Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM on July 17, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.49 trillion US dollars, witnessing an increase of 1.78% compared to yesterday; the total trading volume is 108.25 billion US dollars, marking a decline of 6.28% from the previous day.
According to sosovalue, the price of $BTC is 64,695 USD, an increase of 1.49% from yesterday. The market cap of $BTC is 1.28 trillion USD, accounting for 51.2% of the total market cap; $BTC's 24-hour trading volume is 36.44 billion USD, making up 33.7% of the total trading volume.
The price of $ETH is 3,448.1 USD, up 0.827% from yesterday; the market cap of $ETH is 414.53 billion USD, representing 16.6% of the total market cap; $ETH's 24-hour trading volume is 17.17 billion USD, comprising 15.9% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.8% of the total cryptocurrency market cap, and their combined trading volumes constitute 49.6% 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 Ruby Protocol. As of 11:55 today, its market cap is 384.87K, with a coin price of 0.0046 USD, witnessing a 24-hour increase of 170%.
The second is Gods Unchained. As of 11:55 today, its coin price is 0.3068 USD, with a 24-hour increase of 75.1%.
The third is GensoKishi Metaverse. As of 11:55 today, its coin price is 0.01424 USD, showing a 24-hour increase of 61.1%.
In fourth place is Lumerin. As of 11:55 today, its coin price is 0.02061 USD, with a 24-hour rise of 49%.
In fifth place is Worldcoin. As of 11:55 today, its coin price is 3.05 USD, increasing by 36.6% 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, 15 are up and 1 is down. Notably, Payment, AI, and GameFi sectors are worth mentioning.
Payment sector has risen 7.55% relative to the UTC 0 time, led by gains in RUBY (244%), cirus (12.3%), and xrp (12%).
AI sector has increased 6.4% relative to UTC 0, with wld (36.7%), cgpt (19.5%), and dsla (17.7%) leading the rise.
GameFi sector has risen 5.93%, with gods (70.7%), mv (64.7%), and dar (33.4%) leading the rise.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:
According to SoSoValue, as of July 16th (Eastern Time), Bitcoin spot ETFs experienced a total net inflow of $422.67M.
Yesterday, Grayscale's ETF GBTC had a net outflow of $0.00 , bringing GBTC's total historical net outflow to $18.64B.
The Bitcoin spot ETF with the highest net inflow for the day was BlackRock's ETF IBIT, with a daily net inflow of $260.23M, with IBIT's total historical net inflow reaching $18.64B.
Following that, Fidelity's ETF FBTC had a daily net inflow of $61.05M, with FBTC's total historical net inflow reaching $9.82B.
As of this writing, the total net asset value of Bitcoin spot ETFs stands at $58.46B, with the ETF net asset ratio (the market value relative to the total market value of Bitcoin) reaching 4.58%. The historical cumulative net inflow has reached $16.53B.
Source: https://sosovalue.com/assets/etf
Next news: According to Cyvers Alerts monitoring, the cross-chain transaction aggregator LI.FI appears to have experienced suspicious transactions. Users are advised to revoke related authorizations. Currently, over 8 million US dollars of user funds are affected, with the majority being stablecoins. The attacker is converting USDC and USDT to ETH.
Next news: Bitcoin price breaks through the $65,000 USDT mark, currently priced at $65,027.47 USDT, with a daily increase of 0.45%.
Next news: Worldcoin has recently made two adjustments to the token release rules. The first was to extend the deadline for claiming unclaimed WLD reserve tokens, and the second was to extend the token lock-up period for early contributors to Tools for Humanity. These adjustments have reduced the daily token unlock amount from 6.62 million to approximately 5.40 million. Although these changes have not substantially reversed the continuous selling pressure on WLD, the price of WLD has increased by 29% since the announcement. Furthermore, with the upcoming launch of World Chain, its specific rules may have a significant impact on the fundamentals of WLD, which is worth continuous attention.
Next news: Former President Donald Trump announced his plans to release a fourth NFT collection, citing public demand for another series. Additionally, Trump's presidential campaign has successfully raised approximately $3 million in cryptocurrencies, predominantly in bitcoin and ether.
Next news: Craig S. Wright, often referred to as "澳本聪," has officially admitted he is not the creator of Bitcoin, Satoshi Nakamoto, after a prolonged legal battle. The England and Wales High Court ruled that Wright is not the founder of Bitcoin, highlighting his frequent lies and document forgeries to support his false claims. This admission follows a series of legal challenges and court rulings against Wright, who had persistently claimed to be Nakamoto since 2015.
Next news: FTX has reached a $12.70 billion settlement with the Commodity Futures Trading Commission (CFTC) in the United States, awaiting approval from a Delaware bankruptcy judge. The settlement, formed after months of negotiations between the two parties, includes $8.70 billion in restitution and $4 billion in disgorgement. If FTX complies with the restructuring plan, CFTC will not receive any compensation. A hearing on the settlement is scheduled for August 6th.
