SoSo Daily May 29

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM on May 29, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.70 trillion US dollars, witnessing a decrease of 0.793% compared to the previous 24 hours; the total trading volume is 92.41 billion US dollars, marking a decline of 3.78% from the previous day.

According to sosovalue, the price of $BTC is 67,764 USD, a decrease of 0.916% from yesterday. The market cap of $BTC is 1.34T USD, accounting for 49.5% of the total market cap; $BTC's 24-hour trading volume is 18.98B USD, making up 20.5% of the total trading volume.
The price of $ETH is 3,809.5 USD, down 2.43% from yesterday; the market cap of $ETH is 457.66B USD, representing 17% of the total market cap; $ETH's 24-hour trading volume is 15.29B USD, comprising 16.5% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 66.5% 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 11:55, according to the latest data, the top five gainers are:
Top 1 gainer is Shentu. As of 11:55 today, its market cap is 144.97M, with a coin price of 1.0959 USD, witnessing a 24-hour increase of 58%.
The second is Bounce. As of 11:55 today, its coin price is 26.620 USD, with a 24-hour increase of 48.8%.
The third is NFTX. As of 11:55 today, its coin price is 28.701 USD, showing a 24-hour increase of 43%.
In fourth place is Lifeform. As of 11:55 today, its coin price is 0.22083 USD, with a 24-hour rise of 42.5%.
In fifth place is Quiztok. As of 11:55 today, its coin price is 0.0024703 USD, increasing by 25.9% 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, 13 are up and 2 are down. Notably, $ETH sector is worth mentioning.
$ETH sector has fallen 2.43% relative to the UTC 0 time, led by declines in $eth and its change.


Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Healthcare company Semler Scientific has announced its decision to use Bitcoin as its main reserve asset, purchasing 581 bitcoins for a total of $40 million, including fees and expenses. Eric Semler, the chairman of Semler Scientific, highlighted Bitcoin's unique scarcity, limited characteristics, and its potential as an inflation hedge and safe haven during global instability. He also noted Bitcoin's superiority to gold due to its digitalization and structural resilience, suggesting that Bitcoin could generate excess returns as it gains recognition as digital gold. Semler Scientific specializes in developing and selling technology products and services for managing chronic diseases.
Next news: Former FTX executive Ryan Salame has been sentenced to 7.5 years in prison after pleading guilty to two felony charges, including conspiracy to operate an unlicensed money-transmitting business and engaging in campaign finance fraud. This sentencing follows his guilty plea in September 2023 and comes after he reported FTX’s fraudulent activities to the Securities Commission of the Bahamas in November 2022. Salame is one of the first individuals connected to FTX and Alameda Research to receive prison time after Sam Bankman-Fried, who was sentenced to 25 years earlier. Prosecutors had recommended up to seven years in prison for Salame, while his lawyers argued for an 18-month sentence. Salame has also agreed to pay roughly $12 million in penalties and surrender two properties and a business as part of his deal with prosecutors. Other former FTX and Alameda Research executives, including Caroline Ellison, Nishad Singh, and Gary Wang, have pleaded guilty to charges and testified in Bankman-Fried’s trial, with their sentencing yet to be scheduled.
Next news: Bitcoin mining company Riot Platforms Inc. has acquired a 9.25% stake in Bitfarms Ltd. and plans to publicly acquire the smaller bitcoin miner, but Bitfarms rejected Riot's acquisition offer last month. Riot proposed to acquire Bitfarms for $2.30 per share in cash and stock, equivalent to an equity value of $950 million. Riot believes that Bitfarms' recent management changes indicate problems with corporate governance, and plans to call for a vote to add directors to the Canadian company.
Next news: Digital asset investment products saw inflows for the third consecutive week, totaling $1.05 billion last week, bringing the cumulative inflow for the year to a record $14.9 billion. The majority of these funds were directed into Bitcoin ETPs, with $1.01 billion in inflows. Ethereum also saw significant inflows of $36 million, the highest since March, potentially in response to the US approval of the $ETH ETF.
Next news: DWF Labs partner Andrei Grachev announced that the firm is in talks with some meme coins and is willing to deploy a significant amount of funds to promote their growth. More news will be released soon.
Next news: On May 28, the Mt. Gox wallet in Mentougou transferred a significant amount of Bitcoins to unknown wallets, totaling billions of dollars. The transfers ranged from 3,999 $BTC to 34,138 $BTC, with the receiving addresses holding substantial $BTC amounts. This marks a notable movement of funds from the infamous Mt. Gox exchange, indicating a significant asset base still under its control.
Next news: The Ethereum Name Service (ENS) is planning to migrate to a Layer-2 network, called ENSv2, to reduce gas fees and improve transaction speeds. The update aims to introduce new features and improve the core functionality of ENS by transitioning to a Layer-2 network. This includes a hierarchical registry system for managing .eth domain names and customizable governance for name holders. The migration to Layer 2 is expected to enhance scalability and provide a better user experience. ENS Labs has not yet selected a specific Layer-2 network for the migration. The proposed upgrade has received praise from Ethereum co-founder Vitalik Buterin.
Next news: US Bitcoin spot ETFs experienced a net inflow of $45 million, with BlackRock iBit having a net inflow of $102.5 million, Fidelity FBTC with a net inflow of $34.3 million, and GBTC with a net outflow of $105.2 million. This data is from Farside Investors on May 29.
Next news: HashKey Capital deposited 624,804 Pendle into Binance, achieving a profit of nearly $10 million. According to Lookonchain monitoring, this transaction occurred on May 28, showcasing HashKey's strategy of buying Pendle at low prices and selling at high prices.
Next news: Bernstein, a prominent financial research firm, has projected significant growth for the cryptocurrency exchange-traded funds (ETFs) market, particularly for Bitcoin and Ether ETFs. According to their latest report, the market could see inflows exceeding $100 billion within the next two years. This optimistic forecast suggests a substantial expansion of the cryptocurrency investment landscape, with the Bitcoin and Ether ETF markets potentially growing to a combined value of $450 billion.

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.