SoSo Daily Apr 22

As of 5:59 PM on April 22, 2024, the total market cap of the crypto market is 2.42 trillion US dollars, showing a 0.763% increase over the last 24 hours. The total trading volume is 65.82 billion US dollars, indicating a 6.55% increase in the last 24 hours.

According to sosovalue, the price of $BTC is 66,561 USD, an increase of 2.68% from yesterday. The market cap of $BTC is 1.31T USD, accounting for 54.1% of the total market cap; $BTC's 24-hour trading volume is 16.60B USD, making up 25.2% of the total trading volume.
The price of $ETH is 3,200.7 USD, up 1.66% from yesterday; the market cap of $ETH is 384.32B USD, representing 15.9% of the total market cap; $ETH's 24-hour trading volume is 9.25B USD, comprising 14% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 70% of the total cryptocurrency market cap, and their combined trading volumes constitute 39.2% 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 17:55, the top five gainers are:
Top 1 gainer is Wagmi. As of 17:55 today, its market cap is 17.15M, with a coin price of 0.011313 USD, witnessing a 24-hour increase of 109%.
The second is Aleph.im. As of 17:55 today, its coin price is 0.27230 USD, with a 24-hour increase of 78.6%.
The third is Popcat. As of 17:55 today, its coin price is 0.36090 USD, showing a 24-hour increase of 67.4%.
In fourth place is dotmoovs. As of 17:55 today, its coin price is 0.0094830 USD, with a 24-hour rise of 67%.
In fifth place is Chain Games. As of 17:55 today, its coin price is 0.023086 USD, increasing by 41.4% 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 15 sectors, 13 are up and 2 are down. Notably, Layer1 sector has risen 4.17% relative to the UTC 0 time, led by gains in mtv (17.6%), near (16.7%), and dione (12.1%).
Layer2 sector has increased 3.96% relative to UTC 0, with SAVM (12.4%), ata (7.64%), and mnw (7.52%) leading the rise.
GameFi sector has risen 3.9%, with chain (41.4%), MAVIA (21.7%), and wemix (18.2%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:The Runes Protocol has officially launched on the Bitcoin network, leading to a significant increase in transaction fees as users eagerly participate in token minting activities. This development marks a notable event in the cryptocurrency space, as it showcases the growing interest and adoption of tokenization capabilities on Bitcoin, traditionally known for its role as a digital gold rather than a platform for decentralized applications. The surge in user activity and the consequent rise in fees highlight the protocol's popularity and the potential challenges of scaling such innovations on the Bitcoin network.
Next news: Thailand will block users from accessing
"unauthorized" crypto trading platforms. According to BlockBeats, on April 22, CoinDesk reported that Thai officials have decided to block users from accessing "unauthorized" crypto trading platforms, but did not list "unauthorized" entities. The announcement stated that the Thai Securities and Exchange Commission has considered the impact on users and will reserve time for users to withdraw assets before they are unable to use related services.
Thailand has announced plans to block unlicensed crypto exchanges to combat online crimes such as money laundering. This decision follows similar actions by India and the Philippines, aiming to enforce local regulatory mandates. The Thai Securities and Exchange Commission (SEC) will submit a list of these unlicensed platforms to the Ministry of Digital Economy and Society, as stated by SEC Secretary-General Pornanong Budsaratragoon. The SEC has urged investors to withdraw their funds from these platforms before the ban takes effect, warning of the risks associated with unlicensed operators, including scams and money laundering. The announcement also highlighted that popular offshore crypto exchanges like Binance, Coinbase, KuCoin, Kraken, and OKX are operating illegally in Thailand. Additionally, regulatory pressure in Europe could lead to a ban on non-decentralized protocols, with the European Commission evaluating the DeFi market for potential regulations.
Authorities in Thailand have decided to block "unauthorized" crypto platforms to increase the efficiency of law enforcement in solving the problem of online crime, an announcement on Friday last week said.
Next news: According to a report released by CoinShares, Bitcoin miners may turn to artificial intelligence (AI) to cope with the significant increase in costs after the Bitcoin halving. The halving event is expected to nearly double electricity and overall production costs for miners. To mitigate these higher expenses, mining companies might optimize energy costs, improve mining efficiency, and purchase more affordable hardware. However, the potential benefits of repurposing obsolete computing equipment for AI applications could be more advantageous. CoinShares highlighted that companies like BitDigital (BTBT), Hive (HIVE), and Hut 8 (HUT) have already generated revenue from AI. Additionally, TeraWulf (WULF) and Core Scientific (CORZ) either have existing AI businesses or are planning to venture into this field.
Next news: BNB price surges past $590 and reaches $600, gaining 3.42% and over 4% in 24 hours respectively, according to Binance market data reported by BlockBeats on April 22.
Next news: Bitcoin recovers above $65,000. According to BlockBeats, on April 22, according to OKX market data, Bitcoin rebounded above $65,000 and is currently quoted at $65,072, with the 24-hour decline narrowed to 0.73%.
Next news: Bitcoin transaction fees experienced a significant decrease following the halving event. However, there was a temporary surge in fees immediately after the halving, reaching a record high. This surge was attributed to increased network activity and the profitability of miners. The fees later dropped, and the number of new Bitcoin addresses also decreased. Despite these fluctuations, Bitcoin's price remained relatively stable, indicating a potential bullish trend.
Next news: The Shiba Inu (SHIB) team has successfully completed a $12 million financing round, with significant contributions from Polygon Ventures and other notable investors. This funding round, which involved the sale of the unissued TREAT token to non-US venture capital investors, saw participation from a diverse group of investors including Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital, and Comma 3 Ventures. Shiba Inu's chief developer, Shytoshi Kusama, revealed that the financing round began a few months ago and concluded earlier this month, without disclosing the valuation. The financing was conducted in batches, with valuations ranging from $75 million to $200 million. Kusama also confirmed that the sale included pre-seed and seed rounds. The TREAT token, according to Shiba Inu, serves as a utility and governance token for its new privacy-focused Layer 3 blockchain, Shibarium, which is built on the Ethereum Layer 2 blockchain.
Next news: According to monitoring by BlockBeats and LookOnChain, a suspected address linked to Justin Sun has acquired nearly 300,000 $ETH (approximately $891 million) from Binance and DEX at an average price of $3,014 since February 12. This includes a deposit of 787 million USDT to Tron on Binance since March 31 and the creation of a mysterious wallet on Ethereum that withdrew $96.8 million worth of stablecoins from Binance. The transaction behavior of this wallet and another that purchased 168,369 $ETH (about $487 million) between February 12 and February 24 suggests both may belong to Justin Sun.
Next news: GALXE initiated a vote to change the token name GAL to G and proposed a 1:60 split. According to BlockBeats, on April 22, GALXE officially launched the [GP25] proposal on Snapshot, proposing to migrate token symbols and token contracts, converting token symbols from GAL to G. The motivation for this move is driven by strategic needs and market considerations applicable to the GALXE ecosystem. In addition, the GALXE team has reviewed this proposal and recommends adding the following:

- GAL tokens will be exchanged for G tokens at a ratio of 1:60. This means that every 1 GAL token will grant the holder 60 G tokens.
- The total supply of G tokens will be changed to 12,000,000,000, which is 60 times the current total supply of GAL tokens of 200,000,000.
Next news: Bitcoin miners experience surge in transaction fees post-halving due to speculative activities and the launch of Runes Protocol, says Bernstein report.

Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.xyz, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.