Crypto Price Analysis 5-2: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, CELESTIA: TIA, BITTENSOR: TAO, UNISWAP: UNI, NEAR PROTOCOL: NEAR
The crypto market registered a substantial jump over the past 24 hours as Bitcoin (BTC) raced past $96,000, breaking past the resistance to reach $97,000. Altcoins traded in positive territory as well, registering notable increases. As a result, the crypto market cap is up nearly 2%, crossing the 3 trillion mark to $3.02 trillion.
BTC is up over 2% in the past 24 hours as it attempts to cross $97,000. A decisive move past this level could take BTC to the crucial $100,000 mark. Ethereum (ETH) continued its recovery for the second consecutive day. ETH had plunged to a low of $1,741 before rebounding to reclaim $1,800 and move to its current level. The worlds second-largest cryptocurrency is up almost 2% in the past 24 hours.
Ripple (XRP) registered a marginal increase to settle at $2.22, while Solana (SOL) is up nearly 1% as it looks to reclaim $150. Dogecoin (DOGE) and Cardano (ADA) also registered substantial increases over the past 24 hours, up almost 4% and 3% respectively. Chainlink (LINK), Stellar (XLM), Toncoin (TON), Hedera (HBAR), Litecoin (LTC), and Polkadot (DOT) also registered notable increases.
Kuwait Cracks Down On Crypto Miners
Kuwait, once among the cheapest places to mine crypto, is cracking down on the practice as it grapples with rising electricity demand and an escalating energy crisis. As a result, authorities have initiated a major crackdown on miners and crypto mining sites, accusing them of straining the countrys electric grid. Kuwaits interior ministry stated that a major operation targeting homes engaged in crypto mining was underway, with over 60 individuals under investigation. The ministry said,
Crypto mining operations constitute an unlawful exploitation of electrical power and may cause outages affecting residential, commercial, and service areas, posing a direct threat to public safety.
The ministrys action comes as Kuwait grapples with blackouts, population growth, and rapidly rising temperatures. Temperatures in May range from 32°C (90°F) to 39°C (102°F), putting an enormous strain on the energy grid, with widespread use of air conditioners a significant contributor to electricity demand. However, Kuwait is known for cheap electricity, costing just 2.9 cents per kilowatt-hour, significantly lower than most industrialized countries, making the country an attractive option for crypto miners as one of the cheapest destinations to mine crypto.
Ripples Attempts To Acquire Circle Rebuffed
Crypto payments firm Ripple has made a multi-billion dollar offer to acquire Circle, the entity behind the USDC stablecoin. According to reports, the offer from Ripple was between $4 billion and $5 billion but was rejected for being too low. A Circle spokesperson said the company was in a quiet period with the Securities and Exchange Commission (SEC), meaning it could not comment on corporate financial plans. Circle filed paperwork with the SEC to go public at the beginning of April.
Ripple CEO Brad Garlinghouse said in March that the firm was proactively looking at acquisitions and considering blockchain infrastructure companies as potential takeover targets. Capitol Hill is considering stablecoin legislation, which could create clear rules for stablecoin issuers like Circle and lead to new entrants in the stablecoin ecosystem, including big names from Wall Street like the Bank of America.
The stablecoin ecosystem has seen substantial activity in recent months, with new rules on the horizon. Payments giant Stripe announced a $1.1 billion deal in October to acquire the stablecoin platform Bridge, one of the largest deals in crypto history. Ripple also debuted its RLUSD stablecoin in December. The token debuted on Ethereum and the EXP Ledger and has quadrupled its market cap from $72 million to $317 million.
Robinhood Releases Q1 Numbers
Robinhood posted one of its strongest quarters in recent years, with Q1 revenue rising 50% year-over-year to $927 million, while net income doubled to more than $336 million. Earnings per share of 37 cents were up 106% from last year. The company also registered record net deposits of $18 billion and saw a sharp increase in Robinhood Gold subscribers, which rose 90% to 3.2 million.
The platform also released several new products, including AI-powered financial planning tools and an expanded prediction markets hub. Robinhood also completed its acquisition of TradePMR and is on track to acquire Bitstamp later this year. The Robinhood board also expanded its share buyback program by $500 million to $1.5 billion, citing confidence in long-term growth.
