SoSo Daily Dec 13 | BlackRock Recommends 1-2% Bitcoin Allocation in Multi-Asset Portfolios

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 PM on December 12, 2024, according to sosovalue, the total market cap of the crypto market stands at 3.77 trillion US dollars, witnessing a decrease of 2.03% compared to yesterday; the total trading volume is 306.32 billion US dollars, marking a decline of 2.43% from the previous day.

According to sosovalue, the price of $BTC is 100,030 USD, a decrease of 1.08% from yesterday. The market cap of $BTC is 1.98 trillion USD, accounting for 52.5% of the total market cap; $BTC's 24-hour trading volume is 98.45 billion USD, making up 32.1% of the total trading volume.
The price of $ETH is 3,882.7 USD, up 1.33% from yesterday; the market cap of $ETH is 467.65 billion USD, representing 12.4% of the total market cap; $ETH's 24-hour trading volume is 46.42 billion USD, comprising 15.2% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 64.9% of the total cryptocurrency market cap, and their combined trading volumes constitute 47.3% 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 Travala.com (AVA). As of 23:50 today, its market cap is 146.64M, with a coin price of 2.6296 USD, witnessing a 24-hour increase of 256%.
The second is BLOCKv (VEE). As of 23:50 today, its coin price is 0.00014205 USD, with a 24-hour increase of 117%.
The third is xMoeny (UTK). As of 23:50 today, its coin price is 0.097000 USD, showing a 24-hour increase of 67.5%.
In fourth place is Urolithin A ($URO). As of 23:50 today, its coin price is 0.082936 USD, with a 24-hour rise of 43.1%.
In fifth place is Strips Finance (STRP). As of 23:50 today, its coin price is 1.4999 USD, increasing by 42.3% over the last 24 hours.


Moving on, let's take a look at the sector performance in crypto market.
According to sosovalue, out of 16 sectors, 7 are up and 9 are down. Notably, DeFi and Meme sectors are worth mentioning.
DeFi sector has risen 6.98% relative to the UTC 0 time, led by gains in vela (223%), strp (42.3%), and cow (28.9%).
Meme sector has fallen -2.5% relative to the UTC 0 time, with declines in dino (-18.1%), FLAVIA (-17.8%), and VADER (-17.7%).

