SoSo Daily Mar 7

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 PM on March 7, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.54 trillion US dollars, witnessing a 2% increase compared to yesterday; the total trading volume is 139.36 billion US dollars, marking a decline of 45.4% from the previous day.

According to sosovalue, the price of $BTC is 67,313 USD, an increase of 1.25% from yesterday. The market cap of $BTC is 1.32T USD, accounting for 52.1% of the total market cap; $BTC's 24-hour trading volume is 96.40B USD, making up 69.2% of the total trading volume.
The price of $ETH is 3,839.6 USD, up 1.28% from yesterday; the market cap of $ETH is 461.22B USD, representing 18.2% of the total market cap; $ETH's 24-hour trading volume is 48.67B USD, comprising 34.9% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 70.3% of the total cryptocurrency market cap, and their combined trading volumes constitute 73.1% 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 23:55, the top five gainers are:
Top 1 gainer is Sylo. As of 23:55 today, its market cap is 20.91M, with a coin price of 0.0050280 USD, witnessing a 24-hour increase of 74.5%.
The second is AIOZ Network. As of 23:55 today, its coin price is 0.41225 USD, with a 24-hour increase of 57.1%.
The third is XYO Network. As of 23:55 today, its coin price is 0.014330 USD, showing a 24-hour increase of 54.7%.
In fourth place is LayerAI. As of 23:55 today, its coin price is 0.057540 USD, with a 24-hour rise of 50.9%.
In fifth place is Vectorspace AI. As of 23:55 today, its coin price is 0.98240 USD, increasing by 45.2% over the last 24 hours.