Meanwhile, Mizuho analyst Dan Dolev praised Robinhoods performance, describing their quarterly report as one of their best quarters on record. The analyst also noted the firms all-time highs in funded accounts and revenue.
Theyre getting into Asia, theyre getting into Europe. Their product velocity is the best one Ive ever seen with Robinhood Gold. Pretty much every quarter, there is something new, and so I think over time what you are going to see is that they are not going to bifurcate from the volatility, but theyre going to fare better than the volatility.
The analyst also praised Robinhood for its aggressive push into what he describes as a $600 billion total addressable market, noting that the firm is witnessing strong results due to high net-worth clients. These clients typically flock to legacy platforms like Schwab and Interactive Brokers.
Three years ago, everyone thought [Robinhood] was a joke for millennials. And now people are taking them seriously. And I think their competitors are getting worried about them taking assets away.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) overcame considerable selling pressure and volatility on Wednesday to surge past $96,000 on Thursday and settle at $96,452. The flagship cryptocurrency is up over 2% in the past 24 hours as it eyes a move past $97,000. BTC briefly crossed $97,000 on Monday as bullish sentiment intensified but pulled back as traders continued to test key resistance levels. The break above $96,000 came after BTC spent several days confined between $90,000 and $96,000, as sellers prevented a move higher while buyers refused to cede ground to the bears. BTC showed incredible resistance in April, recovering from a low of $74,000 to retake $90,000. Analysts believe BTC could push higher over the next few sessions, with support established around the $90,000 mark.
BTCs recent price jump takes the price nearly 30% higher from its April low of $74,393 as investors returned to risk assets. Institutional interest has also increased substantially, with spot Bitcoin ETFs recording $2.9 billion in inflows. Companies like Tether, SoftBank, and Trump Media Group also added BTC to their treasuries. Meanwhile, disappointing economic data, including declining consumer confidence and weak job growth, has increased expectations of a rate cut by the Federal Reserve. This has led to renewed interest in BTC.
The flagship cryptocurrencys jump Wednesday caught investors off guard as a powerful bounce emerged from largely oversold conditions. The rebound was driven by a short squeeze, a scenario where overly bearish sentiment results in a rapid price increase as short positions get liquidated. However, BTC is now trading in a technically sensitive area that could determine if its upward trajectory will continue or if we see a bearish reversal. However, trading volumes remain below average during BTCs recent price action, indicating that larger market participants will stay on the sidelines.
BTC saw substantial movement the previous week, starting with an increase of 0.61% on Saturday (April 19) and a 0.22% increase on Sunday to claim $85,000 and settle at $85,224. Price action remained positive on Monday as BTC rose nearly 3%, crossing $87,000 and settling at $87,508. Bullish sentiment intensified on Tuesday as BTC rallied almost 7% to surge past $90,000 and settle at $94,373. The rally stalled on Wednesday after encountering volatility and selling pressure. Despite this, BTC registered a marginal increase and settled at $93,749. The price fell to an intraday low of $91,693 on Thursday as sellers attempted to overwhelm support levels. However, it rebounded from this level to claim $94,000 and settle at $94,009. BTC continued to push higher on Friday, increasing nearly 1% and settling at $94,776.
Source: TradingView
BTC lost momentum over the weekend, registering a marginal decline on Saturday and then falling 0.99% on Sunday to settle at $93,802. BTC started the week on a bullish note, rising 1.295 to cross $95,000 and settling at $95,010. However, it lost momentum on Tuesday, dropping 0.70% to $94,341. BTC encountered volatility on Wednesday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as BTC registered a marginal decline and settled at $94,160. Price action turned bullish on Thursday as BTC registered a substantial bounce, rising over 2% to cross $96,000 and settling at $96,452. The current session sees BTC marginally up as it looks to cross $97,000 and push toward $100,000. Traders will keep an eye on $100,000. A break above this level could send BTC to $107,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has lost momentum during the ongoing session after climbing above $1,800 on Thursday. Despite a strong recovery from its April lows, ETH struggled to maintain momentum and kicked off May, falling short of the $2,000 mark. Technical indicators suggest ETH could continue to face resistance at this crucial level. A key indicator of ETHs downtrend is the Daily Active Addresses (DAA). This metric was in positive territory for most of April but has witnessed a reversal, indicating a decline in user interaction with the network.
