SoSo Daily Aug 31

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM on August 31, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.17 trillion US dollars, witnessing a decrease of 1.77% compared to yesterday; the total trading volume is 86.58 billion US dollars, marking an increase of 3.53% from the previous day.

According to sosovalue, the price of $BTC is 59,115 USD, a decrease of 0.537% from yesterday. The market cap of $BTC is 1.17 trillion USD, accounting for 53.7% of the total market cap; $BTC's 24-hour trading volume is 39.04 billion USD, making up 45.1% of the total trading volume.
The price of $ETH is 2,524.9 USD, up 0.495% from yesterday; the market cap of $ETH is 303.75 billion USD, representing 14% of the total market cap; $ETH's 24-hour trading volume is 13.70 billion USD, comprising 15.8% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.7% of the total cryptocurrency market cap, and their combined trading volumes constitute 60.9% 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 L7DEX. As of 11:55 today, its market cap is 134.81K, with a coin price of 0.0028300 USD, witnessing a 24-hour increase of 68.2%.
The second is BarnBridge. As of 11:55 today, its coin price is 2.1520 USD, with a 24-hour increase of 44.4%.
The third is ECOx. As of 11:55 today, its coin price is 0.12070 USD, showing a 24-hour increase of 25.3%.
In fourth place is Kava Lend. As of 11:55 today, its coin price is 0.12530 USD, with a 24-hour rise of 23.6%.
In fifth place is NuLink. As of 11:55 today, its coin price is 0.015650 USD, increasing by 19.3% 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, 4 are up and 12 are down. Today, there are no sectors with a price change exceeding 2%.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:

According to SoSoValue, as of August 30th (Eastern Time), Bitcoin spot ETFs experienced a total net outflow of $175.67M.

Yesterday, Grayscale's ETF GBTC had a net outflow of $70.22M, bringing GBTC's total historical net outflow to $19.85B.

Grayscale Bitcoin Mini Trust ETF $BTC had a net outflow of $ 0.00 ，bringing Grayscale Bitcoin Mini Trust ETF $BTC's total historical net inflow to $347.92M.

As of this writing, the total net asset value of Bitcoin spot ETFs stands at $53.78B, with the ETF net asset ratio (the market value relative to the total market value of Bitcoin) reaching 4.61%. The historical cumulative net inflow has reached $17.60B.

Source: https://sosovalue.com/assets/etf

Next news:Wu learned that according to SoSoValue data, the total net outflow of Ethereum spot ETF was 0.00 USD yesterday (August 30th, US Eastern Time). The daily net outflow of Grayscale Ethereum Trust ETF ETHE was 0.00 USD yesterday, with a historical net outflow of ETHE of 25.61 billion USD. The daily net outflow of Grayscale Ethereum Mini Trust ETF $ETH was 0.00 USD, with a historical total net inflow of $ETH of 2.39 billion USD. As of the deadline, the net asset value of Ethereum spot ETF was 69.71 billion USD, with an ETF net asset ratio (market value as a percentage of total Ethereum market value) of 2.3%, and the cumulative net outflow has reached 4.77 billion USD.
Next news:Telegram held $400 million in digital assets and generated significant revenues from crypto-related activities in 2023, according to a Financial Times report. The company's financials revealed that nearly $148 million, or about 40% of its annual revenue, came from its integrated wallet and the sale of collectibles. Additionally, Telegram's CEO Pavel Durov faced legal challenges as he was indicted by a French court over allegations that Telegram's services facilitated illicit activities. The report also highlighted Telegram's involvement in the sale of Toncoin tokens before a price drop and its growing popularity for hosting crypto games.
Next news:Wu learned that the Ethereum Foundation announced the allocation of over 8.47 million US dollars in the second quarter of 2024 to support global conferences, hackathons, cryptography research, developer tool development, and other projects. The funding includes support for conferences such as $ETH Beijing, $ETH Tokyo, ETHWarsaw, research on the Anon Aadhaar protocol, tools like Circom Language Server, MEDGA Solidity debugger, and protocols like the Account Abstraction Core Team and Ethereum Protocol Fellowship.
Next news:Elon Musk's X Is Reportedly Now Banned in Brazil Following Judge's Ruling
Next news:Foresight News: According to Bitget market data, Bitcoin has dropped below 58,000 USDT, currently trading at 57,991.46 USDT, with a daily decline of 2.29%.
Next news:Robot Ventures, an early-stage investor in crypto startups such as EigenLayer, Lido Finance, and Flashbots, has successfully raised $75 million for its latest venture-capital fund. This fundraising comes at a time when crypto venture investing is experiencing a resurgence, with token prices significantly recovering from their lows nearly two years ago. Other firms like New York-based Hack VC and Paradigm have also announced substantial funds earlier this year.
Next news:Wu learned that Vitalik had mentioned on Reddit three years ago that he held 325 thousand $ETH, which he obtained from pre-mining, specifically 11.90 million, of which he received...
Next news:Wu learned that Vitalik Buterin, the co-founder of Ethereum, responded on Twitter to the statement that 'all major L2 networks in the current mainnet can technically steal user funds.' An important detail: the rules of Phase 1 require that the code can only be overturned when the security committee reaches a 75% voting threshold, and a minimum of members (≥ 26%) from outside the company are needed to prevent. Both Optimism and Arbitrum meet this requirement. Therefore, these organizations cannot unilaterally steal funds.
Next news:Foresight News reports that according to Cointelegraph, researchers behind the Ethereum network have grown from around 25 in the first quarter of 2019 to a peak of 550 in the first quarter of 2024, representing a growth of 2,100%.

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.