Crypto Price Analysis 5-8: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, RIPPLE: XRP, HEDERA: HBAR

The crypto market rebounded despite the Federal Reserve holding interest rates steady. As a result, the crypto market cap rose nearly 3%, surging past the $3 trillion mark to $3.07. Bitcoin (BTC) rebounded from a low of $95,866 earlier in the session and surged past $98,000 to its current level. 

The flagship cryptocurrency is up nearly 3% over the past 24 hours and is on the brink of claiming $99,000. Meanwhile, Ethereum (ETH) is up over 4% in the past 24 hours and has crossed $1,900 to trade around $1,905. 

Ripple (XRP) also shed recent sluggishness, rising over 2% to $2.18. Meanwhile, Solana (SOL) reclaimed $150 after rising over 3% and is currently trading around $151. Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Stellar (XLM), Hedera (HBAR), Toncoin (TON), Litecoin (LTC), and Polkadot (DOT) also registered substantial increases. 

Federal Reserve Keeps Interest Rates Steady 

The Federal Reserve has kept interest rates steady between 4.25% and 4.5% after its May meeting. The Federal Open Market Committee highlighted higher inflation and unemployment as key factors behind its decision. The Federal Reserve must strike a delicate balance while contending with market uncertainty caused by President Trump’s tariffs and a slowing economy showing resilience (April payrolls) and weakness (GDP report). Federal Reserve Chair Jerome Powell ruled out pre-emptive rate cuts, pointing out that inflation was still higher than targeted levels. The Fed Chair stated, 

“It’s not a situation where we can be preemptive because we actually don’t know what the right responses to the data will be until we see more data.”

Powell stated that trade negotiations could have a material impact on the economic outlook. President Trump imposed higher-than-expected tariffs on trading partners, catching even the Federal Reserve off-guard. 

“It seems to be we’re entering a new phase where the administration is beginning talks with a number of our important trading partners, and that has the potential to change the picture materially — or not. It’s going to be very important how that shakes out.”

Powell also denied asking for a meeting with US President Donal Trump or any other US President, stating, 

“I’ve never asked for a meeting with any president, and I never will. I wouldn’t do that. There’s never a reason for me to ask for a meeting. It’s always been the other way. I don’t think it’s up to a Fed chair to seek a meeting with the president.”

Robinhood Developing Blockchain-Based Trading Platform For US Securities 

Trading platform Robinhood is developing a blockchain-based platform to allow European investors to trade US securities. According to reports, the initiative will be launched in partnership with a digital asset firm, with Arbitrum and Solana under consideration for the collaboration. The move aligns with a broader trend in the financial industry as institutions see an opportunity to cut costs associated with traditional trading infrastructure while benefiting from increased transparency and standardization. Matt Hougan, CEO of Bitwise, stated, 

“While everyone is focused on Jerome Powell, Robinhood is evaluating whether to use Solana or Arbitrum as the backbone of a new service that will let European retail investors trade US stocks. The long-term outlook for crypto is dependent on crypto-specific fundamentals, not 25bps rate cuts.”

Arizona Governor Signs Crypto Law 

Arizona Governor Katie Hobbs has signed a bill that allows the state to keep unclaimed crypto and establish a reserve fund without requiring taxpayer money or state funds. Hobbs signed House Bill 2749 into law on May 7, allowing the state to claim ownership of unclaimed digital assets if the owner fails to respond or communicate for three years. The bill stipulates that state custodians can stake the unclaimed crypto to earn rewards and airdrops. These rewards and airdrops can be deposited into what Arizona calls a Bitcoin and Digital Asset Reserve Fund. Bill sponsor Jeff Weninger stated, 

“This law ensures Arizona doesn’t leave value sitting on the table and puts us in a position to lead the country in how we secure, manage, and ultimately benefit from abandoned digital currency. We’ve built a structure that protects property rights, respects ownership, and gives the state tools to account for a new category of value in the economy.”

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) extended its gains during the ongoing session as it surged past $99,000 as bulls set their sights on shattering the $100,000 mark. The flagship cryptocurrency has traded in positive territory this week despite registering a substantial decline over the weekend, which saw the price drop to a low of $94,252. BTC has broken past the immediate resistance at $97,000 and is set to test $100,000, with analysts believing it could surge past this level. Data from crypto analytics platform Santiment suggests that Bitcoin wallets holding between 10 and 10,000 BTC are positive about further gains and have acquired 81,338 BTC over the past six weeks. 

