SoSo Daily May 6

As of 2 PM Hong Kong time on May 5, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.25 trillion US dollars, witnessing a decrease of 2.58% compared to yesterday; the total trading volume is 72.92 billion US dollars, marking an increase of 23.9% from the previous day.

According to sosovalue, the price of $BTC is 64,006 USD, an increase of 0.178% from yesterday. The market cap of $BTC is 1.26T USD, accounting for 56.1% of the total market cap; $BTC's 24-hour trading volume is 16.18B USD, making up 22.2% of the total trading volume.
The price of $ETH is 3,136.3 USD, up 0.613% from yesterday; the market cap of $ETH is 376.67B USD, representing 16.8% of the total market cap; $ETH's 24-hour trading volume is 10.79B USD, comprising 14.8% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 72.9% of the total cryptocurrency market cap, and their combined trading volumes constitute 37% 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 Celsius Network. As of 23:55 today, its market cap is 237.62M, with a coin price of 0.56120 USD, witnessing a 24-hour increase of 74.3%.
The second is Aleph.im. As of 23:55 today, its coin price is 0.42730 USD, with a 24-hour increase of 45.2%.
The third is Frontier. As of 23:55 today, its coin price is 1.1505 USD, showing a 24-hour increase of 37.4%.
In fourth place is xPet.tech. As of 23:55 today, its coin price is 0.26210 USD, with a 24-hour rise of 30.3%.
In fifth place is Tellor Tributes. As of 23:55 today, its coin price is 90.090 USD, increasing by 27.6% over the last 24 hours.


Moving on, let's take a look at the sector performance in crypto market.
Acccording to sosovalue, out of 15 sectors, 13 are up and 2 are down. Notably, AI sector has risen 8.54% relative to the UTC 0 time, led by gains in lai (22.6%), nos (18.4%), and clore (16.9%).
DePIN sector has increased 5.45% relative to UTC 0, with aleph (44.8%) leading the rise.
SocialFi sector has risen 3.32%, with rfr (11.8%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:A whale withdrew 3,300 $ETH from Binance and deposited it into Compound, then lent out 7 million USDT and transferred it back to Binance. BlockBeats news, on May 5, according to @AI_9684XTPA monitoring, the whale who made a profit of $400,000 by long $ETH in April 2024 was long Ethereum again. Five minutes ago, the whale transferred 3,300 $ETH (about $10.42 million) from Binance, and then deposited 7 million USDT into Compound to recharge Binance.
Next news: A new lawsuit has been filed against cryptocurrency exchange Coinbase in the USA, alleging that eight altcoins traded on its platform are securities. The lawsuit, filed by West Coast law firm Scott+Scott, represents plaintiffs from California and Florida and claims that Coinbase has violated state securities laws since its inception. The altcoins mentioned are ALGO, XLM, SOL, MANA, MATIC, NEAR, UNI, and XTZ. Coinbase has responded by denying the allegations as legally unfounded and expressed confidence in due process. This case is similar to another ongoing lawsuit and a separate legal battle with the SEC over whether tokens sold on Coinbase are securities.
Next news: Cardano founder Charles Hoskinson proposed integrating Cardano (ADA) with the Bitcoin Cash (BCH) network, including new upgrade features related to Proof-of-Work (PoW) technologies. An online vote on this idea received about two-thirds of the votes in favor. Cardano founder Charles Hoskinson proposed inviting the public to vote on Twitter to use Bitcoin Cash into a Cardano Partnerchain with Useful Proof of Work Leios, NiPoPoWs, and Ergo tech. There are currently more than 10,000 votes cast, with 65% supporting it. Cardano founder Charles Hoskinson recently proposed a hypothetical integration between Cardano and Bitcoin Cash on the X social media platform, garnering significant community support with over 12,000 votes, 66.3% in favor. The integration aims to make Bitcoin Cash a 'partnerchain' with Cardano, enhanced with technologies like Useful Proof of Work Leios, NiPoPoWs, and Ergo tech, potentially creating the fastest and most useful Proof of Work chain. Despite the positive community response, the technical and operational details of such a partnership remain unclear. Hoskinson's proposal comes as Cardano prepares for major upgrades, including the 'Chang' hardfork and a new Proof-of-Stake model, 'Ouroboros Leios', expected in the second quarter of 2024.
Next news: SUI official account announced that the locked tokens are managed by a third-party custodian, ensuring they cannot be moved and are secure until their scheduled release. The founder of Mysten Labs does not have control over the foundation treasury, community reserves, equity subsidies, or any tokens allocated to investors. The SUI Foundation, being the largest holder of these locked tokens, plans to use them to support builders, advance the Move programming language, enhance network security, and develop the ecosystem with initiatives like developer funding, hackathons, bug bounties, and academic research. Staking rewards are already circulating, consisting of staking subsidies and network fees.
Next news: FRIEND.TECH's token FRIEND is currently priced at $2.16, with a single-day trading volume of $51.48 million and a current market value of $188 million. According to market information, on May 5, FRIEND.TECH's token FRIEND broke through $2.6 and is now trading at $2.63, with a 24-hour increase of 73.5%.
Next news: Pantera Capital General Partner Franklin Bi highlights the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S. as a major validation for the cryptocurrency industry. The approval is seen as a positive move in terms of regulation and direction for digital assets, consolidating the confidence of institutional investors in the long-term technology trend and development cycle of cryptocurrencies. Additionally, Pantera Capital is raising a new $1.25 billion fund to support emerging startups in the crypto space.
Next news: Hong Kong Bitcoin ETF Accumulates 4,218 $BTC, Russia to Enforce Strict Limits on Cryptocurrencies, China Police Arrest Suspect for Impersonating Others to Obtain STRK Tokens and Top10 News（0429-0505）
Next news: Ethereum co-founder Vitalik Buterin republishes his 2020 article on Fully Homomorphic Encryption (FHE) due to increased interest in the topic. He announced this on a social platform on May 5, highlighting the article's in-depth introduction to the mathematical principles behind FHE.
Next news: Uniswap founder Hayden Adams shares his views on token distribution, emphasizing the issuance of tokens over points, avoiding marketing token prices, and being generous with airdrops. He also highlights the importance of maintaining real liquidity and not teasing farmers to increase the token count. Adams suggests that project parties should donate a significant amount of money and refrain from releasing tokens if they don't value the community.
Next news: Antonio Villaraigosa, the former mayor of Los Angeles, has been hired as a policy adviser for Coinbase. He will join the cryptocurrency exchange’s Global Advisory Council to advise on advancing economic freedom worldwide. Faryar Shirzad, Coinbase's Chief Policy Officer, highlighted the importance of updating the financial system to serve underbanked communities, including 25% of Black & Hispanic households. Villaraigosa will not lobby but advise on regulatory frameworks for US-based services. Additionally, Rodrigo Seira, special counsel of Paradigm, has resigned to return to Cooley LLP, and Brett Reeves, a former Citibank executive, joins BitGo to expand EMEA sales.

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.