SoSo Daily Mar 12

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM on March 12, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.72 trillion US dollars, witnessing an increase of 4.85% compared to the previous day; the total trading volume is 163.35 billion US dollars, marking a significant increase of 38.2% from the previous day.

According to sosovalue, the price of $BTC is 71,597 USD, a 24-hour increase of 4.36%. The market cap of $BTC is 1.41 trillion USD, accounting for 51.8% of the total market cap; $BTC's 24-hour trading volume is 36.66 billion USD, making up 22.4% of the total trading volume.
The price of $ETH is 4,028.4 USD, up 4.18% from yesterday; the market cap of $ETH is 483.81 billion USD, representing 17.8% of the total market cap; $ETH's 24-hour trading volume is 17.29 billion USD, comprising 10.6% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 69.6% of the total cryptocurrency market cap, and their combined trading volumes constitute 32.9% 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 11:55, the top five gainers are:
Top 1 gainer is Amp. As of 11:55 today, its market cap is 501.95M, with a coin price of 0.0089430 USD, witnessing a 24-hour increase of 75.6%.
The second is Radio Caca. As of 11:55 today, its coin price is 0.00060410 USD, with a 24-hour increase of 65.5%.
The third is DOSE. As of 11:55 today, its coin price is 0.014000 USD, showing a 24-hour increase of 59.4%.
In fourth place is Dimitra. As of 11:55 today, its coin price is 0.14829 USD, with a 24-hour rise of 57.8%.
In fifth place is ZoidPay. As of 11:55 today, its coin price is 0.017990 USD, increasing by 55.8% 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, Infra sector has risen 5.94% relative to the UTC 0 time, led by gains in zpay (57.3%), dnt (33.3%), and xpnet (24.5%).
Socialfi sector has increased 5.59% relative to UTC 0, with ceek (17.3%), 00 (13.5%), and SUIA (11.6%) leading the rise.
Layer1 sector has risen 5.39%, with celo (40.9%), rei (34.1%), and ton (25.1%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Bitcoin has reached a new all-time high, surpassing $72,000 and sparking predictions of further price increases. The surge is attributed to factors such as demand from new US exchange-traded funds, a looming reduction in the token’s supply growth, and positive US jobs data. However, the excitement was short-lived as the cryptocurrency experienced a sharp decline, dropping over 7% to $62,705. This downturn resulted in the loss of over $33.48 million in long positions. Despite this, major altcoins like Ether ($ETH) and Solana (SOL) saw gains. The market anticipates Bitcoin may enter a range-bound phase before attempting to surpass the $69,000 mark again, especially with the halving event approaching.
Next news: MicroStrategy has made a significant investment in Bitcoin, purchasing 12,000 units of the cryptocurrency for $821.7 million in cash. This move comes after the company completed an $800 million convertible senior notes offering, aimed at acquiring more Bitcoin. The transaction was reported by BlockBeats on March 11th, highlighting MicroStrategy's continued commitment to investing in Bitcoin.
Next news: Tether officially announced the launch of its stablecoin, Tether Token (USDT), on the Celo blockchain network on March 11th. This expansion of the USDT stablecoin ecosystem will provide Celo network users with increased liquidity and more stable currency options. The integration into the Celo blockchain, a platform focused on enhancing the usability and sustainability of cryptocurrencies, is expected to further promote the development of its ecosystem and offer its users a wider range of services and experiences. USDT is now operational on 16 networks, including Algorand, Avalanche, Ethereum, EOS, Liquid Network, NEAR, Omni, Polygon, Solana, Bitcoin Cash's Standard Ledger Protocol, Statemine, Statemint, Tezos, and Tron.
Next news: Former US President Donald Trump discusses Bitcoin's widespread use and expresses uncertainty about banning it. He promises no crackdown on cryptocurrencies if re-elected and expresses support for Bitcoin, leading to a surge in its value. Trump emphasizes the importance of the US dollar.
Next news: The London Stock Exchange has announced it will start accepting applications for Bitcoin and Ethereum Exchange-Traded Notes (ETNs) in the second quarter of 2024. ETNs, which are typically unsecured debt securities issued by banks, expose investors to credit risk from the issuing institution. Unlike Exchange-Traded Funds (ETFs), ETNs do not correspond to a portfolio of securities but instead, their returns are based solely on the change in a predetermined index, meaning they do not have to track an index by buying and selling securities.
