Bitcoin spot ETFs. Despite the U.S. court's decision in January 2023 to authorize the launch of Bitcoin ETFs, the political climate may prevent the approval of $ETH ETFs. Chervinsky suggests that companies like BlackRock, involved in ETF applications, would likely withdraw their $ETH ETF applications if requested by the SEC. The market's volatile nature, described as "animal spirits" taking control, further complicates the situation. However, Chervinsky remains optimistic that $ETH ETFs will eventually be approved, noting Ethereum's significant price increase following the Bitcoin ETF approval.
Next news: RENZO TVL, an Ethereum-based re-staking protocol, has surpassed $700 million in total value locked (TVL). RENZO TVL exceeded $700 million and reached $717 million on March 3rd. RENZO announced a $3 million seed funding round led by Maven11 and investment from Binance Labs to support liquidity re-collateralization on the EigenLayer ecosystem.
Next news: A whale address withdrew a total of 866,000 UNI from Binance in the past 24 hours. The address has deposited 30 million USDT into Binance in the past two days. On March 2nd, a whale/institutional address starting with 0x379 withdrew 420,000 UNI coins (worth about $5 million) from Binance one hour ago, with a total withdrawal of 866,000 UNI coins (worth about $10 million) within 24 hours.
Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.xyz, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.