The crypto market registered a stunning increase in the past 24 hours as Bitcoin (BTC) surged to a new all-time high, pulling the rest of the market with it. The flagship cryptocurrency smashed its previous all-time high, surging past $110,000 late Wednesday after teasing the move since the beginning of the week. Momentum sustained itself even after US equity markets closed for the day. BTC is up nearly 4% over the past 24 hours, trading around $111,400.
Buoyed by BTC, Ethereum (ETH) also registered a notable rally, rising almost 2% to reclaim $2,600 and move to $2,636. Ripple (XRP) also registered a substantial rise of over 1% and moved to $2.41, while Solana (SOL) is up nearly 4% as it looks to move towards $176. Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Stellar (XLM), Hedera (HBAR), Toncoin (TON), Polkadot (DOT), and Litecoin (LTC) also registered notable increases.
What’s Driving Crypto’s Latest Rally?
Bitcoin (BTC) shattered its previous all-time high as the flagship cryptocurrency surged past $110,000 and moved to its current level above $111,000. The rally puts BTC in uncharted territory as it enters a price discovery phase. Others, including Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cardano (ADA), also rallied, pushing the crypto market cap into positive territory. Data from Coinglass revealed the rally led to over $500 million in liquidations in the past 24 hours, highlighting the intensity of the breakout.
The main factor driving the crypto market’s latest rally is BTC surging past $110,000 and entering uncharted territory. Analysts suggest the rally could continue, and the price could hit $120,000.
Stablecoin Bill Could Unlock Trillions For US Treasury
White House AI and Crypto Czar David Sacks believes the stablecoin legislation could unlock trillions for the US treasury by boosting Treasury demand. Sacks also said he believes the bill will pass through the Senate with significant bipartisan support. Sacks stated in an interview,
“We already have over $200 billion in stablecoins. It's just unregulated. If we provide the legal clarity and legal framework for this, I think we could create trillions of dollars of demand for our Treasuries practically overnight, very quickly.”
The GENIUS Act cleared a procedural vote in the Senate, with 15 Democrats voting for it to pass the threshold this week. This means the bill's proponents have the necessary votes to avoid a filibuster.
“We have every expectation now that it's going to pass.”
Democrats had previously rejected the GENIUS Act, flagging concerns about President Trump’s cryptocurrency ventures, including a personal meme coin and a stablecoin from his family’s crypto business. According to Democrats, this created an unprecedented conflict of interest.
Stablecoins are cryptocurrencies whose value is tied to a real-world asset. The stablecoin market is dominated by Tether’s USDT, which has a 60% market share. According to Deutsche Bank, stablecoin transactions hit a staggering $28 trillion in 2024, surpassing Mastercard and Visa combined. Sacks believes the GENIUS Act is more than just a crypto breakthrough, describing it as a national economic strategy.
“Stablecoins offer a new, more efficient, cheaper, smoother payment system — new payment rails for the US economy. It also extends the dominance of the dollar online.”
Binance To List USD1 Stablecoin
Binance, the world’s largest cryptocurrency exchange, will list World Liberty Financial’s USD1 stablecoin on May 22, with withdrawals opening the following day. The listing marks a major milestone for the controversial digital Dollar alternative. USD1 is a fiat-backed stablecoin that maintains a 1:1 peg with the US Dollar. USD1 is backed by cash, short-term US Treasuries, and Dollar deposits and is issued and managed by BitGo Trust Company. World Liberty Financial conducts regular reserve audits, although detailed breakdowns remain private.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) shattered its previous all-time high as it surged past $110,000 late Wednesday. The flagship cryptocurrency had teased a move past $110,000 earlier in the week when it briefly crossed the $107,000 mark before losing momentum and registering a marginal decline. BTC has gradually pushed higher during the week despite a tumultuous start, which saw the price dip to a low of $102,135 on Monday. However, the price gradually recovered before moving past its all-time high on Wednesday. BTC reached an intraday high of $111,726 during the ongoing session before registering a marginal decline and moving to its current level of $110,604. Antoni Trenchev, co-founder of the digital asset trading platform Nexo, stated,
“Now that January's high has been surpassed - and the 50 percent upside from April's lows has been achieved - bitcoin enters blue sky territory with tailwinds in the form of institutional momentum and a favorable U.S. regulatory environment.”
BTC sometimes trades in tandem with tech stocks and assets that rise in value when investor sentiment is in positive territory. Earlier in the week, JPMorgan CEO Jamie Dimon said the bank will allow its clients to purchase Bitcoin. Dimon is a long-time crypto skeptic who has criticized BTC and other digital assets on several occasions.