The Global In/Out of the Money (GIOM) metric shows that ETH faces considerable resistance between $2,000 and $2,517, where over 12 million addresses purchased 69 million ETH are now in unrealized losses. If ETH attempts to push above these levels, these holders could sell to break even, creating more selling pressure. As a result, ETH could struggle and witness a substantial pullback.
ETH started the previous week in the red, registering a marginal decline. However, bullish sentiment returned on Tuesday as the price rallied over 11%, surging past the 20-day SMA and settling at $1,757. ETH continued to push higher on Wednesday, rising over 2% and settling at $1,796. ETH lost momentum after reaching this level and fell to a low of $1,724 on Thursday before settling at $1,770, ultimately registering a drop of 1.40%. Buyers returned to the market on Friday as the price rose almost 1% to $1,786. ETH continued to push higher on Saturday, rising nearly 2% to claim $1,800, cross the 50-day SMA, and settle at $1,821.
Source: TradingView
However, price action turned bearish on Sunday as ETH lost momentum and dropped almost 2%, slipping below $1,800 and settling at $1,792. ETH faced volatility on Monday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as the price registered a marginal increase and settled at $1,799. ETH rose to an intraday high of $1,843 on Tuesday but lost momentum after reaching this level and dropped to $1,798, ultimately registering a marginal decline. Sellers retained control on Wednesday as ETH dropped to $1,794. However, price action turned bullish on Thursday as ETH rose 2.42% to cross $1,800 and settle at $1,838. The current session sees ETH back in the red, with the price down almost 1% at $1,823.
Solana (SOL) Price Analysis
Solana (SOL) is struggling to build momentum and reclaim $150. However, some metrics suggest a move past the $150-$155 barrier could only be a matter of time as SOL staking volume surpassed ETH, reaching $53.96 billion, compared to ETHs $53.77 billion. An article published on Wu Blockchains substack explained ETHs dominance in staking, explaining,
The reason is that ETH, as an ancient blockchain, has truly experienced PoS attacks from the early days. It has made extensive preparations to prevent this potential risk, such as encouraging retail investors to participate in staking.
SOL started the previous week in the red, dropping almost 1% and settling at $136. However, price action turned bullish on Tuesday as SOL surged nearly 9%, crossing $140 and settling at $148. Buyers retained control as the price rose 1.59% on Wednesday to claim $150 and settle at $151. SOL plunged to an intraday low of $145 on Thursday as sellers attempted to regain control. However, the price rebounded from this level to reclaim $150 and settle at $152. SOL lost momentum on Friday as it fell from an intraday high of $156 to $150, ultimately registering a drop of 1.10%. Sellers retained control over the weekend as the price fell 1.08% on Saturday and 0.84% on Sunday, slipping below $150 and settling at $148.
Source: TradingView
SOL experienced volatility on Monday as buyers and sellers attempted to establish control. Sellers ultimately gained the upper hand as the price registered a marginal decline. SOL continued to drop on Tuesday, falling nearly 1% to $146. The price fell to an intraday low of $140 as selling pressure intensified. However, SOL rebounded from this level, registering an increase of nearly 1% and settling at $147. Buyers retained control on Thursday as the price rose 2.20% to settle at $150. SOL is back in the red during the ongoing session, having slipped below $150 and trading at $149.
Celestia (TIA) Price Analysis
Celestias (TIA) price action has turned bearish after it failed to cross $3 and the 50-day SMA. TIA lost momentum at this crucial level, allowing sellers to retake control, with the price hurtling towards key support levels.
TIA registered a notable increase on Monday (April 21), rising 1.57% to $2.56. Bullish sentiment intensified on Tuesday as the price rallied nearly 8% to $2.76. However, TIA lost momentum on Wednesday and registered a marginal decline of 0.18%. Buyers returned to the market on Thursday as the price rose nearly 4% to $2.86. TIA faced volatility on Friday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand, and the price registered a marginal decline and settled at $2.87.
