On May 6, 2025, the crypto market faced minor pullbacks, with Bitcoin dipping below $94K and Ethereum losing its $1,800 range. Institutional interest remains steady, but various altcoins experienced volatility. Bitcoin’s dominance is strong as investors await further indications from the U.S. Federal Reserve.
The cryptocurrency market saw a slight dip today, May 6, 2025, as Ethereum (ETH) fell beneath the $1,800 mark while Bitcoin (BTC) also dipped, settling around $94K. ETH lost nearly 2% and traded at approximately $1,772. This slight slump seemed to set the tone for numerous altcoins, which experienced both impressive rallies and noticeable losses.
Bitcoin is currently priced at $93,869, reflecting a 0.17% decrease over the last 24 hours. Despite this decline, Bitcoin’s market dominance is at a notable 64.85%, the highest since early 2021. Investors seem to be holding on to their confidence in the leading cryptocurrency, especially since BlackRock’s Bitcoin ETF recently drew $531 million in inflows as of May 5. This activity has sparked speculation about a potential rebound towards the historic $100,000 mark in the near future.
On the other hand, Ethereum continues to struggle, with the $1,800 support level now breached. As speculated by some analysts, if ETH manages to break above the $1,850 threshold, it could pave the way for another rally that may approach $2,000. However, upcoming temporary pause on ETH transfers by Coinbase on May 7 seems to have raised some concerns among traders.
In terms of other altcoins, BNB is holding steady, trading near $595, while XRP fell 2.74% to around $2.09, according to data from CoinMarketCap. In the realm of gainers, FORM has emerged on top, enjoying a 6% increase, while Monero (XMR) followed closely behind with a 4% rise. Conversely, VIRTUAL and RAY have faced significant losses of 14% and 16%, respectively, today.
When it comes to the broader market context, the global cryptocurrency market cap is now at approximately $2.91 trillion. The trading volume has surged by 14% in the past 24 hours, reaching $65.45 billion, which indicates a surge in activity despite the prices trending downwards. Investors seem to be keenly observing moves in the market as they await further guidance from Federal Reserve decisions.
In trending news, crypto assets like LAYER (also known as Solayer), XRP, and Solana are currently drawing interest from the trading community. Overall market sentiment appears to be a mixed bag as traders navigate these fluctuations with vigilance, particularly in light of growing institutional interests and pending economic decisions from the Fed.
