SoSo Daily Jun 5
Crypto Market Overview
Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM on June 5, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.77 trillion US dollars, witnessing an increase of 2.63% compared to yesterday; the total trading volume is 95.93 billion US dollars, marking a decline of 9.3% from the previous day.
Cryptocurrency Market Update
According to sosovalue, the price of $BTC is 71,000 USD, an increase of 2.96% from yesterday. The market cap of $BTC is 1.40 trillion USD, accounting for 50.5% of the total market cap; $BTC's 24-hour trading volume is 29.86 billion USD, making up 31.1% of the total trading volume.
The price of $ETH is 3,789 USD, up 0.717% from yesterday; the market cap of $ETH is 455.23 billion USD, representing 16.4% of the total market cap; $ETH's 24-hour trading volume is 12.61 billion USD, comprising 13.1% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 66.9% of the total cryptocurrency market cap, and their combined trading volumes constitute 44.2% 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 12:00 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Efforce (WOZX). As of 05:55 today, its market cap is 15.53M USD, with a coin price of 0.024932 USD, witnessing a 24-hour increase of 162%.
The second is Findora (FRA). As of 05:55 today, its coin price is 0.00076460 USD, with a 24-hour increase of 62.5%.
The third is BEER (BEER). As of 05:55 today, its coin price is 0.00033140 USD, showing a 24-hour increase of 57.3%.
In fourth place is BitMart (BMX). As of 05:55 today, its coin price is 0.53430 USD, with a 24-hour rise of 56.5%.
In fifth place is MaidSafeCoin (eMAID). As of 05:55 today, its coin price is 0.94844 USD, increasing by 49.3% 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, 15 are up and 1 is down. Notably, CeFi, SocialFi, and Layer1 sectors are worth mentioning.
CeFi sector has risen 10.5% relative to the UTC 0 time, led by gains in BMX (48.1%), CEL (20.9%), and BNB (11.7%).
SocialFi sector has increased 8.08% relative to UTC 0, with XTM (12.8%), TON (9.8%), and KIN (3.78%) leading the rise.
Layer1 sector has risen 6.44%, with CKB (18.6%), ALPH (16.4%), and ASTR (13.8%) leading the rise.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Bitfinex analysts point out that the crypto market has entered a reaccumulation phase, indicating that prices may rise. Investors are buying Bitcoin and Ethereum at a consistent pace. Changes in Bitcoin ETFs and exchange reserves suggest the market is transitioning from a consolidation phase to a reaccumulation phase. The increase in accumulation addresses and transaction volumes for Bitcoin and Ethereum shows bullish sentiment among investors. The decrease in Bitcoin exchange reserves is seen as a bullish signal, reducing the amount of $BTC available for sale in the market.
Next news: Binance Coin (BNB) experiences significant price surges, breaking through various price levels and achieving new all-time highs. On June 4 and 5, BNB's price surged, surpassing $650, $660, $670, $680, and hitting a new all-time high above $693. The increases ranged from 1.90% to 10.29% within 24 hours, as reported by Binance and OKX market data.
Next news: 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 partnered to provide real-time inbound and outbound cash payments for German crypto traders using German International Bank Account Numbers (IBAN). This collaboration aims to enhance the efficiency and speed of crypto transactions in Germany. BitPanda will use an API-based account solution to access IBANs, improving fund transfer efficiency and security. All fiat deposits or withdrawals will be settled in real-time through Deutsche Bank. The partnership emphasizes the importance of banks in cryptocurrency adoption and compliance.
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 approximately 2,920 $BTC valued at around 201 million US dollars. On the other hand, the US Bitcoin spot ETFs witnessed a substantial net inflow of $887.1 million on June 5, marking the second-highest net inflow day in history.
Next news: Polygon Labs acquires Toposware, a zero-knowledge-focused blockchain research and engineering firm, as part of its strategy to enhance zero-knowledge capabilities. This marks Polygon Labs' third major zero-knowledge acquisition in less than three years. The financial details were not disclosed, but Toposware was last valued between $20 million and $30 million. Toposware's CEO, Theo Gauthier, will join Polygon Labs' engineering team. Polygon Labs has invested over $1 billion in zero-knowledge technology and firms, with previous acquisitions including Hermez Network and Mir Protocol. The acquisition aims to improve interoperability across ZK-powered Ethereum Layer 2s.
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: Ark Labs has launched a new Bitcoin Layer 2 payment network based on the Ark protocol to enhance user experience by providing a streamlined solution that maintains self-custody. The team behind Bitcoin's Layer 2 Ark Protocol has established a new company to compete with the Lightning Network, aiming to enhance Bitcoin's scalability and transaction efficiency. Ark Labs has developed a Bitcoin Layer 2 payments network based on the Ark protocol to simplify transactions, involving Ark Service Providers for low-cost transfers and on-chain redemption, funded by Vulpem Ventures.
Next news: DWF Labs will invest $12 million in FLOKI to support its ecosystem, purchasing tokens from the market and the Floki vault. This follows a previous $10 million investment in February. The investment aims to bolster the project's ecosystem and upcoming product launches, including the Valhalla metaverse game.
Next news: K33 Research's report highlights the anticipation surrounding the Ethereum ETF launch, with expectations of accumulating over 1 million ETH. Additionally, analysts project that U.S. spot Ethereum ETFs could absorb up to 1.26 million $ETH in the initial five months of trading, potentially attracting billions in net inflows. The approval of 19b-4 forms for eight spot Ethereum ETFs by the U.S. SEC from firms like BlackRock and Fidelity sets the stage for significant supply absorption and potential price appreciation in ETH.
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.