Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM on May 18, 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 67,206 USD, a increase of 1.49% from yesterday. The market cap of $BTC is 1.32T USD, accounting for 58.9% 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 3,134.8 USD, up 3.44% from yesterday; the market cap of $ETH is 376.55B 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 75.7% 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 sosovalue, the top five gainers are:
Top 1 gainer is Dark Frontiers. As of 11:55 today, its market cap is 8.65M, with a coin price of 0.043540 USD, witnessing a 24-hour increase of 80.1%.
The second is Lifeform. As of 11:55 today, its coin price is 0.12065 USD, with a 24-hour increase of 42.5%.
The third is MANEKI. As of 11:55 today, its coin price is 0.012975 USD, showing a 24-hour increase of 39.3%.
In fourth place is ForTube. As of 11:55 today, its coin price is 0.022640 USD, with a 24-hour rise of 32.4%.
In fifth place is Step Finance. As of 11:55 today, its coin price is 0.075600 USD, increasing by 30.6% 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, $ETH sector has risen 3.45% relative to the UTC 0 time, led by gains in $eth (3.45%).
RWA sector has increased 2.84% relative to UTC 0, with PROPC (9.88%), smt (9.33%), and tru (8.03%) leading the rise.
AI sector has risen 2.19%, with nos (8.39%), iq (6.45%), and paal (4.12%) leading the rise.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Kraken is reviewing its support for Tether's USDT in the EU as new MICA regulations approach and impact stablecoin operations. The exchange may delist USDT in the EU to comply with these regulations.
Next news: A Nigerian court has denied bail to Binance executive Tigran Gambaryan, who is facing charges of suspected money laundering. The Federal High Court in Abuja, led by Judge Emeka Nwite, ruled against the bail application on the grounds that Gambaryan might abscond, similar to his co-defendant, Binance's Regional Manager for Africa, Nadeem Anjarwalla, who had previously escaped from detention. The decision was influenced by the prosecution's argument, presented by lawyer Ekele Iheanacho, against granting bail.
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: Coinbase analyst David Han believes the market is underestimating the chances of a spot Ethereum ETF approval, despite a broad consensus against it happening soon. The SEC has upcoming deadlines to decide on applications by VanEck and ARKInvest/21Shares. Expectations for approval have declined, but Coinbase maintains that approval is a matter of 'when, not if,' citing similarities with the spot Bitcoin ETFs. However, regulatory clarity on staking is needed for ETFs that include staking rewards. The decentralized prediction market Polymarket and the Grayscale Ethereum Trust indicate low expectations for a May approval, but Coinbase estimates the odds closer to 30-40%. Recent developments suggest the SEC may view Ether as a security, potentially affecting ETF approvals. Ether's performance has lagged behind other cryptocurrencies, but Coinbase remains optimistic about its long-term prospects, highlighting Ethereum's advantages over other smart contract networks.
Next news: zkSync announces the release of the final V24 protocol upgrade before transitioning governance to the community, fueling airdrop speculation and hinting at a potential governance token airdrop by the end of June.
Next news: Bankrupt crypto lender Genesis Global Capital won court approval for its plan to distribute billions of dollars in digital assets and cash to creditors, overcoming a legal challenge from its corporate parent Digital Currency Group. The approval by Judge Sean Lane for Genesis' Chapter 11 repayment plan includes a unique structure for returning Bitcoin and other tokens to creditors. This decision enables Genesis to return customer assets frozen on the platform since the firm paused withdrawals in November 2022 after the collapse of other major crypto firms.
Next news: 60 US crypto firms support the cryptocurrency market structure bill FIT21, which will be voted on next week. These companies, led by the Innovation Crypto Committee, have sent a letter to House Speaker Mike Johnson and House Minority Leader urging for the bill's passage. The bill aims to introduce new compliance challenges but is deemed necessary for clear regulations. The signatories argue that current U.S. securities laws, nearly a century old, do not accommodate modern technological advances, including internet-speed trading.
Next news: Steven Cohen's Point72, a $34 billion hedge fund, held $77.5 million of the Fidelity Wise Origin Bitcoin Fund (FBTC) as of the close of the first quarter, according to a filing.
Next news: NotCoin donates $6.8 million in NOT tokens to Telegram and its founder, Pavel Durov, as a gesture of thanks. Telegram CEO Pavel Durov endorses NotCoin, highlighting its success on the TON blockchain and the potential of the Telegram/TON ecosystems for app developers.
Next news: The Fantom Foundation has unveiled the Sonic Network, a next-generation Layer 1 blockchain connected to Ethereum via a native cross-chain bridge. Existing FTM token holders can migrate their tokens to Sonic's native token at a 1:1 ratio. The new network promises improved performance over the current Opera Network, with support from the Fantom Operating Company. The foundation plans to allocate funds from its treasury to support the Sonic ecosystem's development and governance votes will be held to ensure community support for the transition plan. Additionally, FTM price has risen by 7.25% in 24 hours, reaching above $0.86, as the Fantom Foundation announces the Sonic Network.
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.