Crypto Update - May 10, 2025

$BTC has continued its upward momentum, holding steady above the $100,000 mark. As of May 9, Bitcoin's price was approximately $102,852, following a slight dip after a significant rally earlier in the week. This marks its first time above $100,000 since February 1, and it is on track for its fourth consecutive positive week, with an overall increase of more than 6% for the week[1].

Ethereum has also shown notable performance, experiencing an 11% jump recently and achieving its best weekly performance since May 2021. The Ethereum network completed a significant upgrade called Pectra, which aims to reduce network fees and enhance staking capabilities[2]. Despite these gains, $ETH remains down approximately 30% year-to-date compared to Bitcoin's 11% increase[3].

In the altcoin market, $XRP surged to around $2.43 following positive developments related to its legal situation with the SEC. This bullish sentiment could push XRP towards testing higher resistance levels if momentum continues[4].

Institutional interest in Bitcoin remains strong, highlighted by BlackRock’s spot Bitcoin ETF (IBIT), which reported net inflows of $356.2 million, extending its inflow streak to 19 days[5]. This trend indicates growing institutional confidence in Bitcoin as a stable asset amid macroeconomic uncertainties.

Overall, the crypto market is witnessing a blend of optimism driven by institutional investments and technological advancements within major cryptocurrencies.

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