Investor interest in spot Bitcoin ETFs has also surged, with BlackRock’s Bitcoin ETF registering strong inflows for the last sixteen days, boosting its capital inflows to $4.7 billion, according to ETF Store President Nate Geraci. Analysts believe if BTC can hold current levels, it would represent a structural shift into bullish territory and open the doors for a new all-time high. However, analysts expect a deeper correction if BTC is driven below $95,000. BTC’s realized cap also hit a record high, suggesting sustained investor interest. Analysts believe the consistent increase in the realized cap highlights a continuation of accumulation by long and short-term investors. The increased capital invested in BTC suggests market participants are positioning themselves for a potential price breakout. 

BTC registered a notable decline on Sunday (April 27), dropping to $93,803. The price recovered on Monday, rising 1.28% to claim $95,000 and settle at $95,002. However, price action turned bearish on Tuesday as BTC fell almost 1%, slipping below $95,000 and settling at $94,342. BTC encountered volatility on Wednesday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as the price registered a marginal decline and settled at $94,155. Bullish sentiment returned on Thursday as markets rallied. As a result, BTC rose over 2% to surge past $96,000 and settle at $96,458. The price surged to an intraday high of $98,000 on Friday as bullish sentiment intensified and settled at $96,939, ultimately registering an increase of 0.50%.

Source: TradingView

BTC lost momentum over the weekend as selling pressure returned. As a result, the price fell 0.98% on Saturday and 1.66% on Sunday, slipping below $95,000 and settling at $94,390. BTC started the current week positively, rising 0.41% on Monday and settling at $94,773. Bullish sentiment intensified on Tuesday as BTC rallied over 2%, surging past $96,000 and settling at $96,485. BTC registered a marginal increase on Wednesday despite volatility, claiming $97,000 and settling at $97,013. The price has rallied during the ongoing session as bulls set their sights on $100,000. BTC is up almost 3% and trading above $99,500.

Ethereum (ETH) Price Analysis

Ethereum (ETH) has rallied during the ongoing session as the crucial Pectra upgrade went live on the mainnet, raising staking to a maximum of 2,048 ETH. Pectra is the Ethereum blockchain’s biggest overhaul since 2022. Analysts and market watchers hope it can power a comeback for ETH, especially with the cryptocurrency breaking out of its narrow trading range during the ongoing session. ETH is up nearly 7% during the ongoing session as it looks to push above $2,000.

ETH started the previous week on a volatile note, facing considerable selling pressure. However, it registered a marginal increase and moved to $1,799. ETH lost momentum on Tuesday and Wednesday, registering marginal declines and settling at $1,794, but not before dropping to an intraday low of $1,736. Sentiment changed on Thursday as markets rallied. As a result, ETH rose over 2%, surging past $1,800 and settling at $1,838. Despite the positive sentiment, ETH lost momentum on Friday and registered only a marginal increase to $1,842.

Source: TradingView

Bearish sentiment returned over the weekend as ETH dropped 0.40% on Saturday and 1.34% on Sunday to settle at $1,810. ETH started the current week positively, rising almost 1% to $1,820. Price action turned bearish as ETH plunged to an intraday low of $1,752 on Tuesday. However, it rebounded from this level to settle at $1,816, ultimately registering a marginal decline. Sellers retained control on Wednesday as ETH fell to $1,812. Markets have surged during the ongoing session following the conclusion of the FOMC meeting. As a result, ETH has rallied to reclaim $1,900. The price is currently up over 7%, with ETH trading around $1,941 as it sets its sights on $2,000. 

Solana (SOL) Price Analysis

Solana (SOL) has surged past $150 and is testing the $155 resistance as market sentiment turned positive during the ongoing session. SOL has surged nearly 5% over the past 24 hours following the FOMC decision to leave interest rates unchanged. The price action saw SOL break out of a recent trading range that saw the asset price confined between $140 and $155 as buyers struggled to overcome resistance while sellers struggled to overwhelm support levels.

SOL faced volatility on Monday (April 28) as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as the price registered a marginal decline. Selling pressure intensified on Tuesday as SOL fell almost 1% to $146. The price plunged to an intraday low of $140 on Wednesday as sellers attempted to overwhelm key support levels. However, SOL rebounded from this level to register an increase of nearly 1% and settle at $147. Bullish sentiment persisted on Thursday as the price rose over 2% to $150. Despite the positive sentiment, SOL lost momentum on Friday and fell nearly 2%, slipping below $150 and settling at $148.