Source: TradingView
Price action was mixed over the weekend as TIA rose 2.48% on Saturday before dropping 2.46% on Sunday to settle at $2.87. The price faced volatility on Monday as buyers and sellers struggled to take control. Buyers ultimately gained the upper hand as TIA rose 1.97% and settled at $2.92. However, selling pressure returned on Tuesday as TIA plunged nearly 7% and settled at $2.73. The price continued to drop Wednesday, falling 1.71% to $2.68. TIA attempted a recovery on Thursday, reaching an intraday high of $2.78. However, it lost momentum after reaching this level and dropped nearly 2% to $2.63. The current session sees TIA down over 1%, slipping below the 20-day SMA and trading at $2.60.
Bittensor (TAO) Price Analysis
Bittensor (TAO)s rally stalled around the $380 mark as bulls lost momentum thanks to upper-level resistance. As a result, TAO registered a notable decline at the beginning of the week before rebounding over the past two sessions. TAO started the previous week on a volatile note as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as the price registered a marginal decline. The price rebounded on Tuesday, surging nearly 8% to $338. Despite the positive sentiment, TAO was back in the red on Wednesday, dropping 0.59% to $336. Buyers returned to the market on Thursday as the price rose over 6% to cross $350 and settle at $358. Price action turned bearish on Friday, and TAO continued to decline on Saturday, dropping 1.42% and settling at $349.
Source: TradingView
Sentiment changed on Sunday as the price registered an increase of 3.36% to reclaim $350 and settle at $360. TAO faced volatility on Monday before rising nearly 5% to $376. Buyers lost momentum on Tuesday as the price fell over 3% to $366. TAO plunged to an intraday low of $335 on Wednesday as selling pressure intensified. However, the price rebounded from this level to settle at $354, ultimately dropping 3.18%. TAO raced to an intraday high of $375 on Thursday as price action turned positive. However, it could not stay at this level and settled at $358, registering an increase of nearly 1%. The current session sees TAO up over 2% and trading at $366.
Uniswap (UNI) Price Analysis
Uniswap (UNI) registered a substantial increase last Tuesday, surging over 10%, crossing the 20-day SMA, and settling at $5.81. Buyers retained control on Wednesday as the price rose nearly 4% to reclaim $6 and settle at $6.03. However, UNI lost momentum after failing to cross the 50-day SMA. As a result, it dropped nearly 4%, slipping below $6 and settling at $5.81. UNI encountered volatility on Friday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as the price registered a marginal increase and settled at $5.83. Price action was bearish over the weekend as UNI registered a marginal drop on Saturday before falling over 5% on Sunday to settle at $5.50.
Source: TradingView
UNI started the current week in bearish territory, dropping 1.25%. Bearish sentiment intensified on Tuesday as the price fell nearly 3%, slipping below the 20-day SMA and settling at $5.27. UNI encountered volatility on Wednesday before registering a marginal decline and settling at $5.26. Despite the overwhelming bearish sentiment, the price rose nearly 1% on Thursday and settled at $5.31. The current session sees UNI down over 1% and trading around $5.25.
Near Protocol (NEAR) Price Analysis
Near Protocols (NEAR) rally has stalled in recent sessions as it struggles to build momentum and push toward $3. The price registered a substantial increase on Tuesday (April 22), rising over 8% and settling at $2.40. Buyers retained control on Wednesday as the price rose nearly 3% and settled at $2.46. NEAR fell to an intraday low of $2.36 on Thursday as sellers attempted to establish control. However, the price rebounded from this level to register an increase of over 3%, cross the 50-day SMA, and settle at $2.54. Positive sentiment persisted on Friday as NEAR rose over 3% to $2.61.
Source: TradingView
However, NEAR lost momentum over the weekend, registering a marginal increase on Saturday before dropping over 5% on Sunday to settle at $2.48. NEAR started the current week in positive territory, rising nearly 4% to $2.58. Despite the positive start, it was back in the red on Tuesday, dropping over 2% and settling at $2.52. Sellers retained control on Wednesday as NEAR fell to an intraday low of $2.38 before settling at $2.46, ultimately registering a drop of 2.63%. NEAR recovered on Thursday, rising 3.11% and settling at $2.53. The current session sees NEAR marginally up as buyers and sellers struggle to establish control.
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.
Text source: Crypto Daily™
