Cryptocurrency Market Surges: Bitcoin Hits $100K, Ethereum's Pectra Upgrade Bolsters ETH, Fed Maintains Interest Rates - Weekly Crypto Overview
Raging through the Crypto Wild West
You know the drill! Let's dive right into the past week's rollercoaster ride in the crypto world.
Let's reminisce about our last Friday's Market Update, where we saw BTC eyeing the six-digit territory once more. With a surge of over $20,000 since the early April lows, it seemed like a no-brainer. But alas, BTC got stopped at $100,000 and took a dive south to under $94,000 on May 6. The Federal Reserve's decision to keep interest rates steady at 4.25%/4.5% left little hope on the horizon.
However, a glimmer of hope sparked when reports surfaced about the US and China planning a meeting over the weekend in Switzerland, hinting at a potential trade deal. And voilà! Bitcoin received the long-awaited boost, breaking the $100,000 mark and soaring to over $104,000 earlier today – its highest price since late January. Although it was momentarily pushed south to $103,000, BTC remains well in the green on a weekly scale with a 6.3% gain.
Unfortunately, Ethereum couldn't keep up with its big brother this time, but only by a mere margin. ETH has been on a roll, exploding by almost 30% on a weekly scale, with its price soaring to almost $2,500 earlier today – a two-month peak. This impressive price surge came just days after the implementation of the latest Ethereum upgrade, Pectra. Ain't no stopping Ethereum now!
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Ethereum: The Dark Horse RevivalAfter months of underwhelming performance, Ethereum's asset has finally regained its glory. The success of ETH can be attributed to its recent upgrade, Pectra, which seems to have set the stage for its impressive week.
Speaking of impressive, other double-digit gainers from the larger-cap altcoins include SOL, DOGE, SUI, ADA, BCH, HYPE, and SHIB. Go ahead – make your portfolio green like the Hulk!
Market OverviewMarket Cap: $3.380T | 24H Vol: $230B | BTC Dominance: 60.6%
BTC: $102,966 (+6.3%) | ETH: $2,336 (+27.65%) | XRP: $2.38 (+7.7%)
This Week's Unmissable Crypto Headlines
Ethereum's Stealthy Comeback – Just like a Ninja, ETH managed to steal the show in the past few days. After posting one of its biggest daily surges in over four years on a 24-hour scale, its price skyrocketed by more than 25% at one point.
The End of the Legal Battle: SEC vs Ripple – Ripple and the SEC have finally reached a $50 million settlement to officially bring an end to their prolonged legal spat, much smaller than the previously ordered $125 million or the $2 billion the SEC initially sought.
The First of Many: New Hampshire's Crypto Pioneer – Making history this week, New Hampshire became the first US state to allow its treasury to invest in crypto assets such as Bitcoin, with Arizona following suit, but with a different bill.
Bitcoin vs Gold: The Power Struggle – Although gold has performed better than BTC this year, BlackRock's Bitcoin ETF has attracted more flows YTD than the company's gold alternative. Wall Street is embracing the magical allure of crypto.
Buckle Up: Massive Token Unlocks Ahead – According to Tokenomist's on-chain data, May 2023 will see massive token unlocks worth almost $400 million (as of May 4 prices). Two of the biggest unlocks will be for SOL and WLD.
Saylor's Strategy Keeps on Rolling – MicroStrategy's BTC acquisition game continues, increasing its stash to 555,450 BTC after another purchase on May 8.
Chart ZoneCheck out our complete price analysis here for Ethereum, Ripple, Cardano, Hype, and Solana
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Sources[1] TradingView: Bitcoin Daily Chart - May 2025 Analysis[2] CoinDesk: Bitcoin jumps on optimism over US-China trade talks[3] CoinDesk: Bitcoin Price Surges on Positive Trade Deal Rumors Between U.S. and UK[4] CoinDesk: New Hampshire Bill Would Establish Bitcoin Reserve Fund[5] Forbes: New Hampshire Bill Allowing State To Invest In Bitcoin Clears Senate[6] CoinDesk: BlackRock’s Bitcoin ETF Attracts More Flows Than Gold ETF This Year[7] Tokenomist: May 2023 Unlocks Will Unleash $400 Million of Crypto[8] CoinDesk: MicroStrategy Buys an Additional 3,318 Bitcoin, Now Holds 506,853 BTC
- Despite a sluggish week for Bitcoin, ending beneath the $100,000 mark, it still managed a 6.3% gain on a weekly scale.
- Ethereum, on the other hand, outperformed Bitcoin in the past week, surging by almost 30% to a two-month peak of almost $2,500, following the implementation of the Pectra upgrade.
- Besides Ethereum, other altcoins that saw double-digit gains include Solana, Dogecoin, Synthetix, Cardano, Bitcoin Cash, Hype, and Shiba Inu.
- In the crypto world, we saw significant headlines such as Ethereum's stealthy comeback, the end of the SEC vs Ripple legal battle, New Hampshire's crypto pioneering move, and Bitcoin vs Gold's ongoing power struggle.
- In addition, news about massive token unlocks worth almost $400 million in May 2023 and MicroStrategy's continued BTC acquisition game were also high points.
- Binance welcomes new users with a $600 exclusive welcome offer, while Bybit offers a limited-time opportunity to open a free $500 position on any coin.
