As of 11:59 AM on April 5, 2024, the total market cap of the crypto market is 2.53 trillion US dollars, showing a 24-hour increase of 2.33%. The 24-hour trading volume is 97.18 billion US dollars, with a change of 2.17% compared to the previous day.
According to sosovalue, the price of $BTC is 67,860 USD, an increase of 3.41% from yesterday. The market cap of $BTC is 1.34T USD, accounting for 52.8% of the total market cap; $BTC's 24-hour trading volume is 35.56B USD, making up 36.6% of the total trading volume.
The price of $ETH is 3,307.9 USD, up 1.02% from yesterday; the market cap of $ETH is 397.19B USD, representing 15.7% of the total market cap; $ETH's 24-hour trading volume is 16.75B USD, comprising 17.2% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68.5% of the total cryptocurrency market cap, and their combined trading volumes constitute 53.8% 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 11:55, according to sosovalue, the top five gainers are:
Top 1 gainer is Dejitaru Tsuka. As of 11:55 today, its market cap is 47.16M, with a coin price of 0.047160 USD, witnessing a 24-hour increase of 61.5%.
The second is OAX. As of 11:55 today, its coin price is 0.28450 USD, with a 24-hour increase of 29.6%.
The third is Automata. As of 11:55 today, its coin price is 0.22330 USD, showing a 24-hour increase of 29.2%.
In fourth place is Pendle. As of 11:55 today, its coin price is 6.2519 USD, with a 24-hour rise of 26.9%.
In fifth place is Ampleforth. As of 11:55 today, its coin price is 1.2250 USD, increasing by 26.2% 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 16 sectors, 16 are up and 0 are down. Notably, SocialFi sector has risen 5.66% relative to the UTC 0 time, led by gains in rss3 (9.21%), mask (8.92%), and berry (8.47%).
RWA sector has increased 4.02% relative to UTC 0, with pendle (26.2%), hifi (15.7%), and tru (10.1%) leading the rise.
$BTC sector has risen 3.41%, with $btc (3.41%) leading the rise.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:PayPal has announced the launch of PYUSD stablecoin for cross-border transfers, allowing U.S. users to convert PYUSD to USD through Xoom and send money to over 160 countries without transaction fees. The stablecoin is issued and custody is performed by Paxos Trust Company in New York. This move aims to reduce costs and increase the adoption of PYUSD as a trusted digital asset. Ripple and Nick Van Eck also announced their plans to launch U.S. dollar-backed stablecoins on the same day.
Next news: Alphabet Inc.'s Google has filed a lawsuit against two individuals based in China, accusing them of using Google's platforms to distribute and advertise fraudulent cryptocurrency applications. The company alleges that these actions constitute racketeering, in violation of the Racketeer Influenced and Corrupt Organizations (RICO) statute. The lawsuit was filed in a federal court in New York. Google's parent company, Alphabet Inc., has filed a lawsuit against two individuals based in China for creating and distributing scam cryptocurrency apps through Google Play and YouTube, resulting in over 100,000 downloads. These fraudulent apps were designed to mimic legitimate digital asset investments, deceiving users into depositing funds that they could not withdraw. Despite Google's efforts to remove these apps, many have evaded its fraud detection systems. The lawsuit, filed in a New York federal court, marks a significant step in protecting users and combating fraudulent activities on its platforms. This action follows a pattern of racketeering and wire fraud committed by the defendants since 2019. Google has initiated legal action against individuals accused of creating and distributing fraudulent cryptocurrency apps. These defendants are alleged to have engaged in numerous instances of wire fraud, negatively impacting Google and approximately 100,000 of its users. Google has filed a lawsuit against a group of alleged scammers, accusing them of impacting 100,000 users through fraudulent cryptocurrency exchange and investment platform apps. The complaint, filed in the Southern District of New York, names Yunfeng Sun and Hongnam Cheung, among others, as defendants. These individuals allegedly created fake apps, made them available on Google Play, and engaged in deceptive practices to lure victims into investing. Google claims these apps prevented users from withdrawing their funds, leading to substantial financial losses. The company seeks a permanent injunction against the defendants, barring them from using Google services and products, and demands payment of attorney fees and costs. Google has filed a lawsuit against two developers, Yunfeng Sun and Hongnam Cheung, for placing 87 fraudulent cryptocurrency apps on the Google Play Store, affecting at least 100,000 individuals, including 8,700 in the United States. The lawsuit, filed in the Southern District of New York, alleges that the developers engaged in social engineering to convince victims to download apps promising cryptocurrency investments. Victims were then forced to pay fees to withdraw funds, often not receiving their money. The developers used various tactics, including the 'pig butchering' scam, to hide their identities and place new apps on the store after removal. Google claims the developers violated the RICO Act, committed wire fraud, and breached Google's policies. Google has filed a lawsuit against alleged Chinese cryptocurrency scammers, questioning the enforceability of such actions. Additionally, there's news about a new Bitcoin ETF application in Hong Kong and Crypto.com's activities in Korea, all part of the latest developments in the Asian cryptocurrency market.
Next news: Ripple, the developer behind the XRP Ledger, is entering the stablecoin market with its own dollar-pegged stablecoin. The stablecoin will be backed by U.S. dollar deposits, short-term U.S. government treasuries, and other cash equivalents. It will be deployed on Ripple's XRP Ledger and the Ethereum blockchain. Ripple aims to compete with major stablecoin players like Tether and USDC. The stablecoin market is predicted to exceed $2.8 trillion by 2028.
