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Bitcoin holds strong near $94K, Ethereum stays stable post-Dencun, and XRP sees pressure at key support
The various cryptocurrencies have exhibited a degree of stability and high volatility due to macroeconomic factors and ever-shifting moods of sentiment. While premier cryptocurrencies such as Bitcoin and Ethereum maintain a steady posture, altcoins such as XRP and Cardano face ups and downs.
Bitcoin (BTC): Stable under Market Conditions
Bitcoin is trading at approximately $94,486, having clocked a minimal rise of about 0.095% from the previous closing. The highs and lows for the price during the day are $95,118 and $93,702, respectively. However, with the recent volatility being witnessed, Bitcoin dominance has climbed to 70%, the highest since January 2021, propelled by institutional investment and anticipation of Fed decisions.
Ethereum (ETH): Holding Ground at Lower Transaction Costs
Ethereum is priced today at a very marginal increase of 0.202% from previous close at $1,806.21. The price traded within $1,796.10 and $1,829.05 during the session. Significantly, there has been a marked drop in gas fees with an average of 0.563 gwei being recorded. This reduction follows the successful implementation of the Dencun upgrade, which has further improved scalability and thus may attract more users to the network.
XRP (XRP): Bearing the Brunt of Selling Pressure
At $2.12, XRP recorded a loss of 1.852% from its previous closing. The high and low of the price during the day were $2.19 and $2.10, respectively. Technical indicators suggest waning momentum, with the Relative Strength Index (RSI) nearing oversold territory. Analysts highlight the $2.05 level as critical support, cautioning that a breach could lead to further declines.
Binance Coin (BNB): Gradual Recovery
BNB is priced at $599.18, showing a 1.554% increase from the previous close. The day's high and low are $599.69 and $589.99, respectively. The recent filing by VanEck for the first U.S. BNB exchange-traded fund (ETF) has sparked interest, potentially opening new avenues for institutional investment.
Cardano (ADA): Slight Decline Amid Market Fluctuations
Cardano is trading at $0.6626, experiencing a decrease of 2.478% from the previous close. The intraday trading range is between $0.6546 and $0.6889. Despite the dip, Cardano's development activities continue, with the community anticipating upcoming network upgrades.
Market Overview
The broader cryptocurrency market is navigating a complex landscape, influenced by global economic policies and investor sentiment. The upcoming Federal Reserve interest rate decision is a focal point, with potential implications for risk assets, including cryptocurrencies. Additionally, geopolitical developments, such as proposed tariffs, are contributing to market volatility.
As of May 6, 2025, the cryptocurrency market presents a mixed picture. While Bitcoin and Ethereum demonstrate resilience, altcoins like XRP and Cardano face challenges. Investors are advised to monitor macroeconomic indicators and technical levels closely, as these factors will play pivotal roles in shaping market trajectories in the near term.