Crypto Price Today: Bitcoin Holds $94K, Ethereum Pushes Higher, XRP Tests Support

Crypto Price Today: Bitcoin Holds $94K, Ethereum Pushes Higher, XRP Tests Support
Published on

Bitcoin Maintains Strength Above $94K Amid ETF Surge

The global cryptocurrency market is witnessing a consolidation period. Total market capitalization stands at US$2.94 trillion, showing a slight dip of 0.09% in the last 24 hours. Such a minor dip gives opportunities for caution and steadiness in market sentiment as investors analyze recent gains and market dynamics. Short-term fluctuations do nothing to foul up the bullish trend, supported by resilient price floors in major assets. 

With Bitcoin eyeing the US$100,000 mark and Ethereum showing signs of building momentum, the market appears poised for a potential breakout in the coming weeks.

Bitcoin (BTC): Steady Above $94,000

Bitcoin remains resilient and is trading at US$94,523, a minor increase of 0.12% from its last close. The coin has been holding above US$94,000, with intraday movement between the ranges of US$93,702 and US$95,118. This stability speaks to ongoing confidence among investors as BTC hovers near the key resistance levels.

Meanwhile, Bitcoin's market dominance hit 63.86%, signifying its role as a leader. Yet, institutional interest appears to be mixed. 

According to Farside Investors (@FarsideUK), BlackRock's Bitcoin ETF saw a significant daily inflow of US$531.2 million, indicating strong institutional buying interest. This surge in ETF flows is a bullish signal, often correlating with upward price momentum for Bitcoin and increased market liquidity. 

Fidelity's Bitcoin ETF experienced a net outflow of US$57.8 million on May 6, 2025, indicating a bearish sentiment among institutional investors. This outflow may affect short-term Bitcoin price volatility and signal potential profit-taking or risk-off behavior among ETF holders.

Ethereum (ETH): Testing Resistance Levels

Ethereum is currently trading at US$1,805, showing a slight uptick of 0.04% over the last 24 hours, while intraday highs came in at US$1,829.05 with a low of US$1,796. The micro gains, though, are indeed pushing Ethereum to test the resistance levels around the US$1,800 mark. 

In terms of market perception, it is bullish on Ethereum as it is supported by a score of 78 on the Fear and Greed Index, which indicates a state of Extreme Greed. However, on the other hand, it has been noted that BlackRock's Ethereum ETF posted zero inflows for May 6, 2025, suggesting investors might have put institutional buying on hold.

XRP (Ripple): Navigating Volatility Amidst Mixed Signals

XRP is currently trading at $2.12, marking a 2.28% decline over the past 24 hours. The cryptocurrency has experienced intraday fluctuations between $2.10 and $2.19, reflecting ongoing market volatility.

According to recent analysis, XRP is at a critical spot. The derivatives markets are bearish, highlighted by a long/short ratio of 0.94, indicating downside pressure. Key supports to watch include the $2.05 and $1.88.

Crypto analyst Dark Defender said that XRP recently faced resistance at $2.22 and $2.36, with the price pulling back to $2.13. He believes this pullback was expected and that the market is preparing for the next move up, as long as XRP holds above the $2.00 level.

Meme Coins: Dogecoin and Shiba Inu

The Dogecoin price is currently at US$0.1694, down 1.79% in the last 24 hours, and Shiba Inu is at $0.00001268, down 1.63%. These meme coins continue to attract retail investors seeking high-risk, high-reward opportunities, but on the price side, there is extreme volatility.

Other Altcoins: Solana, Cardano, and TRON

  • Solana (SOL): Trading at US$144.53, down 1.27%. 
  • Cardano (ADA): Priced at US$0.6595, a decrease of 3.44%. 
  • TRON (TRX): Currently at US$0.2466, down 1.3%.

These altcoins show mixed performances, reflecting the broader market's cautious stance.

Conclusion: Market Poised for Next Move

The cryptocurrency market today exhibits a cautious yet slightly bullish sentiment, major assets like Bitcoin and Ethereum are holding critical support levels. While the inflows from institutional investors depict a contradictory scene, the overall market remains stable, considering that upward moves can take place. Investors are advised to keep an eye on global economic indicators and market trends.

ICO Desk | Crypto News
icodesk.io