Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM on May 14, 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 62,717 USD, an increase of 3.05% from yesterday. The market cap of $BTC is 1.24 trillion USD, accounting for 55% 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 2,942.7 USD, up 2.34% from yesterday; the market cap of $ETH is 353.45 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 70.7% 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 05:55, according to sosovalue, the top five gainers are:
Top 1 gainer is SUDO. As of 05:55 today, its market cap is 5.24M, with a coin price of 0.20830 USD, witnessing a 24-hour increase of 102%.
The second is TT. As of 05:55 today, its coin price is 0.0064200 USD, with a 24-hour increase of 43.6%.
The third is POPCAT. As of 05:55 today, its coin price is 0.52690 USD, showing a 24-hour increase of 36.2%.
In fourth place is MOG. As of 05:55 today, its coin price is 0.00000056340 USD, with a 24-hour rise of 32.2%.
In fifth place is PEPE. As of 05:55 today, its coin price is 0.000010360 USD, increasing by 23.9% 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, 14 are up and 1 is down. Notably, Meme sector has risen 11.7% relative to the UTC 0 time, led by gains in mog (36.1%), popcat (33.5%), and pepe (23.8%).
DePIN sector has increased 4.47% relative to UTC 0, with nos (12.5%), ncdt (10.1%), and rndr (8.03%) leading the rise.
Others sector has risen 3.92%, with block (11.1%), wampl (10.7%), and jasmy (10.2%) leading the rise.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:GameStop stock experienced a significant 44% jump in premarket trading as Keith Gill, known as 'Roaring Kitty,' made a return. This event led to a surge in stocks related to Keith Gill, while developers took the opportunity to launch numerous meme coins on different blockchains, aiming to capitalize on the surrounding hype.
Next news: Bitcoin's on-chain activity drops to historic lows, raising questions about market bottom. Analysts monitor $61,000 support level for potential price rebounds. Fear and Greed Index remains in "Greed" zone. Altcoins show solid rebound, with most in the green. Analysts anticipate significant influence from U.S. CPI data and Fed Chair comments on Bitcoin's price movements.
Next news: Bitcoin falls below $61,000 on May 13, according to OKX market data. It is now quoted at $60,998, with the 24-hour increase narrowed to 0.12%.
Next news: The US government has ordered a Chinese crypto mining company, MineOne Partners Ltd., to exit its property near the F.E. Warren Air Force Base in Wyoming, citing national security concerns. The company, which acquired real estate near the base in 2022, is said to pose a threat that could impair US national security, according to the White House. The base is known for housing US nuclear missiles, highlighting the sensitivity of the location.
Next news: Bitcoin lending protocol Zest announced the completion of $3.5 million in financing on May 13, led by Tim Draper. The round also saw participation from Binance Labs, Flow Traders, Trust Machines, and others. Zest utilizes the Nakamoto upgrade of Bitcoin's Layer 2 stack and the bridge asset sBTC (pegged to Bitcoin 1:1) to offer a lending experience native to the Bitcoin blockchain network.
Next news: The United States Commodity Futures Trading Commission (CFTC) has settled charges against cryptocurrency brokerage firm Falcon Labs, owned by FalconX, for approximately $1.8 million. The charges were related to the firm's failure to register as a Futures Commission Merchant and facilitating access to digital asset exchanges for U.S. residents without proper registration. The settlement includes a requirement for FalconX to cease offering services to U.S. residents and to pay around $1.2 million in disgorgement and $600,000 in civil monetary penalties. This action is part of the CFTC's broader enforcement efforts to ensure compliance with its regulations in the derivatives markets, especially concerning digital asset exchanges. The settlement also noted FalconX's voluntary improvements in practices following a previous lawsuit with Binance and its former CEO Changpeng Zhao. The CFTC has been active in enforcing regulations against crypto firms, with 47 enforcement actions filed in 2023 alone.
Next news: Bitfarms, a cryptocurrency mining company, has fired CEO Geoffrey Morphy following a $27 million lawsuit he filed against the company. The lawsuit includes claims of breach of contract, wrongful dismissal, and aggravated and punitive damages. Bitfarms terminated Morphy, who was appointed as interim President and CEO in late 2022, ahead of the previously announced plan to find his replacement. The company stated that the claims are without merit and intends to defend itself vigorously. Nicolas Bonta, co-founder and chair of Bitfarms, will serve as interim President and CEO. Bitfarms operates 11 Bitcoin mining facilities across the United States, Canada, Paraguay, and Argentina, and plans to invest $240 million to upgrade its mining equipment. The firm reported earning 269 $BTC in April and is expected to announce its Q1 2024 earnings on May 15. Bitfarms' stock has fallen roughly 29% since March 25.
Next news: US spot Bitcoin ETFs experienced a strong start in their first four months since launch on January 11, with net inflows reaching approximately $11.7 billion. Despite this initial success, demand has slowed, influenced by factors such as profit-taking by investors, the Federal Reserve's interest rate policies, and a halving of per-block rewards for mining Bitcoin. Notably, the Grayscale Bitcoin Trust ETF (GBTC) saw net outflows of $17.6 billion. Recent weeks have seen a drop in demand for Bitcoin, with its price decreasing by about 6% from a month ago. The inflow total for the category once exceeded $12.5 billion before experiencing outflows that reduced it significantly. Exchange-Traded Product (ETP) volumes, primarily from US spot Bitcoin ETFs, have also declined, indicating reduced participation in the crypto ecosystem. Despite the slowdown, products by BlackRock and Fidelity initially attracted significant investor assets, with net inflows of $15.5 billion and $8.1 billion, respectively. However, even these products have seen a decrease in demand recently. Financial advisers are expected to play a significant role in future inflows, with some already holding substantial positions in various Bitcoin funds.
Next news: Antonio Juliano, the founder of the decentralized exchange dYdX, has announced his decision to step down as CEO after seven years at the helm. He will transition to the role of Chairman and President, leaving the company's leadership to Ivo Crnkovic-Rubsamen, dYdX's former Chief Strategy Officer and a former trader. Juliano's move comes as dYdX experiences a surge in activity, with a market capitalization of over $1.1 billion and $463 million in total value locked. The exchange has generated over $1.31 trillion in trading volume since 2021, partly due to recent developments like the launch of its own Layer-1 blockchain and the V4 upgrade moving dYdX from Ethereum to the Cosmos network. Juliano did not specify his future professional goals but mentioned looking forward to the next step in his career.
Next news: GameStop's surge in US stock price led to significant gains in related meme coins, with GME on Ethereum increasing by 69.51% and Roaring Kitty on Solana rising by 21.34%. BlockBeats cautions investors about the high volatility and lack of practical use cases for these meme coins.
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.