Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM on April 7, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.59 trillion US dollars, witnessing an increase of 2.16% compared to the previous day; the total trading volume is 58.58 billion US dollars, marking a decline of 28.7% from the previous day.
According to sosovalue, the price of $BTC is 69,357 USD, a 24-hour increase of 2.5%. The market cap of $BTC is 1.36 trillion USD, accounting for 52.7% of the total market cap; $BTC's 24-hour trading volume is 35.13 billion USD, making up 60% of the total trading volume.
The price of $ETH is 3,390.2 USD, up 1.79% from yesterday; the market cap of $ETH is 407.05 billion USD, representing 15.7% of the total market cap; $ETH's 24-hour trading volume is 16.26 billion USD, comprising 27.8% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68.4% of the total cryptocurrency market cap, and their combined trading volumes constitute 87.8% 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 the latest data, the top five gainers are:
Top 1 gainer is Mirror Protocol. As of 11:55 today, its market cap is 13.73M, with a coin price of 0.088000 USD, witnessing a 24-hour increase of 51.7%.
The second is Refereum. As of 11:55 today, its coin price is 0.00011922 USD, with a 24-hour increase of 48%.
The third is Multibit. As of 11:55 today, its coin price is 0.16320 USD, showing a 24-hour increase of 36.8%.
In fourth place is Rarible. As of 11:55 today, its coin price is 5.4622 USD, with a 24-hour rise of 36.3%.
In fifth place is Bella Protocol. As of 11:55 today, its coin price is 2.0363 USD, increasing by 32.1% 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, 14 are up and 1 is down. Notably, Meme sector has risen 6.72% relative to the UTC 0 time, led by gains in WEN (22.8%), aidoge (16%), and doge (8.58%).
DePIN sector has increased 3.36% relative to UTC 0, with wmt (25.8%), ela (18.7%), and ator (15%) leading the rise.
GameFi sector has risen 3.31%, with ghx (24.6%), prime (14.8%), and combo (12.1%) leading the rise.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:The upcoming Bitcoin halving event, expected to occur around April 19, 2024, is anticipated to significantly transform the cryptocurrency landscape. The halving will reduce the block reward from 6.25 $BTC to 3.125 $BTC, potentially leading to price surges. The approval of spot Bitcoin ETFs and the influx of institutional capital into the market may exacerbate the effects of the halving. However, some analysts suggest that the halving may already be priced into the market. Historical trends show that Bitcoin's price tends to increase within a year after halving events. The long-term outlook for Bitcoin remains positive, with its role as a digital gold and a hedge against inflation being reinforced by halving events and evolving market dynamics.
Next news: A whale transferred $19.42 million worth of $ETH to Binance 1 hour ago. According to BlockBeats, on April 6, according to Ember Monitoring, the SmartestMoney.eth address transferred $ETH worth $19.42 million to Binance 1 hour ago. It is reported that the address bought a total of 22,771 $ETH at an average price of $1,691 in August last year, and has reduced its position by 16,443 $ETH so far, with a profit of about $15.44 million. In addition, the address is redeeming the last 6,280 stETH held into $ETH, which may continue to be transferred to Binance after redemption.
Next news: Weekly Project Updates: W Airdrop Commences, Ripple Plans Stablecoin Issuance, Pendle Protocol Fees Hit Historic Highs, etc
Next news: The Beijing police, in collaboration with the Beijing branch of the State Administration of Foreign Exchange, have cracked a series of complex virtual currency cases involving over 2 billion yuan across 15 provinces and cities. The cases involved hidden criminal methods, from dark web transactions to illegal foreign exchange trading. The investigation revealed the involvement of six members of an underground bank and a suspect named Yan Moumou, who was found using virtual currency for illegal transactions, particularly in selling private information of Chinese citizens. Simultaneous raids in Wenzhou, Nanjing, Beijing, and Harbin led to the arrest of all suspects and the seizure of over 20 mobile phones, more than 30 bank cards, and the identification of over ten virtual currency wallets used in the illegal transactions. The Beijing Municipal Public Security Bureau's Economic Crime Investigation Team emphasized that virtual currency-related business activities are considered illegal financial activities in China, highlighting the illegality of using virtual currency for cross-border transactions and foreign exchange.