Next news: The U.S. President's budget proposal for 2025 and the US Treasury's 2025 revenue proposals include plans to modernize tax rules for digital assets. This involves the implementation of a crypto mining tax, the application of the 'wash sale rule' for digital assets, and the imposition of an excise tax on electricity costs for miners. The proposals also aim to outlaw wash-trading and require detailed reporting from miners on electricity usage and costs. These regulations align with President Joe Biden's plan and largely repeat the 2023 presidential request, which was not previously enacted into law.
Next news: Eclipse Labs has completed a $50 million Series A financing, led by Placeholder and Hack VC, with total funding reaching $65 million. The funding round saw participation from Polychain Capital, Delphi Digital, Maven 11, DBA, and Fenbushi Capital, as well as strategic investments from Flow Traders, GSR, Apollo Global Management, and OKX Ventures. The company plans to use the funds to develop an Ethereum Layer 2 solution using the Solana Virtual Machine (SVM), aiming to integrate SVM's high performance with Ethereum's deep liquidity. This development is intended to offer a new option distinct from existing Layer 2 solutions. Eclipse Labs emphasizes its focus on creating a highly composable Ethereum Layer 2 chain, with the final mainnet version expected to launch in Q2. The company has already launched developer networks and testnet versions, planning to deploy collaborative projects with well-known DApps such as Rarible, Pyth Network, and Solend upon mainnet launch.
Next news: According to the CoinShares weekly report on March 11th, digital asset investment products recorded the highest weekly inflows on record last week, totaling $2.7 billion and bringing the total inflows since the beginning of the year to $10.3 billion, slightly lower than the record $10.6 billion inflows in 2021. The trading volume last week reached $43 billion, also reaching a historical high. The recent price increase pushed the total assets under management (AUM) to a historical high of $94.4 billion, a 14% increase in a single week and an 88% increase so far this year. Bitcoin remains the focus of investors, with $2.6 billion in inflows, accounting for 14% of the total AUM since the beginning of the year. Solana received $24 million in inflows last week after experiencing a round of negative sentiment. On the other hand, Ethereum is in a better position in terms of inflows since the beginning of the year, but saw a slight outflow of $2.1 million last week. Other notable inflows include Polkadot, Fantom, Chainlink, and Uniswap, which received $2.7 million, $2 million, $2 million, and $1.6 million respectively. Blockchain stocks saw a slight outflow of a total of $2.5 million.
Next news: According to BlockBeats news on March 11th, as reported by Korean media Digital Daily, South Korea plans to establish a cryptocurrency-focused asset management system by 2025 to prevent tax evasion. The Korean National Tax Service has selected GTIC as the leading company responsible for the initial consultation work to establish the system. The system is expected to facilitate the analysis and management of information collected from cryptocurrency trading platforms, which are required to provide details of users' cryptocurrency transactions.
Next news: Coinbase has filed an opening brief in the Third Circuit Court of Appeals against the SEC, continuing its effort to establish concrete industry rules. The American exchange giant is appealing the SEC's denial of its rulemaking petition, asking the court to overturn the decision and order the SEC to begin the rulemaking process. Coinbase argues that the SEC is asserting new authority over digital assets through enforcement actions without setting forth its interpretation of statutes in rulemaking. The SEC denied Coinbase's petition in December 2023 in a 3-2 vote, with SEC Chairman Gary Gensler stating digital assets fall under existing rules. Commissioners Hester Peirce and Mark Uyeda dissented, emphasizing the importance of addressing issues presented by new technologies. Coinbase's appeal argues the SEC's denial is an abuse of discretion and contrary to law.

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.