Crypto Market Today: Bitcoin Surges Above $97K as Altcoins Struggle – May 7, 2025 (EST Update)

Crypto Market Today: Bitcoin Surges Above $97K as Altcoins Struggle – May 7, 2025 (EST Update)

Illustration of Bitcoin surging above $97,000 with Ethereum and Dogecoin lagging behind on a digital crypto dashboard at night

The global cryptocurrency market saw mixed signals on May 7, 2025, with Bitcoin surging past the $97,000 mark, while several altcoins continued to dip. As of 10:00 AM EST, the global crypto market cap stands at $3.08 trillion, up by 1.7% in the past 24 hours, according to CoinMarketCap data.

Bitcoin (BTC) Shows Strength

Bitcoin is leading the recovery, posting a 1.9% increase, now trading at $97,420. Market analysts attribute the gain to renewed institutional interest and anticipation around upcoming Bitcoin ETF inflows. The daily trading volume for BTC is holding strong at $35.8 billion.

Ethereum (ETH) Lags Behind

While Bitcoin climbs, Ethereum (ETH) has struggled to keep pace, dropping 0.6% to $1,748. Analysts suggest that ETH's sideways movement is due to declining DeFi activity and concerns over gas fees, despite recent scaling improvements on Layer 2 networks.


Read: Top 10 Underrated Ways to Earn Money Online in 2025 (No Experience Needed)


Top Altcoins: Mostly in Red

  • Dogecoin (DOGE) fell by 3.1% to $0.1608
  • XRP slipped 2.4% to $2.07
  • Binance Coin (BNB) held nearly flat at $595, down just 0.2%

However, a few altcoins bucked the trend. Monero (XMR) is the top performer of the day, gaining 3.6% to trade at $288. Tether Gold (XAUT) also saw a rise of 2.3%, currently valued at $3,408.

Biggest Decliners

Among the top 100 coins, Virtuals Protocol (VIRTUAL) took the hardest hit, dropping 16.1% to $1.42. Story Protocol (IP) followed with a 7.6% loss, falling to $3.50.

Macro View & Market Sentiment

The market remains sensitive to macroeconomic factors. With the U.S. Federal Reserve holding rates steady and inflation showing signs of cooling, risk assets like crypto are seeing increased inflows. Still, volatility remains high.

Investor sentiment remains cautiously optimistic. The Crypto Fear and Greed Index sits at 65 (Greed), indicating confidence but also the potential for corrections.

Stay tuned for more updates on the evolving crypto landscape.

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