SoSo Daily Jun 4
Crypto Market Overview
Let's turn our attention to today's overall Crypto market situation.
As of 5:59 PM on June 4, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.75 trillion US dollars, witnessing an increase of 1.84% compared to yesterday; the total trading volume is 80.75 billion US dollars, marking a decline of 10.1% from the previous day.
Cryptocurrency Market Update
According to sosovalue, the price of $BTC is 70,577 USD, an increase of 1.89% from yesterday. The market cap of $BTC is 1.39 trillion USD, accounting for 50.6% of the total market cap; $BTC's 24-hour trading volume is 16.14 billion USD, making up 20% of the total trading volume.
The price of $ETH is 3,814.4 USD, up 0.904% from yesterday; the market cap of $ETH is 458.28 billion USD, representing 16.7% of the total market cap; $ETH's 24-hour trading volume is 9.92 billion USD, comprising 12.3% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.3% of the total cryptocurrency market cap, and their combined trading volumes constitute 32.3% of the total trading volume.
Top 5 Token Gainers of the Day
After reviewing the overall crypto market situation, let's shift our focus to the top 5 token gainers of the day:
As of 17:45, according to sosovalue, the top five gainers are:
Top 1 gainer is Raft (RAFT). As of 17:45 today, its market cap is 722.54K USD, with a coin price of 0.0014000 USD, witnessing a 24-hour increase of 83.6%.
The second is pSTAKE Finance (PSTAKE). As of 17:45 today, its coin price is 0.15535 USD, with a 24-hour increase of 55.1%.
The third is Efforce (WOZX). As of 17:45 today, its coin price is 0.015032 USD, showing a 24-hour increase of 54.1%.
In fourth place is MaidSafeCoin (eMAID). As of 17:45 today, its coin price is 0.94460 USD, with a 24-hour rise of 48.8%.
In fifth place is Findora (FRA). As of 17:45 today, its coin price is 0.00070330 USD, increasing by 42.6% over the last 24 hours.
Crypto Market Sector Performance
Moving on, let's take a look at the sector performance in the crypto market.
According to sosovalue, out of 16 sectors, 12 are up and 4 are down. Notably, CeFi, SocialFi, and Layer1 sectors are worth mentioning.
CeFi sector has risen 6.42% relative to the UTC 0 time, led by gains in BNB (7.36%), VGX (6.39%), and APX (5.94%).
SocialFi sector has increased 5.14% relative to UTC 0, with XTM (8%), TON (6.45%), and CYBER (3.35%) leading the rise.
Layer1 sector has risen 3.64%, with ALPH (24.3%), CKB (18.3%), and ROSE (14.2%) leading the rise.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Core Scientific has signed a lucrative 12-year contract with AI supercomputing company CoreWeave, expected to generate over $3.5 billion in total revenue. The contract involves Core Scientific providing 200 megawatts of infrastructure and transforming existing sites to support CoreWeave's operations, with the sites expected to be operational by the first half of 2025. This partnership aims to diversify Core Scientific's business model and balance its portfolio between Bitcoin mining and alternative computing hosting.
Next news: Deutsche Bank and BitPanda have joined forces to offer real-time crypto payments for German users, enhancing transaction efficiency and security. Through an API-based account solution, BitPanda gains access to German IBANs for seamless fiat transactions via Deutsche Bank. This partnership signifies a step towards mainstreaming cryptocurrencies with a focus on compliance and security.
Next news: Hong Kong Bitcoin Spot ETF had a net inflow of 456.42 $BTC, equivalent to about 31 million US dollars, holding a total of about 2,920 $BTC worth approximately 201 million US dollars. On the other hand, $BTC spot ETFs experienced a total net inflow of $105.12 million on June 3, with Fidelity's ETF FBTC leading with a daily net inflow of $77.05 million. Grayscale's ETF GBTC had a net outflow of $0.00, while Bitwise's ETF BITB had a daily net inflow of $14.31 million. The total net asset value of Bitcoin spot ETFs stands at $59.42 billion, with a historical cumulative net inflow of $13.96 billion.
Next news: The crypto market on June 4, 2024, witnessed fluctuations with the total market cap at 2.70 trillion USD and significant changes in trading volume. $BTC and $ETH prices experienced fluctuations, with $BTC at 69,096 USD and $ETH at 3,774.5 USD. The top 5 token gainers included WOZX, LINA, LOBO, PSTAKE, and NOT. Sector performance showed variations, with SocialFi rising and the Meme sector falling. Key news included the implementation of MICA stablecoin rules in the EEA, Australia's first spot Bitcoin ETF launch, and MicroStrategy settling a tax evasion lawsuit.
Next news: Coinbase donated $25 million to the pro-crypto Federal Super Political Action Committee Fairshake to support pro-crypto candidates in this year's elections. The donation aims to defend the rights of Coinbase's customers and promote crypto-friendly legislation. Coinbase emphasized that its support is non-partisan, highlighting that crypto ownership crosses party lines. Additionally, Coinbase will back the grassroots organization StandWithCrypto.org, which advocates for pro-crypto policies and has gathered nearly 1 million signatures. Fairshake, as a Super PAC, can run ads for candidates but cannot directly donate to them. This donation follows similar contributions from Ripple and venture firm a16z, bringing Fairshake's total funds to around $160 million, making it one of the best-funded Super PACs in the U.S. Cryptocurrency has become a significant issue in this year's presidential election, with both the Trump and Biden campaigns engaging with the crypto community.
Next news: Bitfinex analysts indicate that the adjustment phase of the crypto market has ended, and investors have entered the re-accumulation phase, signaling an imminent market rise. The accumulation addresses and average transaction size of Bitcoin and Ethereum have increased, and investor sentiment is bullish. The decrease in Bitcoin exchange reserves is seen as a bullish signal. After Bitcoin's price broke through $70,000 on June 4th, it fell below $69,000 due to long-term holders selling off, but market bullish sentiment has strengthened.
Next news: On June 30, 2024, the new MICA stablecoin rules will be implemented in the European Economic Area (EEA) by Binance, impacting the stablecoin market. Binance will restrict the availability of 'unauthorized stablecoins' for EEA users, maintaining sell-only mode for these stablecoins in Binance Convert, coexistence of trading pairs with unauthorized and regulated stablecoins in spot trading, and continued custody and wallet services for unauthorized stablecoins. The adjustments aim to facilitate a smooth transition to regulated stablecoins, ensuring compliance with the new regulations.
Next news: Australia's first spot Bitcoin ETF will start trading tomorrow. Blockbeats News, June 3, according to market news, Australia's first spot Bitcoin ETF will start trading tomorrow.
Next news: Bernstein analysts believe the SEC's approval of spot Ethereum ETFs was not politically influenced, despite previous speculations following President Biden's veto of a bill that would repeal SAB 121. The decision is seen as a significant move in the cryptocurrency market, with analysts predicting positive price action for Ethereum post-ETF launches. Additionally, the approval is viewed as a win for the cryptocurrency industry, aligning with a court opinion favoring Grayscale in its case against the SEC over Bitcoin ETF conversion.
Next news: On June 4, BNB experienced significant price movements, briefly breaking through $650 and later surpassing the $660 mark, as reported by Binance market data. The cryptocurrency is currently quoted at $648.9 with a 1.90% increase in the last 24 hours.
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.