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:BlackRock has recommended a bitcoin allocation of 1% to 2% in multi-asset portfolios, as per a new report. This suggestion comes amidst a surge in bitcoin's price, which recently exceeded $100,000, partly due to the crypto-friendly stance of U.S. President Donald Trump. BlackRock's IBIT bitcoin ETF, with over $50 billion in assets, has surpassed its gold ETF in total net assets. The growing legitimacy of bitcoin and the broader crypto market is highlighted by the trading of Bitcoin ETFs since January.
Next news:CryptoQuant analysts point out that the price of Ethereum may significantly increase due to rising demand and on-chain activity. According to valuation metrics, if the current supply-demand dynamics persist, Ethereum could break through $5,000. The analysts emphasize that the realized price band of Ethereum is a key indicator, with the current upper limit at $5,200, reflecting the price peak of the 2021 bull market. In 2024, Ethereum's on-chain activity has significantly increased, with daily transaction volume rising from 5 million in 2023 to 6.5-7.5 million, and contract call volume increasing from 5 million to 6-7 million. This increase in activity has led to higher network fees, resulting in more Ethereum being burned, which exerts deflationary pressure. The revival of investor interest is reflected in the strong growth of spot Ethereum ETFs listed in the U.S., with BlackRock and Fidelity's ETFs purchasing $500 million worth of Ethereum this week. On Wednesday, the net inflow for the Ethereum spot ETF was $102 million, marking 13 consecutive days of net inflows, bringing total assets to $13.18 billion, which accounts for 2.86% of Ethereum's market cap. According to SoSoValue data, the price of Ethereum is $3,918.
Next news:Avalanche has raised $250 million through a locked token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital. The sale involves tokens with vesting periods and includes participation from several other investors. The funds will support the Avalanche9000 upgrade, which aims to enhance scalability and reduce costs. The upgrade is expected to roll out in early 2025. Avalanche is positioning itself as a leader in onchain institutional finance, with over 500 Layer 1 chains in development. Uplink has launched on Avalanche, aiming to decentralize internet connectivity.
Next news:Michael Sonnenshein, former CEO of Grayscale Investments, has joined Securitize as COO. He will work with CEO Carlos Domingo to address capital market inefficiencies and enhance investor engagement with tokenized products. Sonnenshein, who served as Grayscale's CEO for three years, left the firm in May and joined Securitize on December 9. Securitize focuses on tokenizing real-world assets and recently surpassed $1 billion in tokenized assets, aided by BlackRock's collaboration.
Next news:Ukraine plans to pass a bill aimed at legalizing cryptocurrencies in early 2025. The bill has been drafted by a parliamentary working group in collaboration with the National Bank and the International Monetary Fund, and is expected to be submitted to parliament in November 2023. Danylo Hetmantsev, the chairman of the Ukrainian Parliament's Committee on Finance, Taxation and Customs Policy, stated that the bill is nearing its first reading and hopes to be approved by early 2025. The bill will establish clear regulatory guidelines for exchanges, traders, and investors, promoting the stable and secure development of Ukraine's digital asset industry. Ukrainian officials have a significant history of holdings in cryptocurrencies, with a report in 2021 indicating that multiple public servants held Bitcoin valued at 2.70 billion.
Next news:Texas lawmaker proposes bill to establish a strategic Bitcoin reserve, echoing Trump's cryptocurrency agenda. Texas Republican Representative Giovanni Capriglione announced the submission of Bill 1598 in an X space hosted by the Bitcoin mining advocacy organization Satoshi Act Fund. The bill aims to establish a Bitcoin reserve account through donations, which can hold assets for up to five years. Trump reiterated his commitment to establishing a strategic Bitcoin reserve in an interview with CNBC, stating that the U.S. needs to lead in the cryptocurrency space. Wyoming Senator Cynthia Lummis also has a similar bill draft. Nevertheless, former New York Federal Reserve Bank President Bill Dudley criticized this, arguing that it is detrimental to Americans.
Next news:Wu learned that Grayscale has announced the launch of the Optimism Trust Fund and the Lido DAO Trust Fund, aimed at providing investors with opportunities to access the Optimism ecosystem and the Lido DAO ecosystem.
Next news:

According to BitcoinNews, Argentine President Javier Milei announced his governance plan for the second year of his term, stating that he has successfully achieved a fiscal surplus and has reduced currency issuance to zero. He also plans to implement a policy of free currency circulation in 2025, allowing the public to use multiple currencies for transactions, including Bitcoin. Additionally, he proposed cutting 90% of national taxes to alleviate the burden on citizens and authorized provinces to set their own tax policies.

Next news:

The United States announced a 0.4% month-on-month PPI for November, with an expectation of 0.2%, and the previous value revised from 0.20% to 0.3%. The year-on-year PPI for November is 3%, with an expectation of 2.6%, and the previous value revised from 2.40% to 2.6%. The core year-on-year PPI for November in the U.S. is 3.4%, with an expectation of 3.2%, and the previous value at 3.10%. For the week ending December 7, the number of initial jobless claims in the U.S. is 242 thousand, with an expectation of 220 thousand, and the previous value revised from 224 thousand to 225 thousand.

Next news:

Coinbase announced that it will delist Tether (USDT) and five other stablecoins, including PAX, PYUSD, GUSD, GYEN, and DAI, in the European region on December 13. This move is to comply with the upcoming MiCA regulatory framework (European Markets in Crypto-Assets Regulation), which will come into full effect on December 30. Coinbase stated that users can still exchange non-compliant stablecoins for USDC or EURC on the platform, and stablecoins that meet MiCA requirements may be re-listed in the future. (Cointelegraph)

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.