Crypto Price Today: Bitcoin Eyes $100K While Ethereum Tests Key Resistance

Crypto Price Today: Bitcoin Eyes $100K While Ethereum Tests Key Resistance
Published on

Crypto Price Today, May 7, 2025: Bitcoin Nears $100K, Ethereum Rallies, Altcoins Flash Green

As of May 7, 2025, the global cryptocurrency market is experiencing a phase of cautious consolidation. The total market capitalization is approximately US$2.99 trillion, reflecting a 1.55% increase over the last 24 hours. This slight uptick indicates a market in flux, with investors closely monitoring key assets for signs of sustained momentum.

Bitcoin, in particular, is drawing attention as it edges closer to the highly anticipated US$100,000 mark, a milestone that could redefine market sentiment. A breakout beyond this psychological barrier will likely trigger fresh institutional inflows and retail enthusiasm, reinforcing its dominance in the crypto landscape.

Bitcoin (BTC): Holding Steady Amid Anticipation

Bitcoin (BTC) continues to demonstrate resilience, currently trading at $96,462. The cryptocurrency briefly surged past US$97,500 before settling back, showcasing its volatility and the market's sensitivity to macroeconomic cues. With the Federal Open Market Committee (FOMC) meeting on the horizon, traders are positioning themselves for potential policy shifts that could impact market dynamics.

Institutional interest remains mixed. While BlackRock's Bitcoin ETF experienced significant inflows, Fidelity's counterpart reported zero daily inflows on May 7, indicating a cautious stance among some institutional investors.

Bitcoin derivatives data reveals a significant surge in trading activity, with volume spiking by 41.40% to US$97.21 billion, and options volume rising by 42.54%, indicating heightened market speculation. Open interest stands at US$63.80 billion, reflecting a 2.13% increase, which suggests growing confidence among traders. The long/short ratio (24h) of 1.0263 shows a slight bullish tilt, while top trader positions on Binance show a strong long bias at 1.3425.

Ethereum (ETH): Navigating Resistance Levels

Ethereum (ETH) is trading at US$1,827.51, showing an increase of 1.31% over the previous day. The asset is approaching a critical juncture, with analysts suggesting that a daily close above US$1,850 could pave the way for a push towards US$1,910. Conversely, failure to breach this resistance may result in a pullback to support levels around US$1,775.

The upcoming Pectra upgrade, scheduled for May 7, is a focal point for investors, as it promises enhancements to network speed and scalability . The market's reaction to this upgrade will be pivotal in determining Ethereum's short-term trajectory.

Solana (SOL) and Cardano (ADA): Diverging Paths

Solana (SOL)

Solana is currently trading at US$146.08, reflecting a modest uptick of 0.83% in the last 24 hours. The asset has been consolidating, with analysts eyeing a potential breakout towards the US$220 mark if momentum builds. Notably, the Solana ecosystem has seen significant growth, with stablecoin market capitalization reaching an all-time high of US$13 billion.

Cardano (ADA)

Cardano is trading at US$0.6787, experiencing a slight increase of 2.27% in the last 24 hours. The asset faces resistance in the US$0.68 – US$0.70 range, with recent attempts to breach this level proving unsuccessful. However, ongoing developments within the Cardano ecosystem, including potential updates, may provide the impetus for a sustained upward move.

Meme Coins: Dogecoin and Shiba Inu

Dogecoin (DOGE)

Dogecoin is trading at US$0.1720, showing a slight increase. Analysts suggest that DOGE may test local support at US$0.162, with potential for a rebound towards US$0.18 and possibly US$0.20 if buying pressure intensifies.

Shiba Inu (SHIB)

Shiba Inu is trading at US$0.0000128, marking a modest gain of 0.97%. The asset has seen increased accumulation, with 109 new SHIB millionaire wallets emerging in April, indicating growing investor interest despite recent volatility.

Other Altcoins: TRON (TRX) and Avalanche (AVAX)

TRON (TRX)

TRON is trading at US$0.2442, experiencing a slight decline. The network has recently seen a significant influx of stablecoins, with an additional US$1 billion USDT added, potentially setting the stage for increased trading activity and liquidity. This movement suggests renewed confidence in the TRON network as a settlement layer for stablecoins, especially within the Asia-Pacific region.

Avalanche (AVAX)

Avalanche is currently priced at US$19.47, showing moderate consolidation after recent gains. The AVAX ecosystem continues to expand, particularly in tokenized assets and DeFi platforms. Recent developer activity and partnerships with institutional finance players have positioned Avalanche as a key layer-1 competitor. If bullish sentiment persists, AVAX could challenge resistance levels near the US$42 – US$45 range in the coming weeks.

Conclusion: Market Poised for Potential Breakout

The cryptocurrency market is currently in a state of cautious optimism. Major assets like Bitcoin and Ethereum hold critical support levels, while altcoins such as Solana and Cardano show signs of potential upward movement. Meme coins continue to attract retail interest, and developments within networks like TRON suggest increasing activity. Investors should remain vigilant, monitoring macroeconomic indicators and network-specific developments that could influence market dynamics in the coming weeks.

ICO Desk | Crypto News
icodesk.io