SoSo Daily Aug 2

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM Hong Kong time on August 2, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.41 trillion US dollars, witnessing a decrease of 0.508% compared to yesterday; the total trading volume is 105.58 billion US dollars, marking an increase of 11.2% from the previous day.

According to sosovalue, the price of $BTC is 64,660 USD, a decrease of 0.022% from yesterday. The market cap of $BTC is 1.28 trillion USD, accounting for 53% of the total market cap; $BTC's 24-hour trading volume is 35.20 billion USD, making up 33.3% of the total trading volume.
The price of $ETH is 3,153.5 USD, down 1.09% from yesterday; the market cap of $ETH is 379.21 billion USD, representing 15.7% of the total market cap; $ETH's 24-hour trading volume is 17.67 billion USD, comprising 16.7% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68.7% of the total cryptocurrency market cap, and their combined trading volumes constitute 50% 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 BarnBridge (BOND). As of 11:55 today, its market cap is 20.89M, with a coin price of 2.1520 USD, witnessing a 24-hour increase of 44.4%.
The second is Shark Cat (SHARKCAT). As of 11:55 today, its coin price is 0.026380 USD, with a 24-hour increase of 26.4%.
The third is Port3 Network (PORT3). As of 11:55 today, its coin price is 0.051560 USD, showing a 24-hour increase of 21.7%.
In fourth place is V.SYSTEMS (VSYS). As of 11:55 today, its coin price is 0.0015550 USD, with a 24-hour rise of 19%.
In fifth place is Drops Ownership Power (DOP). As of 11:55 today, its coin price is 0.0094400 USD, increasing by 17.3% 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, 1 is up and 15 are down. Notably, NFT, DePIN, and Payment sectors are worth mentioning.
NFT sector has fallen -2.89% relative to the UTC 0 time, led by declines in DUST (-9.2%), ESE (-8.73%), and TNSR (-8.26%).
DePIN sector has decreased -3.19% relative to UTC 0, with LAMB (-22.3%), AR (-10.9%), and WNT (-9.01%) leading the drop.
Payment sector has fallen -4.61%, with CIRUS (-10.5%), ZPAY (-8.37%), and XNO (-6.08%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:DefiLlama shows that as of August 1, the Solana ecosystem Memecoin issuance platform pumpfun has accumulated revenue of over $80 million, currently at $80.11 million. The success rate of Raydium, a cryptocurrency listed on pumpfun, is 1.41%.

Next news:

This article will use 11 charts to analyze the cryptocurrency market situation over the past month. In the just concluded July, with the approval and successful listing of the US Ethereum spot ETF, most indicators in the cryptocurrency market finally saw a long-awaited rebound.

• In July, the overall on-chain transaction volume of Bitcoin and Ethereum after adjustment increased by 31.8% to $445 billion, with Bitcoin's on-chain transaction volume after adjustment rising by 34.7% and Ethereum's by 27.7%.
• In July, the on-chain transaction volume of stablecoins after adjustment increased by 18.8% to $997.40 billion, and the supply of stablecoin issuance increased by 1.2% to $144.30 billion, with USDT and USDC holding market shares of 78.9% and 17.1% respectively.
• In July, Bitcoin miner revenue reached $950.20 million, a slight decrease of 1.2%. Ethereum staking revenue also decreased by 6.6% to $270.20 million.
• In July, the Ethereum network burned a total of 17,114 $ETH, equivalent to $56.40 million. Since the implementation of EIP-1559 in early August 2021, Ethereum has burned approximately 4.35 million $ETH, worth about $12.30 billion.
• In July, the on-chain NFT market transaction volume on Ethereum continued to decline significantly, dropping by 49.6% to around $140.30 million.
• Spot trading volume on compliant centralized exchanges (CEX) rebounded in July, increasing by 6.7% to $702.70 billion.
• In July, net inflows of spot Bitcoin ETFs increased by 473% to $3.15 billion;
• In the cryptocurrency futures sector, the open interest of Bitcoin futures in July increased by 15.6%; Ethereum futures open interest decreased by 5.6%; in terms of futures trading volume, Bitcoin futures trading volume increased by 65% to $1.66 trillion, while Ethereum futures trading volume increased by 43.1%.
• In July, the open interest of CME Bitcoin futures increased by 13.5%, rebounding to $10.60 billion, and the daily average volume increased by 12.3% to around $5.05 billion.
• In July, the monthly average trading volume of Ethereum futures surged to $755.50 billion, an increase of 43.1%.
• In the cryptocurrency options sector, the open interest of Bitcoin options increased by 35.9% in July, while Ethereum options open interest also rose by 7.1%. Monthly options trading volume for Bitcoin reached $56.90 billion, an increase of 31.9%; Ethereum options trading volume decreased by 8.1% to $15.50 billion.

