SoSo Daily Jul 8

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM on July 8, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.14 trillion US dollars, witnessing a decrease of 3.71% compared to yesterday; the total trading volume is 76.66 billion US dollars, marking an increase of 19.1% from the previous day.

According to sosovalue, the price of $BTC is 55,479 USD, a decrease of 3.76% from yesterday. The market cap of $BTC is 1.09 trillion USD, accounting for 51.2% of the total market cap; $BTC's 24-hour trading volume is 23.81 billion USD, making up 31.1% of the total trading volume.
The price of $ETH is 2,917 USD, down 3.73% from yesterday; the market cap of $ETH is 350.62 billion USD, representing 16.4% of the total market cap; $ETH's 24-hour trading volume is 13.19 billion USD, comprising 17.2% 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 48.3% 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 12:00 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Drops Ownership Power (DOP). As of 05:55 today, its market cap is 403.99K, with a coin price of 0.030040 USD, witnessing a 24-hour increase of 232%.
The second is Agility (AGILITY). As of 05:55 today, its coin price is 0.0020100 USD, with a 24-hour increase of 43.5%.
The third is NADA Protocol Token (NADA). As of 05:55 today, its coin price is 0.0048430 USD, showing a 24-hour increase of 43.4%.
In fourth place is r/CryptoCurrency Moons (MOON). As of 05:55 today, its coin price is 0.21180 USD, with a 24-hour rise of 27.8%.
In fifth place is Petals (PTS). As of 05:55 today, its coin price is 0.00050090 USD, increasing by 25.3% 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 -5.57% relative to the UTC 0 time, led by declines in nmt (-14.3%), spec (-13.7%), and dbc (-12.5%).
Meme sector has decreased -5.91% relative to UTC 0, with SC (-27.7%), tremp (-23.2%), and GUMMY (-20.1%) leading the drop.
RWA sector has fallen -7.19%, with PROPC (-13.1%), pendle (-12.3%), and cpool (-12%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:BTC fell below 55000 USDT, with a 5.28% decrease in the past 24 hours.

Next news: According to the HTX market data, the price of $ETH has risen to above $2900, with a 4% decrease in the past 24 hours, and is currently quoted at $2907.

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: Celo, a mobile-first Layer 1 blockchain, has launched its Dango Layer 2 testnet as a significant step towards integrating with the Ethereum ecosystem. This move follows a community vote to transition from a Layer 1 to a Layer 2 network under Ethereum, utilizing Optimism's technology. The new network promises enhanced transaction speeds, reduced block times, and continued support for USDT and USDC stablecoins for gas costs. The mainnet launch is expected in early winter 2024.

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: A whale who was once ranked second in the PENDLE holdings recharged 720 thousand PENDLE to Binance. According to monitoring, this whale purchased 4,272,241 PENDLE at an average price of $0.35 between February 8, 2023, and October 20, and still holds 1.37 million PENDLE. If the 720 thousand PENDLE recharged this time is sold, a profit of 2.28 million dollars will be made.

Next news: The total value locked (TVL) of Ethereum L2 has dropped below 38 billion US dollars, currently standing at 37.23 billion US dollars, a decrease of 15.54% in the past 7 days. In the L2 platforms, Arbitrum One, Base, OP Mainnet, Blast, and Mantle have also experienced varying degrees of TVL decline.

Next news: The Bitcoin mining industry is facing challenges in the second quarter of 2024. Despite the stagnant Bitcoin price and a sluggish fee market, on-chain congestion and large-scale UTXO consolidation have provided some income relief. The hash rate of Bitcoin has decreased by 7%, prompting mining companies to focus on improving mining machine efficiency and diversification strategies. Additionally, mining companies are shifting towards hosting high-power-consuming AI applications and experiencing frequent industry mergers and acquisitions. The advancement of ASIC technology and price reductions are also significant trends this quarter.

Next news: The 'Firedancer' independent validator client for the Solana blockchain, developed by Jump Crypto, is set to launch its first bug bounty program on July 10. The program, managed by Immunefi, offers up to $1 million in rewards for identifying significant bugs in the initial version of the client, dubbed 'Frankendancer.' This initiative aims to enhance Solana's resilience by addressing potential vulnerabilities in its new client, which is optimized for high-frequency trading and built using C/C++. The development of Firedancer has been progressing smoothly, with extensive testing confirming its compatibility with the Solana protocol.

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.


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.