As of 11:59 PM on May 12, 2024, the total market cap of the crypto market is 2.25 trillion US dollars, experiencing a decrease of 2.58% over the past 24 hours. The total trading volume is 72.92 billion US dollars, showing an increase of 23.9% from the previous day.
According to sosovalue, the price of $BTC is 61,484 USD, an increase of 1.08% from yesterday. The market cap of $BTC is 1.21 trillion USD, accounting for 53.9% 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 2,929.3 USD, up 0.578% from yesterday; the market cap of $ETH is 351.84 billion USD, representing 15.7% 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 69.6% 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 23:55, the top five gainers are:
Top 1 gainer is Share. As of 23:55 today, its market cap is 6.70M, with a coin price of 0.0028255 USD, witnessing a 24-hour increase of 17.2%.
The second is Shyft Network. As of 23:55 today, its coin price is 0.010664 USD, with a 24-hour increase of 16.9%.
The third is PolySwarm. As of 23:55 today, its coin price is 0.024663 USD, showing a 24-hour increase of 15.8%.
In fourth place is LOBO•THE•WOLF•PUP. As of 23:55 today, its coin price is 0.00071600 USD, with a 24-hour rise of 14.9%.
In fifth place is Galaxia. As of 23:55 today, its coin price is 0.0017360 USD, increasing by 13.2% 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, 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:The Bitcoin Asia conference in Hong Kong attracted over 5,500 attendees, with half of them from mainland China. Executives from Hong Kong ETF issuers are working to promote mortgage financial products based on ETFs. The conference highlighted the city's growing embrace of cryptocurrency, especially after the recent approval of Asia's first six spot Bitcoin and Ether ETFs. Despite China's 2021 crypto ban, the presence of many attendees from mainland China at the conference suggests a keen interest in Hong Kong's crypto developments. The spot Bitcoin ETFs in Hong Kong have an AUM of nearly $200 million, and its Ether ETFs have about $28 million in AUM.
Next news: A dormant Bitcoin address that had not been active for over 10 years transferred 500 $BTC to a new address. BlockBeats reported that on May 12, according to Lookonchain monitoring, a wallet that had been dormant for 10.7 years transferred all 500 $BTC (US$30.4 million) to a new address. The original transaction occurred on January 12, 2014, when the address received 500 $BTC at a price of US$124, valued at US$62,000 at the time.
Next news: Bitcoin Runes, a token standard launched on the Bitcoin blockchain less than 30 days ago, has seen a significant decline in activity, raising concerns for miners and their earnings. Developed by Casey Rodarmor, also known for Bitcoin Ordinals, the Runes protocol aimed to enhance the creation and management of fungible tokens on the blockchain. Despite initial success, with over $135 million in fees generated in its first week, recent data from Dune Analytics and Glassnode indicate a sharp decrease in activity and miners' revenue. This decline not only affects the Runes protocol but also reflects a broader decrease in activity on the Bitcoin network, impacting other projects like Bitcoin Ordinals and BRC-20 tokens. The price of ORDI, the largest BRC-20 token by market cap, has also seen a significant drop, further indicating waning interest in these new Bitcoin-based token standards.
Next news: Global Bitcoin ETFs now hold a total of 949,756 Bitcoins, which is approximately 4.5% of the total supply. This data was reported by BlockBeats on May 12, citing HODL15Capital monitoring data as of May 10. Additionally, during this week, US spot Bitcoin ETFs have added a total of 1,318 Bitcoins to their holdings. However, GBTC was the only ETF among them to experience capital outflows.
Next news: BNB Chain's DEX trading volume has recently surpassed $700 million for the first time since May 2nd, according to Artemis data. This increase suggests a rise in user activity on the BNB Chain, potentially indicating higher demand for the BNB cryptocurrency. Despite this, the price of BNB has only seen a slight increase of 1.23% in the last 24 hours, reaching $593.70. The recent rise in DEX volume contrasts with a declining on-chain volume observed since May 10th and a decreasing total value locked (TVL), which could imply a lack of confidence in the network's ability to produce good rewards. However, a closer look at the protocols under the Binance Smart Chain shows notable increases in TVL, suggesting growing confidence in the chain's health and security. Despite these mixed signals, the potential for BNB's price to reach $1,000 depends on various factors, including a significant increase in TVL.
Next news: The Runes protocol generated $135 million in fees in its first week after the bitcoin halving, but activity has dropped dramatically since then, with May 10 being the lowest day for activity and only two times in the last twelve days generating over $1 million in fees.
Next news: Blockchain technology could enhance healthcare digitalization, but privacy concerns are hampering adoption in Germany.
Next news: Sam Altman, the CEO of OpenAI, suggests that giving everyone 'a slice of GPT' could potentially fund Universal Basic Income (UBI). He also emphasizes the need for an international safety agency to mitigate existential threats posed by AI.
Next news: Bitcoin's on-chain activity has dropped to historic lows, sparking concerns about a potential market bottom. The decrease in on-chain activity, fear among traders, and a lack of significant short positions have contributed to widespread market fear. Analysts are closely monitoring the number of Bitcoin holders for signs of panic selling. Technical analysis suggests Bitcoin is approaching the $61,000 support level, with potential for further declines or a turnaround. Analysts outline two scenarios based on Bitcoin's behavior within a parallel channel, suggesting either a bearish downturn or bullish consolidation. Currently, Bitcoin is trading at $60,994, with a slight increase over the past 24 hours but a 3.50% drop over the past week.
Next news: Nigeria's foreign investment prospects are at risk following allegations of bribery involving Binance CEO Richard Teng and Nigerian government officials. SBM Intelligence, a risk consultancy firm, highlighted the negative impact of detaining foreign business officials on the country's ability to attract investors. The firm emphasized the importance of a thorough investigation to maintain investor confidence and uphold the rule of law. The Nigerian government's stance against cryptocurrency contrasts with its growing popularity among citizens, further complicating the investment landscape. The detention of Binance executives has been criticized, and SBM Intelligence warns that such actions could deter future foreign investment. The firm suggests that resolving the issue fairly and diplomatically is crucial for the Tinubu administration's efforts to attract investors.
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