Next news:According to the official announcement from OKX in Chinese, there are currently issues with incomplete asset display and the withdrawal page not showing assets, but normal trading is not affected. Engineers are urgently investigating the related issues, and asset security is not affected. The relevant issues will be fixed as soon as possible.
Next news:Wu learned that Richard Teng, CEO of Binance, recently stated in an interview that sensible regulation is key to nurturing a healthy crypto ecosystem. Regarding trends in the cryptocurrency industry, areas such as gaming, SocialFi, and DeFi have the potential to further drive adoption. Blockchain technology still has a lot of untapped potential in various fields such as financial services, supply chain management, and digital identity. When asked about the success factors of Binance, Richard mentioned that it can be attributed to Binance's user-centric approach.
Next news:The trading volume of non-election-related markets on Polymarket has increased by 391% from the beginning of the year to date. With the recent explosive growth in trading volume on Polymarket, ParaFi, as one of the largest single investors in Polymarket, is analyzing on-chain data to clarify two important questions: What factors have contributed to Polymarket's recent attractiveness and attention? How much correlation does Polymarket's rapid growth have with the U.S. presidential election? Since 2018, ParaFi has been researching and investing in prediction markets. It participated in Polymarket's seed round as early as 2020 and has been increasing its investment in the following years. As the 2024 U.S. presidential election approaches, Polymarket's trading volume from the beginning of the year to date has reached 688 million USD (Note: The latest data from The Block shows that its total trading volume has exceeded 1 billion USD), with weekly active users growing from about 1,400 to over 20,000, an increase of about 14 times. Polymarket is widely known as a "trusted news source" to stay informed in real-time about significant events worldwide, and it has been quoted by presidential candidates, Bloomberg, and The Wall Street Journal, among other media outlets. In the past 12 months, the website traffic of Polymarket has shown an exponential surge. Its daily page views have increased by 10 times, with a total page views exceeding 32 million. In late July, Polymarket reached a peak of 1.3 million page views per visit and a peak of 185,000 daily visitors. From these data, it can be seen that the number of visitors to its website is several orders of magnitude higher than the actual number of users trading. The popularity of Polymarket indicates that such platforms are on the rise and becoming a significant choice for traditional media. Is the U.S. election the sole driving force behind Polymarket's growth? The answer is not entirely so. Among the nearly 70,000 addresses that first used Polymarket, only 42% made their first trades in election-related prediction markets, while the remaining 58%, about 40,000 users, initially traded in non-election markets, including culture, business, science, and macroeconomics. Some of the favorite prediction markets we compare include: Olympic medal counts, Taylor Swift's engagement time, and the release time of GPT-5. Although the initial trading activities of users appear more evenly distributed, in recent weeks, over 70% of the daily trading volume is linked to election-related prediction markets. Given the proximity of the U.S. election and its volatility, this data is not so surprising. However, Polymarket's other markets have also successfully attracted public attention. For example, in May 2024, the surge in non-election-related trading volume was driven by the approval of an Ethereum ETF, with a total trading volume exceeding 13 million USD. This year, the trading volume of non-election-related markets on Polymarket has also been growing rapidly, increasing by 391% from the beginning of the year to date. Among the 28,000 users who made their first bets on election-related markets, 56% subsequently traded in other markets as well. Essentially, nearly half of these users on Polymarket also turned to prediction markets covering themes such as economics, sports, and cryptocurrencies. Another data point that proves the continued activity of users on the platform is the quarterly retention rate of different groups. Among the users who registered on the platform in Q1 2023, at least 15% used Polymarket in each subsequent quarter. It is worth noting that, despite the passage of quarters, the retention rate of Polymarket has not significantly decreased. The proportion of the Q1 2023 user group returning in Q3 2023 is roughly the same as the proportion in Q3 2024. After the surge in election-related trading activity, the retention rates in the recent quarters have actually increased, as early user groups of traders are incentivized to return to the platform. Recent user retention rate data also show strong performance. Among the users who made their first trades on Polymarket in Q1 2024, over 45% continued trading in the following quarters, compared to only 25% in Q1 2023. Trading volume is only a part of the overall trading activity. We see consistent trends in trading volume and user numbers, with matched trading volume on Polymarket also surging in the past few months. Since the beginning of the year, the matched trading volume on Polymarket has skyrocketed by over 3000%, even exceeding 40,000 transactions in late July. Given the rise in other indicators, the increase in matched trading volume on Polymarket is not surprising, indicating that the growth in trading volume is not solely due to an increase in the amount wagered by users. In fact, the trading volume facilitated by Polymarket is also continuously rising. It is noteworthy that the ratio of daily matched trades to daily active users has been on the rise