On May 6, 2025, the cryptocurrency market saw Ethereum dip below $1,800 and Bitcoin drop to $93,869. Institutional interest remains high, especially with BlackRock’s Bitcoin ETF attracting significant inflows. The market experiences mixed reactions, with some altcoins like FORM gaining while VIRTUAL and RAY saw larger declines. The overall crypto market cap is $2.91 trillion with increased trading activity.
On May 6, 2025, the cryptocurrency sector faced a slight pullback with Ethereum (ETH) losing ground, falling nearly 2% and dropping below the $1,800 range, settling at $1,772. Bitcoin (BTC) also felt the heat, dipping below the crucial $94,000 support level, now trading at $93,869, down 0.17% over the last 24 hours. This downward trend has sent ripples through the altcoin market—some witnessing gains while others suffered notable losses.
While Monday kicked off the week with uncertainty, there’s a glimmer of institutional interest amid the turbulence. Market players are particularly keen on the upcoming U.S. Federal Reserve rate decision, which might influence market sentiment further. Bitcoin’s current dominance, now at 64.85%, is the strongest since February 2021, indicating good confidence levels from investors despite the recent dips.
Institutional interest remains at the forefront, notably with BlackRock’s Bitcoin ETF recently recording $531 million in inflows just yesterday. This development has fuelled murmurs of a potential recovery for Bitcoin, possibly eyeing a return towards the elusive $100,000 mark in the upcoming days.
Ethereum, on the other hand, is caught in a troublesome zone. As it falls below the critical $1,800 threshold, analysts suggest it might need to break past the $1,850 level for a clearer upward trajectory, potentially leading it back over $2,000. However, a precautionary pause on ETH transfers by Coinbase, effective May 7, has traders expressing some hesitation.
Binance Coin (BNB) remains resilient, hovering around $595 as a neutral player in this marketplace. Meanwhile, XRP has dipped by 2.74%, now priced at $2.09, reflecting the mixed signals from the market.
In terms of top gainers today, FORM leads with a 6% increase within the last 24 hours, followed closely by Monero (XMR) up by 4%. On the downside, both VIRTUAL and RAY cryptocurrencies have dropped significantly, each seeing losses of around 14-16% today.
Today’s trending cryptocurrencies include LAYER (Solayer), XRP, SOL (Solana), SAFE (Safe), and MOVE (Movement), showcasing a mix of new and established players in the arena. The global crypto market, according to CoinMarketCap, has reached a total cap of $2.91 trillion, and trading volume has surged by 14% in the past day, now hitting $65.45 billion, signalling increased trading activity despite the price corrections.
