SoSo Daily Jul 7

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 PM Hong Kong time on July 7, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.19 trillion US dollars, witnessing a decrease of 2.03% compared to yesterday; the total trading volume is 61.36 billion US dollars, marking a decline of 12.8% from the previous day.

According to sosovalue, the price of $BTC is 57,221 USD, a decrease of 1.28% from yesterday. The market cap of $BTC is 1.13 trillion USD, accounting for 51.5% of the total market cap; $BTC's 24-hour trading volume is 19.31 billion USD, making up 31.5% of the total trading volume.
The price of $ETH is 2,994.8 USD, down 1.83% from yesterday; the market cap of $ETH is 359.97 billion USD, representing 16.4% of the total market cap; $ETH's 24-hour trading volume is 9.10 billion USD, comprising 14.8% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.9% of the total cryptocurrency market cap, and their combined trading volumes constitute 46.3% 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, according to sosovalue, the top five gainers are:
Top 1 gainer is Drops Ownership Power (DOP). As of today, its market cap is 403.99K, with a coin price of 0.030040 USD, witnessing a 24-hour increase of 211%.
The second is NADA Protocol Token (NADA). As of today, its coin price is 0.0054580 USD, with a 24-hour increase of 65.4%.
The third is SATS (Ordinals). As of today, its coin price is 0.00000017560 USD, showing a 24-hour increase of 36.5%.
In fourth place is Saga (SAGA). As of today, its coin price is 1.3031 USD, with a 24-hour rise of 34%.
In fifth place is Notcoin (NOT). As of today, its coin price is 0.014990 USD, increasing by 32.9% 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, 0 are up and 16 are down. Notably, AI, Meme, and RWA sectors are worth mentioning.
AI sector has fallen -4.02% relative to the UTC 0 time, led by declines in DBC (-14.8%), TAI (-8.8%), and MAN (-8.01%).
Meme sector has decreased -4.09% relative to UTC 0, with MICHI (-19.7%), TREMP (-14%), and SC (-13.9%) leading the drop.
RWA sector has fallen -4.54%, with CPOOL (-9.17%), ONDO (-8.26%), and PROPC (-7.23%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:The German government has transferred an additional $175 million worth of bitcoin, including significant amounts to various cryptocurrency exchanges. This move involves a total of 3,000 bitcoins, with 1,700 $BTC sent to an unidentified address and the rest distributed among well-known exchanges like Bitstamp, Coinbase, and Kraken. These transactions are part of a series of similar transfers over recent weeks, totaling over $300 million sent to exchanges. The government currently holds over 40,000 bitcoins, valued at approximately $2.32 billion. This activity has drawn attention from crypto traders and coincides with a notable drop in bitcoin's price.

Next news: The Celo Foundation, through its core contributor cLabs, has launched the Celo L2 testnet Dango based on the OP Stack. This step marks a significant milestone in introducing an EVM-compatible standalone blockchain to Ethereum. The Dango testnet was first proposed during EthCC 2023 and is a fork from the Alfajores test network, retaining all historical data, including smart contracts, accounts, and balances. This testnet aims to provide a fast, low-cost payment solution globally. Dango is built on Optimism's OP Stack and utilizes EigenDA as the data availability layer to maintain low transaction fees.

Next news: Andrew Kang, the founder of Mechanism Capital, stated on Twitter that he believes over 98% of altcoins have reached their cycle peaks. He pointed out that apart from a few coins that may hit new highs between the fourth quarter of 2024 and the first quarter of 2025, the peak for most altcoins is behind us. He also mentioned that among the coins likely to reach new highs, meme coins make up the majority.

Next news: According to the Solana Q2 financial report released by Coin98 Analytics, the Solana network fees and revenue experienced significant growth in the quarter, with a year-on-year increase of over 42 times. The total transaction volume of SOL reached 292 billion US dollars, nearly 7 times higher year-on-year. Additionally, Solana's TVL reached 3.40 billion US dollars, a 10-fold increase year-on-year; the newly minted NFTs exceeded 98 million, a 54-fold increase year-on-year; the on-chain USDC market value reached 2.15 billion US dollars, accounting for approximately 70% of the total USDC market value.

Next news: Recently, according to Lookonchain monitoring, a total of 90 new wallets withdrew approximately 6.72 million LINK from Binance, worth around 86.70 million US dollars. This action indicates that whales or institutions are actively accumulating LINK.

Next news: Michael Saylor, co-founder of MicroStrategy, announced on Twitter that Bitcoin remains the best-performing asset since 2011. From 2011 to 2024, Bitcoin has achieved a cumulative return of 18881969% and an annualized return of 145.9%, significantly higher than other mainstream assets such as US Growth, NASDAQ 100, US Large Caps, and gold.

Next news: Nate Geraci, President of The ETF Store, predicts that the Ethereum spot ETF is likely to be launched during the week of July 15th. He mentioned that he would be surprised if the Ethereum spot ETF is not listed in the next two weeks. Furthermore, since the approval of Form 19b-4 at the end of May, the price of $ETH has dropped by over 20%.

Next news: UniSat announced that most of the development work on its L1 Swap project has been completed. The remaining development work mainly involves ensuring that other indexers can effectively identify and calculate data related to the Swap module. In addition, UniSat plans to launch a new expansion plan called Fractal Swap in September, aiming to enhance liquidity and introduce incentive mechanisms.

Next news: According to DeFiLlama's data, the total value locked (TVL) in Ethereum's liquidity restaking protocols is currently $11.31 billion. Among the top five protocols, ether.fi Stake has the highest TVL at $5.44 billion, but it has experienced a 7-day decrease of 12.16%. Renzo (on the Ethereum chain) has a TVL of $1.79 billion, with the largest 7-day decrease at 21.48%. Other protocols such as Puffer Finance, Kelp DAO, and Eigenpie have TVLs of $1.51 billion, $790.77 million, and $759.47 million respectively, with 7-day decreases of 9.4%, 21.49%, and 12.52%.

Next news: An early investor in PENDLE recently deposited 447.35 thousand PENDLE tokens into Binance, worth approximately 1.74 million US dollars. The investor received a total of 562 thousand tokens from the Pendle project team in April 2022 and 2023, at purchase prices of 0.1219 US dollars and 0.4921 US dollars respectively.


Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.com, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.