recently. Although this trend has shown volatility this year, this ratio indicates a higher level of user engagement on the platform each day. Looking at the trading volume data, heavy users do not necessarily dominate the platform's data performance. We define heavy users as those who trade over 250,000 USD in a day. In Q1 and Q2 of 2024, heavy users accounted for 51% of the daily trading volume. As Polymarket's user base shifts towards smaller traders, its market share has recently declined. ParaFi believes that prediction markets are valuable tools that act as a "truth machine" by leveraging collective wisdom. We believe this is just the beginning for Polymarket. Disclaimer: All data is sourced from November 21, 2022, to July 29, 2024. "Election-related prediction markets" cover those identified by the ParaFi team and markets related to the 2024 U.S. presidential election results with trading volumes exceeding 1 million USD.Non-election-related markets also include small-scale markets related to politics.
Next news:Foresight News: According to Futu Hong Kong's official document, Futu will reward users who open a brokerage account from August 1st to August 31st and hold assets for a certain period. The first-tier rewards include 1 share of Alibaba stock, a supermarket voucher worth 400 Hong Kong dollars, or 600 Hong Kong dollars worth of Bitcoin, choose one. The second-tier rewards include 1 share of NVIDIA stock or 1000 Hong Kong dollars worth of Bitcoin, choose one.
Next news:Matrixport Research Institute's latest study indicates that the $BTC Q4 market outlook is positive. From a technical perspective, $BTC is expected to break through consolidation. It is not ruled out that central banks may significantly cut interest rates in the next 12 months. $BTC is about to enter a monthly weak period, and Trump may boost the crypto market. The Q4 market outlook for $BTC is positive, with technical analysis suggesting a potential breakthrough in the consolidation phase. Currently in the mid-term of the third quarter, $BTC is facing one of the most challenging quarters in history. Coupled with the upcoming weak period, the challenging trading environment may persist for several weeks. However, the market outlook for $BTC in the fourth quarter is optimistic. Technically, the trading range of $BTC is narrowing, indicating a potential breakthrough in the consolidation phase. Based on the Fed's interest rate cut expectations and favorable conditions in the fourth quarter, along with the potential boost from the U.S. presidential election results, it is not ruled out that $BTC may achieve a breakthrough in the coming weeks. It is not ruled out that central banks may significantly cut interest rates in the next 12 months. As expected, the Fed did not adjust interest rates. Fed Chairman Powell has indicated that if inflation develops as expected, there may be a decision to cut rates at the September meeting. Our inflation model also predicts that CPI will gradually decline over the next 12 months. Fed interest rate cuts may continue for several quarters, reducing rates by 25 basis points at each meeting. This will provide liquidity and stimulus for risk assets like BTC. The current interest rate is 5.25%, with an inflation rate of 3.0%. The difference between the two reflects the Fed's restrictive rate policy, indicating that central banks may significantly cut interest rates in the next 12 months. $BTC is about to enter a monthly weak period, and Trump may boost the crypto market. According to historical patterns, the return trend in August typically consolidates, while September enters a weak performance period. Several factors may contribute to this cyclical pattern, including lower trading volumes during the summer holidays and market uncertainty due to traders observing autumn economic indicators and central bank policy decisions. If Trump wins, the series of policies and actions he is likely to take could boost the crypto asset market. His administration may adopt a more favorable regulatory stance towards crypto assets, reducing regulatory uncertainty and promoting innovation. Some of the above views are from Matrix on Target. Contact us for the complete Matrix on Target report. Disclaimer: The market carries risks, and investments should be made cautiously. This article does not constitute investment advice. Digital asset trading may involve significant risks and volatility. Investment decisions should be made after careful consideration of individual circumstances and consultation with financial professionals. Matrixport is not responsible for any investment decisions based on the information provided in this content.
Next news:Foresight News: According to The Data Nerd's monitoring, a suspected CoinList address deposited 5.97 million ONDO tokens to Coinbase 8 hours ago, worth approximately 5.28 million US dollars. This wallet received these tokens after selling Ondo 2 years ago.
Next news:A survey conducted by a New Delhi-based technology policy think tank suggests that India should reconsider its taxation on cryptocurrencies and not rely solely on anti-money laundering regulations to mitigate the negative effects of these taxes on investors.
Next news:Foresight News reports that Christine Kim, Vice President of Research at Galaxy, summarized the 193rd Ethereum Core Developer Execution (ACDE) call. This week, developers are continuing to address vulnerabilities on Pectra Devnet 2 and have decided to postpone the decision on whether to include EIP 7212 in Pectra until progress is made in the implementation and testing of existing code changes for the upgrade. Additionally, developers discussed how Ethereum should start preparing for the emergence of quantum computers. They also discussed a new Ethereum Improvement Proposal that will be implemented concurrently with or after the Verkle transition, which will activate state expiry.

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.