Next news: A whale address that had been dormant for 8 months deposited $74.34 million worth of Bitcoin into Binance 6 hours ago. According to BlockBeats, on April 5, according to Lookonchain monitoring, a whale address that had been dormant for 8 months transferred $132.41 million worth of Bitcoin yesterday. 6 hours ago, a new address deposited $74.34 million worth of Bitcoin into Binance. According to BlockBeats, on April 5, according to Lookonchain monitoring, a whale address that had been dormant for 8 months transferred $132.41 million worth of Bitcoin yesterday. 6 hours ago, a new address deposited $74.34 million worth of Bitcoin into Binance. A whale that had been dormant for 8 months transferred 2K $BTC ($132.41M) to a new wallet yesterday, then deposited 1.1K $BTC ($74.34M) into #Binance. This whale currently holds 8.9K $BTC($597.55M). A Bitcoin whale dormant for eight months has moved 2,000 $BTC into a new wallet, stirring up speculation in the cryptocurrency market. Notably, a wallet is considered dormant if it hasn’t been active for six months or more. According to a Friday tweet by crypto analytics firm Lookonchain, on Thursday, the whale transferred 2,000 $BTC, worth approximately $132.41 million, to a new wallet and then deposited 1,100 $BTC, worth around $74.34 million, into Binance. According to data by Arkham Intelligence, the whale currently holds $BTC worth roughly $536 million. Notably, this development follows another dormant whale that woke up on March 30, transferring all 500 $BTC, worth $34.78 million, to multiple new wallets. According to Lookonchain, his wallet had received 500 $BTC, worth $3,786 at the time, on July 14, 2012, when the price of $BTC was only $7.57. Elsewhere, on March 27, another mysterious entity transferred a whopping 2,000 $BTC from a series of Coinbase rewards dating back to 2010. These whale movements come even as the Bitcoin halving fast approaches, about two weeks away. It is important to note that the awakening of these whales could be due to various reasons, including the entities having reclaimed lost passwords, planning on strategically accumulating other assets amidst the current market downturn or perhaps liquidating their holdings to capitalize on profits. Meanwhile, amid these developments, whales have also accumulated Bitcoin, especially after the March 19 price dip. On Thursday, crypto researcher and investor “HODL15Capital” highlighted a whale, operating under the pseudonym “Mr. 100”, who bought 2,200 Bitcoin in April, which translates to about 567 $BTC per day. On the same day, the researcher highlighted the third-largest Bitcoin holder, who is speculated to be Robinhood, after the firm bought 700 Bitcoin. Elsewhere, prominent crypto analyst Ali Martinez highlighted the significant influx of buying activity amidst the ongoing price dip. In a Thursday tweet, he noted that a staggering 21,400 $BTC, valued at approximately $1.40 billion, has been observed moving into accumulation addresses, signalling a strong appetite for Bitcoin acquisition despite market fluctuations. That said, Bitcoin continued to trade subdued on Friday despite bulls’ attempts to push back atop minor resistance at around $69,000 in the past two days. According to Martinez, with Bitcoin having broken below “solid support” at around $68,300, we could see a downswing to the next support range at $65,250 to $63,150, where 760,000 wallets hold 520,000 BTC. On the brighter side, he noted that securing $70,320 as support is vital for $BTC’s next leg up. $BTC was trading at $67,690 at press time, reflecting a 0.18% gain over the past 24 hours.
Next news: AAVE, a leading decentralized finance (DeFi) platform, may soon hold a vote among its token holders regarding the implementation of a 'fee switch.' This initiative, as announced by AAVE team member Marc Zeller, aims to distribute profits generated by the platform's decentralized autonomous organization (DAO) directly to token holders. The move is seen as a significant step towards enhancing the platform's governance model and providing direct financial benefits to its community members.
Next news: Pantera Capital's roughly $300 million liquid token fund finished the first quarter with a 66% return, helped by cryptocurrencies such as Solana amid reduced exposure to Bitcoin and Ethereum-linked tokens. Gains in digital assets such as RBN, AEVO, and STX also contributed to the performance in January through March, according to a shareholder letter seen by Bloomberg News.
Next news: ORE fell below $900, down nearly 80% from its high point. According to BlockBeats, on April 7, market data showed ORE quoted at $884.3, a significant drop from its historical high. ORE, a mineable token deployed to Solana on April 2, offers protocol rewards for depositing SOL into smart contracts and solving cryptographic puzzles. This activity has led to about 1 million transactions per hour, significantly increasing Solana's congestion. The chain can only process about 30 million non-voting transactions a day.
Next news: AltLayer announces the launch of MACH AVS on testnet. MACH AVS is a fast finality active verification service (AVS) for OP Mainnet and Arbitrum One. It is ready to accept $ETH and LST delegators on the Holesky testnet and will enter the mainnet in the next few weeks.
Next news: Quantamm, an on-chain asset-management infrastructure provider, has secured $1.85 million in pre-seed funding. The funding round involved investors such as 8VC, Mako, Marshland Capital, and 369 Capital, as well as influential TradFi and DeFi angels. Quantamm's offerings include AMM execution management advances aimed at reducing slippage and overhead for rebalancing assets. The company plans to launch its V1 on the Ethereum mainnet and Layer 2 solutions in Q2, with further expansions into cross-chain solutions and a suite tailored for institutional clients planned through 2024 and 2025.
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.