SoSo Daily May 19

As of 5:59 PM on May 19, 2024, the total market cap of the crypto market is 2.25 trillion US dollars, showing a decrease of 2.58% from the previous day. The total trading volume is 72.92 billion US dollars, indicating an increase of 23.9% from the previous day.

According to sosovalue, the price of $BTC is 66,720 USD, a decrease of 0.219% from yesterday. The market cap of $BTC is 1.31T USD, accounting for 58.5% 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 3,073 USD, down 1.32% from yesterday; the market cap of $ETH is 369.14B USD, representing 16.4% 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 74.9% 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 Zephyr Protocol. As of 17:55 today, its market cap is 21.59M, with a coin price of 5.5540 USD, witnessing a 24-hour increase of 88.9%.
The second is Raft. As of 17:55 today, its coin price is 0.0010711 USD, with a 24-hour increase of 67.3%.
The third is Cream. As of 17:55 today, its coin price is 83.960 USD, showing a 24-hour increase of 44.1%.
In fourth place is Calamari Network. As of 17:55 today, its coin price is 0.0013611 USD, with a 24-hour rise of 26.6%.
In fifth place is Peng. As of 17:55 today, its coin price is 0.28272 USD, increasing by 26.5% 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, NFT sector has fallen -3.08% relative to the UTC 0 time, led by declines in vee (-11%), TNSR (-10.5%), and talk (-5.99%).
GameFi sector has decreased -3.49% relative to UTC 0, with GOG (-7.87%), aury (-7.77%), and brn (-7.23%) leading the decline.
Layer2 sector has fallen -4.29%, with MERL (-11.8%), SAGA (-10%), and MANTA (-8.49%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:The Venezuelan government plans to disconnect Bitcoin mining farms from the national electricity system to prevent power supply outages. This decision is in response to the high electricity consumption of these mines, which has been causing frequent power outages in surrounding areas. The Ministry of Electricity and Energy aims to ensure reliable service for all Venezuelans. In a related move, Venezuela has implemented a ban on cryptocurrency mining to protect its power grid. This decision follows a recent crackdown that included the confiscation of 2,000 mining devices as part of an anti-corruption initiative. The Venezuelan Ministry of Electric Power plans to disconnect crypto mining farms from the national grid to regulate excessive energy consumption and ensure a stable power supply. This move is part of a larger anti-corruption push, which has seen the arrest of several top officials. The heavy electricity demands of crypto mining have led to recurring blackouts and impacted the country's economic performance. Other countries, such as China and Kazakhstan, have also taken measures against crypto mining to protect their power infrastructure.
Next news: On May 19, an individual turned 13 SOL (about $2,275) into $2.26 million in just 8 hours by buying #1DOL, achieving a profit of 993 times. This person is the largest participant in the BOME pre-sale, having spent 421 SOL (about $72,000) to participate in the pre-sale and buy BOME, and is still the largest individual holder of BOME.
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: Bitcoin ETFs have experienced four consecutive days of positive inflows in the US, coinciding with a rise in Bitcoin's price. This trend suggests a potential return of institutional investors to the cryptocurrency market, possibly indicating the start of a second major wave of buying. The recent inflows totaled $726 million over four days, reflecting growing institutional interest. Despite criticism from some quarters, such as Fed President Neel Kashkari's comparison of Bitcoin to Beanie Babies, the cryptocurrency is being increasingly adopted by pension funds, family offices, banks, and asset managers as a hedge against fiat currency debasement. The positive sentiment in the crypto market is further evidenced by the Fear and Greed Index moving into 'greed' territory. Additionally, technical indicators like the weekly stochastic RSI crossing the 20 level suggest a bullish outlook for Bitcoin, potentially driving its price towards new all-time highs.
Next news: A smart money investor spent 891 SOL to purchase 13 million MAGA tokens in the past 2 hours and made a profit of $1.2 million by trading TREMP. According to BlockBeats report on May 19, based on Lookonchain monitoring, the investor, who had previously earned about $1.2 million through trading TREMP, invested 891 SOL (equivalent to $155,000) to buy 13 million MAGA at an average price of $0.012.
Next news: A whale withdrew 1,590 $BTC from Binance in the past 24 hours, worth about $106 million. According to Lookonchain monitoring, the whale address starting with 124BPP9 bought and withdrew 1,590 $BTC (about 106.8 million US dollars) from Binance.
Next news: A whale sold 1.7 million WIF at a loss to purchase TREMP and BONK, resulting in a price increase for both tokens. The whale initially bought 1.7 million WIF for 25,682 SOL and later sold a portion of it to buy TREMP and BONK. The transactions involved exchanging 1.28 million WIF for 127.16 billion BONK and 410,688 WIF for 966,000 TREMP.
Next news: Kraken's Global Head of Asset Growth and Management, Mark Greenberg, clarified that Kraken has no plans to delist USDT in the European market. The company understands the value of USDT to European customers and will continue to explore all options for providing USDT under the upcoming system. Kraken is committed to providing stability to European customers and will comply with all legal requirements, even those it disagrees with, once the rules are finalized.
Next news: Cardano (ADA) has surpassed the $0.5 mark, with a bullish momentum indicating a potential rise to $1. Despite more than 58% of ADA investors being out of money, market indicators and a bullish flag pattern suggest a continued uptick in price. The 8-hour chart shows a potential for the price to double, possibly reaching $1 in the coming weeks. ADA's MVRV ratio, trading volume, and position above the 20-day EMA all support the bullish outlook. The Chaikin Money Flow (CMF) has shown a sharp increase, further supporting the bullish momentum. However, a drop in velocity indicates less frequent use in transactions, but ADA's price is expected to hit near $0.492 before potentially facing a correction. If it breaks above this level, prices could reach $0.5 or even $0.528 this week.
Next news: A whale deposited $4.54 million worth of PEPE to Binance 13 hours ago to stop losses. BlockBeats reported that on May 19, Spot On Chain monitored that 13 hours ago, the multi-signature address 0x1A2 deposited 457.9 billion PEPE (about 4.54 million US dollars) to Binance to stop losses, and the price of PEPE fell by 6% during this period. In the past 15 days, the whale has lost 717,000 US dollars (-4.69%) due to 2 PEPE transactions, and the price of the currency fell sharply every time it transferred out PEPE.

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.