Source: TradingView

Bearish sentiment persisted over the weekend as SOL fell 0.83% on Saturday and almost 2% on Sunday to settle at $144. Despite ending the weekend in the red, a resurgent SOL rose nearly 2% on Monday and settled at $146. The price fell to an intraday low of $141 on Tuesday as selling pressure intensified. However, it recovered from this level to register a marginal increase and reclaim $146. SOL faced volatility on Wednesday but registered a marginal increase to $147. The current session sees SOL up over 5%. The price has surged past $150 and is trading at $154 as bulls look to cross $155. A break above this level could see SOL surge to $170-$180.

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) started the previous week in the red, registering a marginal decline and settling at $0.178. Selling pressure intensified on Tuesday as the price fell 2.35% and settled at $0.174. DOGE plunged to an intraday low of $0.166 on Wednesday but recovered to settle at $0.172, ultimately registering a drop of 1.20%. Despite the overwhelming bearish settlement, DOGE rebounded on Thursday, rising nearly 5% to $0.180. Buyers retained control on Friday as the price registered a marginal increase and settled at $0.181.

Source: TradingView

Price action turned bearish over the weekend as buyers lost momentum. As a result, DOGE fell over 3% on Saturday and settled at $0.175. The price declined on Sunday, dropping almost 3% to $0.170. DOGE started the current week on a bearish note, registering a marginal decline. DOGE fell to an intraday low of $0.164 on Tuesday as selling pressure intensified. However, it rebounded from this level to register an increase of 1% and settle at $0.172. Buyers retained control on Wednesday as the price registered a marginal increase and moved to $0.173. DOGE has rallied during the ongoing session, with the price up over 6% and trading around $0.183.

Ripple (XRP) Price Analysis

Ripple (XRP) is beginning to reverse its recent downward trajectory after finding support around $2.10. Price action turned bearish after XRP failed to push above $2.40 on Monday (April 28). The price had dipped below the 20 and 50-day SMAs on May 4. However, sellers could not press their advantage and drive XRP below $2 and the 200-day SMA, allowing buyers to prop up the price.

Despite surging to an intraday high of $2.36 on Monday, XRP lost momentum and fell back on Tuesday, dropping 2.43% to $2.23. Bearish sentiment intensified on Wednesday as the price fell to an intraday low of $2.12. However, it rebounded from this level to settle at $2.19, ultimately registering a drop of 2.12%. XRP recovered on Thursday, rising almost 1% to $2.21. However, it was back in the red on Friday, dropping to $2.20 after a marginal decline. Price action remained bearish over the weekend as XRP fell 0.97% on Saturday and 1.32% on Sunday, slipping below the 20-day SMA and settling at $2.15.

Source: TradingView

Selling pressure persisted on Monday as XRP started the week on a bearish note. As a result, the price fell 1.27% and settled at $2.13. XRP fell to an intraday low of $2.07 on Tuesday as selling pressure intensified. However, it rebounded from this level and settled at $2.15, ultimately registering an increase of 1.08%. Price action turned negative yet again on Wednesday, dropping 1.31% to $2.12. XRP has rebounded during the ongoing session, up over 4% and trading around $2.21 after crossing the 20 and 50-day SMAs.

Hedera (HBAR) Price Analysis

Hedera (HBAR) started the previous week facing substantial volatility, ultimately registering a marginal decline. Bearish sentiment intensified on Tuesday, dropping nearly 2% to $0.186. Selling pressure intensified on Wednesday as the price fell 2.61% to $0.181 but not before dropping to an intraday low of $0.176. Price action turned positive on Thursday as HBAR rose 2.41% to $0.186. Buyers retained control on Friday as HBAR registered a marginal increase and settled at $0.183.

Source: TradingView

HBAR lost momentum over the weekend as market sentiment turned bearish. As a result, the price fell 3.58% on Saturday and settled at $0.180. HBAR continued to decline on Sunday, falling below the 20-day SMA and settling at $0.176. HBAR started the current week in the red, registering a marginal decline, slipping below the 50-day SMA, and settling at $0.174. However, the price recovered on Tuesday, rising 1.65% to cross the 50-day SMA and settling at $0.177. HBAR registered a marginal decline on Wednesday but has rebounded during the ongoing session, with the price up almost 6%, trading around $0.174.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.