Moving on, let's take a look at the sector performance in crypto market.
Acccording to sosovalue, out of 15 sectors, 13 are up and 2 are down. Notably, AI sector has risen 11.4% relative to the UTC 0 time, led by gains in lai (49.3%), vxv (44.4%), and man (39.3%).
Layer1 sector has increased 7.65% relative to UTC 0, with aioz (49.1%), phb (39.4%), and hc (29.8%) leading the rise.
DePIN sector has risen 7.29%, with hopr (59.9%), xyo (49.8%), and aioz (49.1%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Cryptography company Zama has completed a $73 million Series A financing round, led by Multicoin Capital and Protocol Labs, with participation from MetaPlanet, Blockchange Ventures, VSquared Ventures, and Stake Capital, among others. Angel investors include Filecoin founder Juan Benet, Solana co-founder Anatoly Yakovenko, and Ethereum co-founder and Polkadot co-founder Gavin Wood. Zama co-founder and CEO Rand Hindi stated that the company has raised this significant amount of funds in two stages over the past two years. This is an equity financing round, and Zama's total financing to date has exceeded $80 million, but he refused to comment on the valuation.
Next news: BlockFi has reached a settlement agreement with FTX and Alameda Research, according to court documents. The bankrupt cryptocurrency lending company will receive $874.5 million in compensation, which includes $250 million as secured debt. This settlement is part of a plan to compensate for nearly $1 billion in assets, aiming for comprehensive value recovery for BlockFi's clients. The agreement, which still requires judicial approval, will see FTX abandon its claims against BlockFi, with the remaining claims of BlockFi to be treated like other similar claims under FTX's bankruptcy plan. This development follows BlockFi's bankruptcy declaration shortly after the collapse of the FTX trading platform.
Next news: Wormhole, an interoperability platform supporting multi-chain applications, has announced the airdrop of its native token W. The token will have a total supply of 10 billion, with an initial circulation of 1.8 billion, distributed across Ethereum, Solana, Arbitrum, Optimism, and Base in ERC20 and SPL formats. The distribution includes allocations to guardian nodes, community and launch, core contributors, ecosystem and incubation, strategic network participants, and the foundation treasury, with 82% of the tokens initially locked and set to unlock over four years. A significant portion of the W supply, 617,305,000 tokens, is allocated to the community and launch category, targeting 397,704 wallets following anti-Sybil measures. The airdrop also rewards on-chain activity within the Wormhole ecosystem across over 30 connected blockchains, including Wormhole Discord users, various NFT communities, the Monad community, and Pyth stakers. Eligibility for the airdrop is based on past interaction with the ecosystem, with priority given to users based on the length of interaction, volume of messages and transfers, and consistency of use.
Next news: Binance announces the launch of Futures Next platform. BlockBeats reported on March 7th that Binance Futures will launch the Futures Next platform, which allows users to predict which tokens will be listed on the USDⓈ-M market of the Binance contract trading platform and receive rewards based on a prediction mechanism. The Next Mining Pool is a part of the Futures Next platform and is a curated collection of potential listing tokens nominated by users. Users can use this feature by "choosing" tokens they like to allocate to the Next Mining Pool. If the token is successfully listed on the USDⓈ-M Futures market, the user can receive a reward.
Next news: Pantera raised funds to purchase a large amount of SOL assets from FTX estate. According to BlockBeats news on March 7th, cryptocurrency investment firm Pantera Capital raised funds to purchase a large position of Solana from FTX estate, according to market sources.
Next news: Several Bitcoin ETFs experienced significant cash outflows as the price of Bitcoin flirted with its all-time high, according to the latest data from BitMEX Research. On March 4, 2024, Bitcoin ETFs witnessed a net inflow of $562 million, with notable contributions from industry giants such as iBit by BlackRock and FBTC by Fidelity. However, smaller players like BTCO from Invesco, HODL from VanEck, and BTCW from WisdomTree experienced combined outflows totaling $34.6 million. This cash exodus coincided with Bitcoin's price surge, as it recorded a substantial increase to $68,686, nearing its historical peak of $69,000. The timing of these outflows raises questions about investor sentiment and market dynamics. While outflows from smaller Bitcoin ETFs are relatively minor, they may indicate a pattern of investor behavior. The coincidence of these withdrawals with Bitcoin's price reaching near-record levels suggests a potential trend worth monitoring closely. The data underscores the ongoing interest in Bitcoin ETFs, with large institutional players continuing to drive significant inflows. However, the divergence in investment behavior among different ETFs highlights the diverse strategies and risk appetites within the market. As the crypto market continues to evolve, analysts will closely watch for any emerging patterns that could provide insights into future market sentiment and investment trends. The interplay between ETF flows and Bitcoin's price movements remains a key area of interest for investors and industry observers right now.
Next news: Binance has added BNB/JPY, BTC/JPY, and ETH/JPY trading pairs, and launched a zero fee promotion for JPY spot trading pairs. According to official sources, on March 7th, BlockBeats reported that Binance will add BNB/JPY, BTC/JPY, and ETH/JPY trading pairs on March 12th at 16:00, and launch a zero fee promotion for JPY spot trading pairs.
Next news: Michael Saylor, the founder of MicroStrategy, predicts that new Bitcoin ETFs from companies like BlackRock and Fidelity will outperform gold ETFs and compete with the S&P 500 ETF. He believes that Bitcoin-related products are expected to surpass gold ETFs in the near future. Saylor also highlighted the rapid growth of Bitcoin ETFs and their potential to open new avenues for investors.
Next news: DCG and CEO Barry Silbert have filed motions to dismiss the lawsuit brought by the New York Attorney General (NYAG) against them, Gemini, and Genesis. They argue that the allegations are baseless and that the Gemini Earn loan agreements do not qualify as securities under the Howey test. DCG claims it has acted properly and invested significantly in Genesis following the collapse of Three Arrows Capital. The lawsuit accuses DCG and others of conspiring in fraudulent schemes with the Gemini Earn product, resulting in significant losses. DCG contests a settlement agreement between Genesis and the NYAG, calling it a circumvention of US bankruptcy law.
Next news: MicroStrategy plans to raise $600 million through a private offering of convertible senior notes to increase its Bitcoin holdings and for general corporate purposes. The notes will be unsecured, senior obligations of MicroStrategy, with a maturity date of March 15, 2030. MicroStrategy currently holds 193,000 Bitcoin worth nearly $13 billion. The company's stock surged 23% but fell 5% in after-hours trading following the announcement.

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.