Crypto Market Overview
Let's turn our attention to today's overall Crypto market situation.
As of 11:59 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 2.82% compared to yesterday; the total trading volume is 98.03 billion US dollars, marking a rise of 25.2% from the previous day.
Cryptocurrency Market Update
According to sosovalue, the price of $BTC is 70,972 USD, an increase of 2.92% from yesterday. The market cap of $BTC is 1.40 trillion USD, accounting for 50.4% of the total market cap; $BTC's 24-hour trading volume is 29.86 billion USD, making up 30.5% of the total trading volume.
The price of $ETH is 3,804.3 USD, up 1.05% from yesterday; the market cap of $ETH is 457.07 billion USD, representing 16.5% of the total market cap; $ETH's 24-hour trading volume is 12.61 billion USD, comprising 12.9% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 66.9% of the total cryptocurrency market cap, and their combined trading volumes constitute 43.4% of the total trading volume.
Top 5 Token Gainers of the Day
After reviewing the overall crypto market situation, let's shift our focus to the top 5 token gainers of the day:
As of 12:00 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Efforce (WOZX). As of 11:55 today, its market cap is 18.48M USD, with a coin price of 0.029673 USD, witnessing a 24-hour increase of 115%.
The second is BEER. As of 11:55 today, its coin price is 0.00046940 USD, with a 24-hour increase of 111%.
The third is MaidSafeCoin (eMAID). As of 11:55 today, its coin price is 0.95233 USD, showing a 24-hour increase of 50.1%.
In fourth place is Celsius Network (CEL). As of 11:55 today, its coin price is 1.5630 USD, with a 24-hour rise of 49.7%.
In fifth place is BitMart (BMX). As of 11:55 today, its coin price is 0.48520 USD, increasing by 44.4% over the last 24 hours.
Crypto Market Sector Performance
Moving on, let's take a look at the sector performance in the crypto market.
According to sosovalue, out of 16 sectors, 15 are up and 1 is down. Notably, CeFi, SocialFi, and Layer1 sectors are worth mentioning.
CeFi sector has risen 7.79% relative to the UTC 0 time, led by gains in CEL (49.9%), BMX (44.7%), and BNB (8.34%).
SocialFi sector has increased 6.19% relative to UTC 0, with XTM (11%), TON (7.38%), and GAL (6.46%) leading the rise.
Layer1 sector has risen 5.24%, with CKB (20.5%), ALPH (19.5%), and ASTR (11.3%) leading the rise.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Bitfinex analysts suggest that the cryptocurrency market has transitioned into an accumulation phase, indicating a potential price increase. Investors are consistently buying Bitcoin ($BTC) and Ethereum ($ETH) at a growing rate. The shift from consolidation to accumulation is evident in Bitcoin ETFs and exchange reserves. Despite a pullback in Bitcoin price after reaching $73,700 in mid-March, indicators like increasing accumulation addresses and reduced exchange reserves signal bullish sentiment. Swissblock analysts also highlight key resistance levels for Bitcoin's price movement.
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: K33 Research's reports highlight the potential impact of Ethereum ETFs on the market, with predictions of over 1 million $ETH accumulation and significant price appreciation. U.S. spot Ethereum ETFs could absorb up to 1.26 million $ETH, attracting billions in net inflows. Analysts foresee a supply 'shock' for Ether with $4 billion ETF inflows.
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 worth around 201 million US dollars. On the other hand, the US Bitcoin spot ETFs saw a substantial net inflow of $887.1 million, marking the second-highest net inflow day in history. The $BTC spot ETFs have been experiencing consistent inflows for several days, with notable contributions from various ETFs like Fidelity and Bitwise.
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: 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: Tether invests $18.75 million in XREX Group to support cross-border B2B payments with USDT and launch a stablecoin XAU1 backed by Tether Gold. XREX plans to promote USDT cross-border payments in emerging markets, develop regulatory technology tools with Tether, and collaborate with Unitas Foundation to introduce a USD-backed stablecoin XAU1 using Tether Gold as excess reserves. XREX operates under a registered VASP in Taiwan Finance and recently obtained a Singapore license. The investment aims to enhance cross-border payments, financial inclusion, and boost crypto adoption.
Next news: Bithumb, the second largest exchange in South Korea, introduced XAI Korean Won market trading on June 5, leading to a nearly 10% rise in XAI's value to $0.95. XAI is a Layer3 network of the Arbitrum ecosystem.
Next news: Multiple U.S. politicians urge President Biden to take action to rescue Binance executive Tigran Gambaryan detained in Nigeria on unfounded charges. Gambaryan, accused of money laundering and tax evasion, has been held for over three months in Kuje prison under harsh conditions. The U.S. officials believe the accusations are baseless and view them as an attempt by Nigerian authorities to extort Binance. They emphasize the urgent need to bring Gambaryan back and highlight the lack of access to legal counsel due to Nigerian restrictions.
Next news: FTX has settled a $24 billion tax claim with the IRS, agreeing to pay $200 million as a priority claim and $685 million as a lower priority claim. The settlement aims to aid in compensating customers and creditors. The agreement is part of FTX's bankruptcy proceedings and will be finalized pending court approval.
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.