SoSo Daily Jul 8

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 PM Hong Kong time on July 7, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.15 trillion US dollars, witnessing a decrease of 4.31% compared to yesterday; the total trading volume is 61.97 billion US dollars, marking a decline of 5.78% from the previous day.

According to sosovalue, the price of $BTC is 55,858 USD, a decrease of 4.07% from yesterday. The market cap of $BTC is 1.10 trillion USD, accounting for 51.2% of the total market cap; $BTC's 24-hour trading volume is 18.56 billion USD, making up 29.9% of the total trading volume.
The price of $ETH is 2,931 USD, down 4.43% from yesterday; the market cap of $ETH is 352.31 billion USD, representing 16.4% of the total market cap; $ETH's 24-hour trading volume is 8.72 billion USD, comprising 14.1% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.6% of the total cryptocurrency market cap, and their combined trading volumes constitute 44.0% 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, according to sosovalue, the top five gainers are:
Top 1 gainer is Drops Ownership Power (DOP). As of 23:55 today, its market cap is 403.99K, with a coin price of 0.030040 USD, witnessing a 24-hour increase of 191%.
The second is NADA Protocol Token (NADA). As of 23:55 today, its coin price is 0.0050280 USD, with a 24-hour increase of 52.4%.
The third is Petals (PTS). As of 23:55 today, its coin price is 0.00048790 USD, showing a 24-hour increase of 32.6%.
In fourth place is SATS (Ordinals). As of 23:55 today, its coin price is 0.00000016190 USD, with a 24-hour rise of 21.9%.
In fifth place is V.SYSTEMS (VSYS). As of 23:55 today, its coin price is 0.0015550 USD, increasing by 19% 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, DePIN, RWA, and Meme sectors are worth mentioning.
DePIN sector has fallen -7.66% relative to the UTC 0 time, led by declines in aioz (-16%), IO (-15.9%), and dbc (-15.6%).
RWA sector has decreased -9.13% relative to UTC 0, with ondo (-13.3%), cpool (-10.8%), and pendle (-10.3%) leading the drop.
Meme sector has fallen -9.78%, with michi (-25.8%), SC (-24.2%), and mumu (-22.4%) 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: Mechanism Capital founder Andrew Kang: I believe 98%+ of altcoins topped for the cycle except for maybe a handful of coins that may make some new highs in Q4 2024/Q1 2025. Memes probably constitute a majority of the coins that have a chance of making new highs.

Next news: Nate Geraci, president of The ETF Store, said he would be shocked if the spot Ethereum ETF was not listed and traded in the next two weeks. The spot Ethereum ETF may be launched later next week, but it is more likely to be the week of July 15. $ETH prices have fallen by more than 20% since the unexpected approval of the 19b-4 form in late May.


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: 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: $BTC once again fell below 57000 USDT, with a 24-hour increase narrowing to 0.41%. According to Odaily Star Daily, OKX market data shows that the price of $BTC has once again dropped below 57000 USDT, currently priced at 56979.3 USDT, with a 24-hour increase narrowing to 0.41%.

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%.


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.