- The cryptocurrency market today, May 6, witnessed a price increase led by Bitcoin. The world’s dominant cryptocurrency surpassed $64,000 while other leading altcoins such as Ethereum, Solana, XRP and Cardano also recorded notable gains.
- Bitcoin (BTC) continued its positive momentum and reached $64,132.50, a 1.17% increase at the time of writing. This indicates a significant recovery from the low levels of $57,000 seen last week.
- Despite the price increase, Ethereum’s (ETH) trading volume slightly decreased by 3.24%. Other altcoins made significant gains. Solana (SOL) approached $150 with a price increase of 1.58% and settled at $147.81. XRP (XRP) also performed well, surpassing the $0.53 boundary with a gain of 1.16% to reach $0.5339.
The cryptocurrency market sees a surge led by Bitcoin, with other leading altcoins also recording notable gains. Bitcoin’s positive momentum continues as it surpasses $64,000.
Bitcoin Breaks Resistance
Bitcoin’s trading volume in the last 24 hours decreased by 12.18% to $17.67 billion, indicating a potential consolidation phase following the recent price increase. Ethereum (ETH), the second-largest cryptocurrency, reflected Bitcoin’s positive sentiment. ETH price rose by 1.73% to $3,148.06, and its market value exceeded $374 billion.
Altcoins Register Significant Gains
Other altcoins such as Solana (SOL), XRP, and Cardano (ADA) also made significant gains. Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) even joined the rally; DOGE rose by 1.77% to $0.1626, while SHIB increased by 1.22% to $0.00002479.
Biggest Winners and Losers in Altcoins
Beyond established players, some lesser-known cryptocurrencies experienced even more striking price movements. Worldcoin (WLD) rose by 16.80% to $5.87, while Fetch.ai (FET) and SingularityNet (AGIX) showed increases of 12.99% and 12.28% respectively. However, there were also some losses in the market. Dogwifhat (WIF) fell by 3.10% to $3.30, while Core (CORE) and Sei (SEI) also experienced slight declines.
Halving Cycle
Analysts are closely watching Bitcoin’s price behavior in the context of the recent halving event. According to analyst Rekt Capital, Bitcoin could be going through a time-based capitulation phase following the price-based capitulation that concluded last month. This extended consolidation period, potentially lasting more than 150 days, is seen as a healthy development that could moderate Bitcoin’s future price momentum and align the current cycle with historical patterns observed after previous halving events.
Conclusion
The recent positive atmosphere in the crypto market can partly be attributed to increasing expectations about a potential interest rate cut by the Federal Reserve. Signs of cooling in the labor market could further encourage the Fed to loosen its monetary policy. However, the central bank faces a complex situation due to inflation remaining above target and a series of strong payroll reports in recent months complicating the decision-making process. Market participants will closely follow speeches by leading FOMC members later this week for more information on the Fed’s stance on monetary policy.