“We're still in year four of the bitcoin price cycle - the year after the bitcoin halving when miner rewards are slashed in half - which historically means its best days are still ahead of it and - while macro uncertainty and the threat of further volatility remains, a target of $150,000 in 2025 is still very much on the cards.”
BTC’s rally mirrors the broader recovery in US equities. The increase comes despite Wednesday’s selloff. The S&P 500 has registered a 15% increase since late April, while the Nasdaq is up over 21%. Analysts attribute the bounce in the traditional and crypto markets to growing optimism about less aggressive trade policies.
BTC started the previous week on a volatile note as buyers and sellers struggled for control. Sellers ultimately gained the upper hand as the price registered a drop of 1.04% and settled at $102,728. BTC recovered on Tuesday, rising 1.36% to $104,123, but fell back on Wednesday, dropping 0.53% to $103,568. The price plunged to an intraday low of $101,459 on Thursday as selling pressure intensified. However, the price rebounded from this level to register a marginal increase and settle at $103,816. Selling pressure returned as BTC registered marginal declines on Friday and Saturday, registering marginal declines and settling at $103,235.
Source: TradingView
Despite the negative sentiment, BTC recovered on Sunday, rising over 3% to cross $106,000 and settle at $106,489. The price plunged to an intraday low of $102,135 on Monday as selling pressure intensified. However, it rebounded from this level to reclaim $105,000 and settle at $105,572, ultimately registering a decline of nearly 1%. Market sentiment turned bullish on Tuesday as BTC rose 1.21% and settled at $106,854. Bullish sentiment intensified on Wednesday as BTC rose almost 3% to cross $109,000 and settle at $109,604, settling a new all-time high. BTC extended its gains during the ongoing session, reaching an intraday high of $111,726 before registering a marginal decline to its current levels.
Analysts believe BTC’s rally could continue as it enters a price discovery phase. The immediate target is $115,000, but a move past this level could see the price reach $120,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) price action has stabilized after a volatile start to the week, with the world’s second-largest cryptocurrency reclaiming the $2,600 level as buying activity picks up. ETH bulls will look to build momentum and push towards $2,800. ETH’s recovery and stunning increase over the past month mean ETH holders are back in profit, increasing the chances of the price crossing the $3,000 mark. However, ETH must first cross the $2,800 resistance, a level where it has faced rejection earlier. Around 2.27 million ETH could be sold at this level. ETH’s latest rally has pushed it above its realized price or cost basis. ETH holders returning to profit after registering unrealized losses has also provided financial relief for holders, reinforcing a bullish outlook for the asset.
Despite ETH’s recent positivity, it started the previous week facing volatility and selling pressure. The price ultimately registered a marginal decline after sellers gained the upper hand. Despite a negative start, ETH rebounded on Tuesday, rising over 7% to cross $2,600 and settle at $2,681. However, it lost momentum on Wednesday, dropping 2.64% and settling at $2,610. ETH declined on Thursday, falling over 2%, slipping below $2,600, and settling at $2,548. Buyers attempted a recovery on Friday as the price rose to an intraday high of $2,648. However, it lost momentum after reaching this level and dropped to $2,537, ultimately registering a marginal decline.
Source: TradingView
Bearish sentiment intensified on Saturday as ETH fell 2.44% to $2,476. The price overcame volatility to register an increase of almost 1% on Sunday and end the weekend on a bullish note. ETH plunged to an intraday low of $2,326 on Monday as selling pressure intensified. However, it rebounded from this level to register an increase of 1.19%, reclaim $2,500 and settle at $2,527. The price registered a marginal decline on Tuesday before rising 1.11% on Wednesday and settling at $2,552. The current session has seen ETH extend its gains, with the price up over 4%, trading around $2,663. Buyers will look to maintain momentum and test the $2,800 resistance. A break above this level could see ETH surge to $3,000. A bullish MACD indicates buyers have the upper hand. However, the RSI is in the overbought zone, suggesting a decline is inevitable.
Despite ETH’s price jump, analysts pointed out that the Active Realised Price sits around $2,900 and remains a key level that must be reclaimed to support continued price appreciation.
“The $2,400–$2,900 range remains a crucial area for Ethereum, acting as both a resistance zone and a potential breakout level essential for maintaining upward momentum.”
Solana (SOL) Price Analysis
Solana (SOL) is rising toward the $180 mark as the blockchain gears up for the release of Seeker. SOL started the previous week positively despite facing volatility, increasing 0.60% to $174. The price plunged to an intraday low of $165 as selling pressure intensified. However, it rebounded from this level to register an increase of 5.50%, crossing $180 and settling at $183. SOL lost momentum after reaching this level and fell nearly 4%, slipping below $180 and the 200-day SMA and settling at $176. The price continued downwards on Thursday, falling over 4% to $169. Sellers retained control on Friday as SOL fell almost 1% and settled at $167.
