Let's turn our attention to today's overall Crypto market situation.
As of 5:59 PM 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 66,867 USD, a 24-hour increase of 0.246%. The market cap of $BTC is 1.32 trillion USD, accounting for 58.6% 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 3,114.3 USD, up 0.934% from yesterday; the market cap of $ETH is 374.09 billion USD, representing 16.7% 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 75.3% 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 17:55, the top five gainers are:
Top 1 gainer is Dark Frontiers. As of 17:55 today, its market cap is 7.29M, with a coin price of 0.036710 USD, witnessing a 24-hour increase of 49.1%.
The second is Lifeform. As of 17:55 today, its coin price is 0.11415 USD, with a 24-hour increase of 37.9%.
The third is Access Protocol. As of 17:55 today, its coin price is 0.0026130 USD, showing a 24-hour increase of 21.4%.
In fourth place is Scallop. As of 17:55 today, its coin price is 0.45280 USD, with a 24-hour rise of 20.8%.
In fifth place is V.SYSTEMS. As of 17:55 today, its coin price is 0.0015550 USD, increasing by 19% 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, 7 are up and 9 are down. Notably, SocialFi sector has fallen -2.24% relative to the UTC 0 time, led by declines in whale (-8.28%), moon (-5.28%), and kin (-4.92%).
Meme sector has decreased -2.74% relative to UTC 0, with mog (-21.9%), popcat (-17.3%), and wif (-8.8%) leading the decline.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is: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: 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: The Fantom Foundation has announced the launch of a new blockchain network, Sonic Network, which will serve as a next-generation Layer 1 blockchain connected to Ethereum via a native cross-chain bridge. Existing FTM token holders will have the opportunity to migrate their tokens to Sonic's native token at a 1:1 ratio. The Sonic Network aims to offer significantly improved performance over the current Opera Network, with the Fantom Operating Company continuing to support Opera validators. Additionally, the Fantom Foundation plans to allocate hundreds of millions of dollars from its treasury to support the Sonic ecosystem's development, including marketing, business development, and migration funding. A series of governance votes will be held to ensure community support for the transition plan. Sonic Network is described as Fantom 2.0, featuring a new client, validator, virtual machine (FVM), Carmen database, and an optimized Lachesis consensus mechanism, promising enhanced execution efficiency over the original Fantom.
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: 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: 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: LayerZero CEO announces identification of over 338,000 witch addresses ahead of bounty event. Surrender phase concludes, moving into bounty reporting. 803,093 addresses identified as potential witches. Bounty hunt concludes on May 31st. Sybil self-reporting phase ends with 803,093 potential sybil addresses identified. Community bounty hunt to begin for sybil addresses.
Next news: The United States released its April non-seasonally adjusted CPI with a year-on-year rate of 3.4%, in line with expectations and unchanged from the previous value of 3.5%. The April non-seasonally adjusted core CPI had a year-on-year rate of 3.6%, also meeting expectations and slightly lower than the previous value of 3.8%. The core CPI for April retreated as expected to 0.3% on a monthly basis, marking a new low since December last year. Following the slightly lower-than-expected CPI data, traders remained steadfast in their bets on the Federal Reserve cutting interest rates in September and December.
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.
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.