On May 6, 2025, the crypto market sees Ethereum dip below $1,800 and Bitcoin drop to $93,869. Despite overall downturns in altcoins like VIRTUAL and RAY, Bitcoin maintains a strong dominance at 64.85%. Global crypto market cap is at $2.91 trillion, with trading volumes rising by 14%.
On May 6, 2025, the cryptocurrency market faced a dip with Ethereum (ETH) losing ground, dropping nearly 2% and slipping below the $1,800 mark. This decline follows Bitcoin’s (BTC) drop into the $94K range, which is considered a crucial support level. The market sentiment is influenced by institutional interest and macroeconomic factors as investors wait for the U.S. Federal Reserve’s forthcoming rate announcement.
Currently, Bitcoin is trading at around $93,869, marking a slight dip of 0.17% in the last 24 hours. Despite this decrease, BTC’s dominance holds at 64.85%, the highest level since February 2021, reflecting ongoing investor confidence in Bitcoin. Notably, BlackRock’s Bitcoin ETF saw inflows of $531 million on May 5, sparking speculation about a potential recovery for Bitcoin toward the $100,000 mark in the imminent future.
In a similar downturn, Ethereum is moving in the opposite direction, now priced at $1,772 after losing its grip on the $1,800 threshold. As Ethereum consolidates near this level, analysts suggest that a breakout above $1,850 could pave the way for a rise past $2,000. However, traders are warily eyeing Coinbase’s temporary halt on ETH transfers, which kicks in on May 7, adding to the atmosphere of caution.
Turning to other cryptocurrencies, BNB is seen as fairly steady at approximately $595, but XRP is down by 2.74%, now priced at $2.09, according to CoinMarketCap data. Amidst the losses, FORM is enjoying success with a 6% increase, while XMR is up 4% in the same 24-hour period. On the flip side, VIRTUAL and RAY have steeply declined, losing 14% and 16%, respectively.
In terms of trending cryptocurrencies today, LAYER from Solayer, XRP, and SOL (Solana) are making waves. Meanwhile, today’s standout gainers include FORM (+6%), XMR (+4%), and PAXG (Pax Gold) at +2%. Conversely, top losers are RAY (-16%), VIRTUAL (-14%), and WAL down by 10%.
Looking at the broader market outlook, CoinMarketCap reports the global cryptocurrency market cap at $2.91 trillion, with a notable 14% bump in trading volume over the past 24 hours, now at $65.45 billion. This uptick indicates notable activity in the market, despite the recent price drops. There’s a sense of anticipation surrounding market movements as all eyes remain fixed on future developments, particularly surrounding Federal Reserve announcements.