Next news: Binance NFT announced it will stop supporting Bitcoin NFT transactions and deposits at 14:00 on April 18, 2024, Beijing time. Users are advised to withdraw their Bitcoin NFTs through the Bitcoin network before 8:00 on May 18, 2024. From April 18, users will not be able to purchase, deposit, bid, or list NFTs on the Binance NFT market through the Bitcoin network, and all affected pending orders will be automatically canceled. Additionally, Binance NFT will no longer support any airdrops, stakings, or applications related to Bitcoin NFTs after April 10, 2024. For NFT users eligible for the Runestone airdrop, Binance NFT has already distributed it to the accounts of eligible users before 18:00 on April 4. Binance reminds users of the fluctuating values and higher risks of the NFT market, emphasizing its commitment to compliance and the importance of adhering to local regulatory requirements.
Next news: GSR Markets obtains a license in Singapore to carry out spot OTC and market making services. According to Bloomberg, Singapore authorities issued a license to cryptocurrency market maker GSR Markets, making it one of the first companies to obtain a Major Payment Institution license from the Monetary Authority of Singapore. This license allows the company to carry out spot OTC trading and market making services within Singapore's regulatory framework.
Next news: Bitcoin investment products ended March with inflows of $865M amid renewed interest. Digital asset investments rebounded strongly, with $862 million inflows last week, nearly offsetting the previous week's $931 million outflows. The last week of March saw a positive shift in sentiment for digital asset investment products, with inflows reaching $862 million. Despite this, ETF activity is slowing down, with daily trading turnover now at $5.4 billion, a 36% decline from its peak. However, this figure is still significantly higher than the 2023 average of $347 million. Bitcoin led with $865 million in inflows, driven by new ETF issuers in the US, counterbalanced by Grayscale's outflows of $967 million. Short-Bitcoin products saw outflows for the second consecutive week, totaling $2 million. Ethereum continued its negative streak with its fourth consecutive week of outflows, amounting to $19 million. Altcoins experienced inflows totaling $18.3 million last week, with Solana dominating with $6.1 million in inflows. Other notable altcoins seeing inflows included Filecoin, Polkadot, and Chainlink. Investment products designed for Cardano, XRP, and Litecoin also noted modest inflows. The US experienced inflows of $897 million, while Switzerland recorded the highest weekly outflows of $15.6 million, followed by Germany and Sweden. Europe and Canada collectively witnessed outflows of $49 million, catapulting its year-to-date outflows to $785 million. Brazil and Australia settled for $2.9 million and $1.4 million in inflows respectively.
Next news: Ellipsis Labs, a Phoenix-based developer, has successfully completed a $20 million Series A financing round. The round was led by Paradigm, with participation from Electric Capital. This funding follows the launch of the company's first product, a decentralized exchange named Phoenix, which went live in February 2023. The public-facing user interface for Phoenix was launched in August of the previous year. Ellipsis Labs aims to use this funding to accelerate the creation of a new financial ecosystem. This ecosystem is intended to offer competitive financial products on high-throughput blockchains, enhancing the accessibility and transparency of decentralized finance (DeFi) while incorporating the efficiency of traditional markets.
Next news: According to an analysis by @pland__, Wormhole may have inadvertently included the hacker address that stole 120,000 $ETH in February 2022 in its recent airdrop. The stolen $ETH was valued at $326 million at the time of the theft.
Next news: LeverFi, a leading Web3 innovation team, has launched OmniZK, a secure validation protocol for Bitcoin that enables developers to create complex, interoperable DeFi applications by shifting complex logic onto EVM networks and relay verified outcomes with ZKOracles. The protocol's modular design allows for non-custodial, decentralized contracts to be settled natively on the Bitcoin network securely. OmniZK aims to overcome Bitcoin script's Turing-incomplete nature, which has been a barrier to the development of complex applications on the Bitcoin network, by providing a modular framework for constructing conditional, non-custodial discreet log contracts (DLCs) secured by event proofs generated by ZKOracles. OmniRelayers, running in a trusted execution environment, are restricted to only transmitting and signing for verified event outcomes, thereby producing robust security for contract settlement within the Bitcoin network. With the OmniZK SDK, developers can build and deploy DLC applications that utilize verified event data from any EVM network for contract settlement finality on Bitcoin. This empowers various interchain Bitcoin use cases, including non-custodial $BTC liquid staking, cross-chain Bitcoin DeFi markets, decentralized asset bridges, and omnichain liquidity management. The LeverFi ecosystem, which includes the OmniZK protocol, is powered by LEVER, its ecosystem token which is easily accessible on leading global exchanges. OmniRelayers who wish to participate in the security, functioning, and governance of the OmniZK network are required to stake LEVER to join as operators to earn staking rewards and contract gas fees. There will also be a delegation program for users to stake with validators and enjoy the benefits of LEVER staking. LeverFi invites developers and validators to explore the potential of OmniZK and start building the next generation of Bitcoin DeFi applications.
Next news: Van Eck's analysts predict Ethereum's Layer 2 scaling networks will reach a $1 trillion market cap by 2030, driven by thousands of use-specific chains. Despite initial bearish views on L2 tokens due to competition, they see a future where L2s generate more revenue than Ethereum itself, thanks to their ability to handle more transactions and provide a better user experience. Currently, there are 46 Ethereum L2s with a total value locked of $39 billion, with Arbitrum leading at $18 billion. The analysts highlight Ethereum's focus on improving L2 transaction processing, as seen in the recent Dencun update which introduced data-saving features to lower transaction fees. However, they remain cautious about the long-term value of L2-related tokens due to intense competition and a market that may struggle to absorb new supply without significant discounts. They envision a future with thousands of use-case-specific L2s, with only a few major players in the general-purpose L2 market, moving towards the zero-knowledge framework for its advantages.
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.