SoSo Daily May 19

As of 5:59 AM on May 19, 2024, the total market cap of the crypto market is 2.25 trillion US dollars, experiencing a decrease of 2.58% in the last 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 67,097 USD, a increase of 0.363% from yesterday. The market cap of $BTC is 1.32T USD, accounting for 58.8% 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 3,119.2 USD, up 0.705% from yesterday; the market cap of $ETH is 374.69B USD, representing 16.7% 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 75.5% 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 the latest data, the top five gainers are:
Top 1 gainer is Doland Tremp. As of 05:55 today, its market cap is 125.98M, with a coin price of 1.2600 USD, witnessing a 24-hour increase of 33.8%.
The second is SeaPad. As of 05:55 today, its coin price is 0.14751 USD, with a 24-hour increase of 23%.
The third is Tottenham Hotspur FC Fan Token. As of 05:55 today, its coin price is 2.9330 USD, showing a 24-hour increase of 19.7%.
In fourth place is V.SYSTEMS. As of 05:55 today, its coin price is 0.0015550 USD, with a 24-hour rise of 19%.
In fifth place is Dark Frontiers. As of 05:55 today, its coin price is 0.043870 USD, increasing by 18.6% 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 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: LayerZero starts the second phase of sybil hunt, zkSync teases token issuance, and Eclipse founder resigns.
Next news: Two newly created addresses withdrew 12.73 million BLZ from Binance in the past 24 hours, equivalent to approximately US$4.03 million. BlockBeats reported that on May 19, according to Lookonchain monitoring, in the past 24 hours, 2 newly created wallets withdrew 12.73 million BLZ (about 4.03 million US dollars) from Binance.
Next news: A whale sold 732,481 WIF and 716,344 POPCAT, losing over $400,000 in three days. BlockBeats reported that, according to Lookonchain monitoring, the sale occurred an hour ago, with the WIF sold for about $1.85 million and the POPCAT for about $281,000. The whale had originally purchased the WIF for about $2.18 million and the POPCAT for about $361,000. The loss amounted to $336,000 on WIF and $80,000 on POPCAT.
Next news: Former BNB Chain Growth Director Tomasz Wojewoda has joined Match Chain as Chief Strategy Officer, as reported by TheBlock on May 18.
Next news: In Q1 2024, the crypto funding landscape saw a significant surge, with startups receiving $2.4 billion across 518 deals, marking a 40.3% increase in investment capital and a 44.7% increase in transaction volume compared to the previous quarter. Infrastructure startups led the financing, with notable rounds for Ethereum staking platform EigenLayer and fully homomorphic encryption platform Zama. The largest deal was secured by Together AI, raising $106 million with a pre-investment valuation of $1.1 billion. Valuations and deal sizes across stages have also seen substantial increases year-over-year.
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: Recent data suggests that the chances of Ethereum ETF approval are promising, but Solana poses a major hurdle. Ethereum has been facing speculation around the dismissal of Ethereum ETFs approval due to the SEC’s silence and its proof-of-stake mechanism. Despite potential for a positive surprise in approval odds estimated around 30-40%, competition from other Layer 1 chains, especially Solana, is impacting Ethereum’s dominance. Solana’s growth in decentralized exchange volume and popularity of memecoins on its network are driving users away from Ethereum. Meanwhile, Ethereum's price has seen a slight increase, trading at $3,117.82, indicating a 2.11% appreciation, but its network growth is declining, showing waning interest from new users.
Next news: Ethereum recovers above $3,300 according to OKX market data on May 17, but is now quoted at $3,008, marking a 24-hour drop of 0.33%. Ethereum rebounded and broke through $3,100, with a 24-hour increase of 5.23%. According to OKX market data on May 17, Ethereum's price rebounded above $3,100 and is now quoted at $3,100.61, marking a 24-hour increase of 5.23%. Ethereum's price surged to $3,100, marking a significant rally attributed to a favorable court ruling and increased network activity. This rise, the first in ten days, was driven by a 5.5% increase on May 17, influenced by stagnant U.S. retail sales data leading to speculation about a potential interest rate cut by the Federal Reserve. The market's shift towards scarce assets like cryptocurrencies was further bolstered by a U.S. Department of Justice indictment, which positively highlighted Ethereum's decentralized nature, boosting investor confidence. This confidence was also supported by the network's dominance in decentralized applications (DApps) activity, with Ethereum's DApps volume significantly outpacing its competitors. Despite the low odds of U.S. spot Ethereum ETF approval, the network's strength and investor interest in Ethereum remain high. Ethereum nears $3,200, jumping 10% in value, indicating a potential bullish breakout. The leading altcoin, Ethereum ($ETH), is on the verge of breaching a long-term resistance level, aiming for a price level above $3,200. At press time, Ethereum's value stands at $3,100, having risen nearly 10% over the last week, mirroring the uptick in the general crypto market, which saw a 9% increase in global cryptocurrency market capitalization. A descending channel pattern, indicating a broader downward trend, has been observed since March 12, with Ethereum's price declining by 20% since then. However, the recent surge towards the upper line of this channel suggests a decline in selling pressure, supported by positive indicators such as the Chaikin Money Flow crossing above the zero line and a 40% increase in $ETH's daily trading volume. Additionally, Ethereum's Positive Directional Index has crossed above its Negative Index, and the Elder-Ray Index shows positive value, indicating a dominant bullish presence in the market. If Ethereum successfully breaks above the descending channel, its next price point could be above $3,200. Conversely, if selling pressure mounts, the price could fall to $2,775 towards support.
Next news: A whale bought 4.17M $ARB at $1.03 12 hours ago. This whale has been trading $ARB since July 18, 2023. He has bought a total of 39M $ARB at an average price of $1.25 and sold 37.5M $ARB at an average price of $1.2, losing more than $2M. Currently holding 5.98M $ARB.

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.