Source: TradingView
SOL started the weekend in the red as its downtrend continued, dropping 0.89% and settled at $165. The price rebounded on Sunday, rising over 4% to reclaim $170 and settle at $173. Despite the positive sentiment, SOL plunged to an intraday low of $159 on Monday as selling pressure intensified. The price rebounded from this level to reclaim $160 and settle at $166, ultimately registering a drop of almost 4%. SOL recovered on Tuesday, rising 1.05%, and continued to push higher on Wednesday, registering an increase of nearly 3% and settling at $173. The current session sees SOL up almost 4% and trading at $180. If buyers break and close above this level, the price could surge past $200.
Polkadot (DOT) Price Analysis
Polkadot (DOT) registered a substantial decline last week but has rebounded to retake key levels. The altcoin is looking to build momentum and reclaim $5 during the week.
DOT encountered considerable selling pressure and volatility last Monday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as the price registered a marginal decline and settled at $5.07. DOT plunged to an intraday low of $4.83 on Tuesday as selling pressure intensified. However, it rebounded, increasing 2.56%, and settled at $5.20. DOT lost momentum after reaching this level, falling over 4% on Wednesday, slipping below $5 and settling at $4.98. Bearish sentiment persisted on Thursday and Friday as the price registered declines of 4.22% and 0.42% to settle at $4.75.
Source: TradingView
Selling pressure intensified on Saturday as DOT registered a drop of nearly 3% and settled at $4.61. The price rebounded on Sunday, rising 4.12% and settling at $4.80. However, it was back in the red on Monday, dropping over 4% to $4.59, but not before reaching an intraday low of $4.42. Despite the bearish start to the week, DOT recovered on Tuesday, rising over 2% to $4.69. The price continued to push higher on Wednesday, rising 1.28% and settling at $4.75 after reaching an intraday high of $4.88. The current session sees DOT up nearly 4% as it looks to reclaim $5.
Arbitrum (ARB) Price Analysis
Arbitrum (ARB) started the previous week on a bearish note, dropping 4.57% and settling at $0.430 after facing significant volatility. ARB recovered on Tuesday, rising over 6% to $0.457, but was back in the red on Wednesday, falling nearly 7% and settling at $0.426. Bearish sentiment persisted on Thursday as ARB dropped almost 7%, slipping below $0.40 and settling at $0.398. The price reached an intraday high of $0.417 on Friday as buyers attempted a recovery. However, it lost momentum after reaching this level and dropped over 2% to $0.389. Price action remained negative on Saturday as ARB fell 3.51% to $0.376. The price rebounded on Sunday, rising over 5% to end the weekend positively at $0.395.
Source: TradingView
ARB plunged to an intraday low of $0.364 on Monday as selling pressure intensified. However, the price rebounded from this level to settle at $0.391, ultimately registering a marginal decline. The price recovered on Tuesday, rising 0.46% to $0.939. Bullish sentiment intensified on Wednesday as ARB rose over 4% to reclaim $0.40 and settle at $0.411. The current session sees the price up 4.11% as buyers look to push ARB towards $0.450.
Uniswap (UNI) Price Analysis
Uniswap’s (UNI) recent lawsuit concerns did not seem to have much of an impact on its price action, as it continued to push higher during the ongoing session. UNI started the previous week with a marginal decline before rising nearly 3% on Tuesday and settling at $7.09 despite facing volatility. However, the price was back in the red on Wednesday, dropping almost 7%, slipping below $7 and settling at $6.60. Sellers retained control on Thursday as UNI fell nearly 6% and settled at $6.22. UNI reached an intraday high of $6.46 on Friday but lost momentum, dropping 2.42% to $6.07.
Source: TradingView
Bearish sentiment intensified on Saturday as UNI fell nearly 6%, slipping below $6 and settling at $5.73. The price rebounded on Sunday, rising almost 7% to reclaim $6 and settle at $6.12. UNI plunged to an intraday low of $5.66 on Monday as selling pressure intensified. However, the price recovered to settle at $5.93, ultimately registering a drop of 3.03%. UNI recovered on Tuesday, rising 1.36% to reclaim $6 and settle at $6.01. The price continued to push higher on Wednesday, rising 3.51% and settling at $6.22, but not before reaching an intraday high of $6.58. The current session sees UNI up 3.52%, trading at $6.44.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