Next news: The impact of ETFs on Ethereum will surpass that of Bitcoin.
Original author: Matt Hougan, Chief Investment Officer at Bitwise
Original translation: Luffy, Foresight News
Everyone is curious about what will happen to the price of Ethereum after the launch of spot ETPs (Note: ETFs are a type of ETP). My prediction is that the inflow of funds into Ethereum ETPs will drive the price to new historical highs, surpassing $5,000. Of course, this won't happen immediately. I believe there might be some turbulence in the $ETH market in the initial weeks as $11 billion worth of funds from the Grayscale Ethereum Trust (ETHE) will flow out after its conversion to an ETP. However, I am confident that Ethereum will reach new highs by the end of the year. If the inflow of funds exceeds expectations, the price of Ethereum could go even higher.
The best way to estimate the potential impact of the ETP issuance on Ethereum prices is to analyze supply and demand. ETPs will not change the fundamentals of Ethereum, but they will introduce a new source of demand. Consider the change in Bitcoin prices after the launch of the spot Bitcoin ETP in January. Since that day, the amount of Bitcoin purchased by Bitcoin ETPs has been more than double the amount produced by miners:
Bitcoin purchased by ETPs: 263,965
Bitcoin produced by miners: 129,181
As a result, Bitcoin prices have risen. Since the launch of the Bitcoin ETP on January 11, Bitcoin has increased by about 25%. If we start counting from October 2023, when the market began pricing in the Bitcoin ETP, Bitcoin has risen by more than 110%.
Bitcoin's return rate since January 2023.
Source: Bitwise Asset Management
Will we see the same impact on Ethereum? Yes, I believe the impact could be even greater. As I've written before, I think the new Ethereum ETPs will attract billions of dollars in funds, and the inflow of funds into these new ETPs will have a greater impact than Bitcoin for three reasons.
Reason 1: $ETH's short-term inflation rate is lower
When the Bitcoin ETP was launched, the inflation rate of the Bitcoin network was 1.7%. In other words, the Bitcoin network produces about 328,500 $BTC annually, which was worth about $16 billion at the time. This means we need to purchase $16 billion worth of Bitcoin annually to maintain its price. In contrast, Ethereum's inflation rate over the past year was exactly 0%: there were 120 million $ETH a year ago, and there are still 120 million $ETH today. This is because, although a small amount of $ETH is generated daily, users of applications on Ethereum (from stablecoins to tokenized funds) consume ETH. Over the past year, these two forces have balanced each other out. A large new demand meeting a 0% increase in supply? Furthermore, if activity on Ethereum increases, the consumption of $ETH will also increase, which is another organic demand lever favorable to investors.
Reason 2: Unlike Bitcoin miners, Ethereum stakers do not need to sell
The second major difference is that Bitcoin miners typically have to sell the Bitcoin they produce, while Ethereum stakers do not. Bitcoin mining is costly, requiring high-end computer chips and a lot of energy. Therefore, miners usually sell most of the Bitcoin they mine to cover operational costs. Ethereum does not rely on mining but uses a system called 'proof of stake.' In the proof of stake system, users put $ETH as collateral to ensure they process transactions accurately and truthfully. As a reward for correctly processing transactions, stakers receive new ETH. A key difference between Bitcoin mining and Ethereum staking is that staking does not have significant direct costs. Therefore, Ethereum stakers are not forced to sell the $ETH they receive. Even if Ethereum's inflation rate rises above 0%, I do not believe stakers will face significant selling pressure. In the short term, the forced selling of Ethereum each day is significantly less than that of Bitcoin.
Reason 3: 28% of $ETH is staked and cannot enter the market
Staking has another effect: when you stake $ETH, you lock it up for a period of time. During this period, you cannot withdraw and sell the ETH. Currently, 28% of all $ETH is staked, which means it is effectively out of the market. Additionally, another 13% of $ETH is locked in decentralized finance smart contracts, such as collateral in lending markets. This further reduces the amount of $ETH available on the market. All things considered, about 40% of $ETH is partially or completely out of the market.
What does this mean? As I mentioned above, I expect the new Ethereum ETPs to be successful and attract $15 billion in new funds within the first 18 months of listing. Ethereum's current trading price is about $3,400, only 29% below its historical high. If the ETPs are as successful as I anticipate, it is almost inevitable that Ethereum will reach new highs.
Original article link
Next news: Bloomberg Businessweek / Chinese edition published a magazine cover in July 2022 titled "Zhao Changpeng's Ponzi Scheme," which was later found to be false and baseless. They publicly apologized to Zhao Changpeng and Binance, promising not to publish or make any similar accusations in the future.
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.