Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM on May 10, 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 the previous day; 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 63,300 USD, an increase of 3.68% from yesterday. The market cap of $BTC is 1.25 trillion USD, accounting for 55.5% of the total market cap; $BTC's 24-hour trading volume is 16.18 billion USD, making up 22.2% of the total trading volume.
The price of $ETH is 3,037.9 USD, up 2.04% from yesterday; the market cap of $ETH is 364.86 billion USD, representing 16.2% of the total market cap; $ETH's 24-hour trading volume is 10.79 billion USD, comprising 14.8% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 71.7% 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 11:55, according to the latest data, the top five gainers are:
Top 1 gainer is GAMEE. As of 11:55 today, its market cap is 9.88M, with a coin price of 0.014740 USD, witnessing a 24-hour increase of 76.7%.
The second is Serum. As of 11:55 today, its coin price is 0.058570 USD, with a 24-hour increase of 36.5%.
The third is Vertex Protocol. As of 11:55 today, its coin price is 0.19540 USD, showing a 24-hour increase of 35%.
In fourth place is AS Roma Fan Token. As of 11:55 today, its coin price is 4.1120 USD, with a 24-hour rise of 28.4%.
In fifth place is GamerCoin. As of 11:55 today, its coin price is 0.15570 USD, increasing by 26.6% 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, SocialFi sector has risen 14.7% relative to the UTC 0 time, led by gains in ton (16.4%), kin (9.81%), and cheel (7.68%).
AI sector has increased 8.6% relative to UTC 0, with moov (18%), arkm (14.5%), and paal (14.4%) leading the rise.
DePIN sector has risen 8.27%, with ar (17.6%), lpt (16.6%), and nos (13.3%) leading the rise.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Canadian regulators have fined Binance, the world's largest cryptocurrency exchange, $4.3 million for violating financial regulations. The Financial Transactions and Reports Analysis Center of Canada (FINTRAC) found that Binance failed to register as a foreign money service business and did not report over 5,900 cryptocurrency transactions exceeding $10,000, along with the required KYC information. The violations were discovered using blockchain browser tools. This fine adds to the regulatory challenges faced by crypto exchanges globally.
Next news: In a recent development regarding the theft of 1,155 WBTC, the attacker has returned a portion of the stolen funds to the victim. BlockBeats reported that on May 9, according to Ember's monitoring, the attacker transferred 51 $ETH to the victim's address and left a message asking the victim to leave their Telegram contact information for further communication. This gesture comes after the victim's repeated public appeals on the blockchain, requesting the phishing gang to return 90% of the stolen funds while offering to let them keep 10% as a bounty. However, until this recent action, there had been no response from the phishing gang.
Next news: Joseph Lubin, co-founder of Ethereum, criticizes the SEC for hindering innovation in the cryptocurrency industry by reclassifying Ether as a security and engaging in strategic enforcement actions rather than open discourse. ConsenSys, the company behind MetaMask, has filed a lawsuit against the SEC following a Wells Notice, aiming for clarity from U.S. courts. Lubin argues that the SEC's actions create uncertainty and could force companies offshore, impacting the U.S. technology and cryptocurrency landscape significantly. He also highlights the potential transformation of the banking industry through decentralized finance, which he believes the SEC is attempting to stifle.
Next news: Grayscale Bitcoin Trust ETF ends 11-week outflow streak with $63 million inflow. Approval of competing spot Bitcoin ETFs in January caused investors to cash out, impacting the entire cryptocurrency space.
Next news: DCG released its Q1 financial report on May 10, showing a significant year-on-year revenue increase of 51%, with total revenue reaching US$229 million. This growth was primarily driven by the rise in cryptocurrency prices. Additionally, Grayscale, DCG's largest subsidiary, maintained its revenue at US$156 million, consistent with the previous quarter.
Next news: Arch, a Bitcoin native application platform, completes a $7 million seed round of financing led by Multicoin Capital. The funding will be used to hire additional core developers, launch the ARCH network into mainnet in H2 2024, and support its app ecosystem. ARCHVM leverages the Taproot upgrade and Ordinals to allow for Turing-complete applications on Bitcoin, aiming to enhance Bitcoin's capabilities without requiring users to bridge assets to other networks. ARCH is positioned as a secure, decentralized platform for a wide array of DApps, from finance to gaming, with several projects already migrating to it.
Next news: $1.35B in Bitcoin options expire this week, raising questions about the potential impact on $BTC's price. Analysts often look to derivatives markets for clues on price movements, especially during significant corrections. The upcoming expiry, dominated by Deribit with an 84% market share, has sparked discussions on whether bears or bulls have the upper hand. Despite the large open interest, a detailed analysis suggests a balanced impact on the price, with no clear advantage for bears despite the recent failure to maintain prices above $65,000. The put-to-call ratio indicates a lower demand for put options, suggesting not all bears are betting on a price drop. However, if bulls can reestablish support at $64,000, call options could gain an advantage. The outcome of this expiry could influence Bitcoin's price direction, but current indicators point to a balanced impact without significant price surprises.
Next news: Solana ecosystem tokenization platform AgriDex has completed a $5 million financing round led by Endeavor Ventures. Participants in this round include African Crops Limited, Oldenburg Vineyards, and former Goldman Sachs and Citadel executive Hank Oberoi. AgriDex, which is set to launch its platform and token AGRI in the third quarter of this year, aims to tokenize agricultural products and support the trading of these tokenized commodities. Each transaction on AgriDex is represented by the minting of a non-fungible token (NFT) that records all product, pricing, payment, and other details. The financing was completed as equity financing with a valuation of $18 million, and as part of the transaction, Bill Cunningham, co-founder and CEO of Endeavor Ventures, has joined the AgriDex board of directors.
Next news: Ripple and XRP Labs have joined the Decentralized Recovery (DEREC) Alliance, a digital asset recovery protocol founded by the Algorand Foundation and Hedera developers Swirlds Labs. The DEREC Alliance aims to provide an open-source process to accelerate the recovery of digital assets, developing a new interoperability recovery standard suitable for ordinary users. Other members of the alliance include Acoer, BankSocial, Blade Labs, The Building Blocks, Casper Association, Constellation Network, Hashgraph Association, HBAR Foundation, and Revive Labs.
Next news: Neel Somani, the founder and CEO of Ethereum's first SVM Layer2 network Eclipse, denies sexual harassment allegations and announces temporary resignation. Haseeb Qureshi, managing partner of Dragonfly, reveals withdrawal of investment due to sexual harassment rumors surrounding Eclipse founder, Neel Somani.
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.