Crypto Price Analysis 5-23: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, RIPPLE: XRP, DOGWIFHAT: WIF, INJECTIVE: INJ

The crypto market’s rally tapered off after Bitcoin (BTC) settled between $110,000 and $111,000. The flagship cryptocurrency shattered its previous all-time high as it surged to $111,970, entering a period of price discovery. However, it registered a decline from this level, ultimately dropping to its current level at around $110,700. BTC is marginally down over the past 24 hours, taking a breather and consolidating around recent highs. Meanwhile, Ethereum (ETH) continued its upward trajectory, with the price up over 2%, trading around $2,690. Buyers will look to retain momentum and push the price above $2,700. Ripple (XRP) also continued its upward trajectory and is up 1.37%, while Solana (SOL) reclaimed $180 with an increase of over 3% in the past 24 hours. Dogecoin (DOGE) , Cardano (ADA) , Chainlink (LINK) , Stellar (XLM) , Hedera (HBAR) , Polkadot (DOT) , Toncoin (TON) , and Litecoin (LTC) also registered notable increases. Meanwhile, the crypto market cap crossed $3.50 trillion, registering a marginal increase in the past 24 hours. Dow Jones Ends Flat As Bitcoin Surges US stocks registered a mixed performance as markets came to terms with the House’s approval of President Trump’s tax-and-spending package. As a result, the S&P 500 dropped 0.04%, while the Dow Jones Industrial Average traded flat. However, the Nasdaq Composite registered an increase of 0.28%. According to estimates by the Congressional Budget Office, the legislation adds $4 trillion to the federal deficit and includes sweeping tax cuts and increased military spending. The bill passed the House by a single vote after last-minute revisions, including expanded deductions for state and local taxes. The bill will now head to the Senate. Analysts believe weak demand at Wednesday’s 20-year bond auction fueled a sell-off in Treasurys. Additionally, concerns about debt sustainability persist. Argent Capital’s Jed Ellerbroek stated, “Short term, the tax bill is good for the economy. But in the longer term, it adds to the deficit, and that’s bad for markets.” Democrats Propose Crypto Ban For Politicians House Democrats, led by Rep Maxine Waters, have introduced the “Stop Trading, Retention, and Unfair Market Payoffs in Crypto Act of 2025.” The bill aims to prohibit the President, Vice President, members of Congress, and their immediate families from owning, promoting, or profiting from digital assets while in office. It also bars lawmakers from holding crypto assets in ways that allow them to exert unilateral control over the tokens. Rep Waters said in a statement, “Trump’s crypto con is not just a scam to target investors. It’s also a dangerous backdoor for selling influence over American policies to the highest foreign bidder.” The legislation comes amid growing criticism of President Trump’s ties to crypto. Trump and his wife launched meme coins just before the inauguration, while the Trump family is also invested in crypto through World Liberty Financial. Meanwhile, protests erupted outside the venue of President Trump’s high-profile gala for top holders of the TRUMP meme coin. Token holders spent between $55,000 and $38 million in tokens to secure an invitation. Critics have accused Trump of auctioning access to the White House and potentially violating the Constitution’s ban on foreign gifts. Senators Chris Murphy, Elizabeth Warren, and Jeff Merkley, along with Rep. Sam Liccardo, and advocacy groups, have called the upcoming meme coin fundraising dinner a threat to national security and a potential corruption risk. Russian Crypto Miners Post $200M Revenue For FY2024 The Russian crypto mining sector continues to register robust growth, with BitRiver and Intelion, the country’s largest mining firms, reporting $200 million in revenue in FY2024. Data reveals that both firms have captured 50% of the Russian market. Intelion has reported impressive growth, increasing its revenue by RUB 3,948 million ($50,000). Media outlets used the country’s top miners’ latest public declarations to compile the data. The data suggested that Russia’s vast illegal crypto-mining sector was largely unaccounted for. The data also revealed how much power the country’s top crypto miners use. It also shows where the miners have built their biggest data centers and the type of energy mixes used to power their rigs. The data shows that BitRiver reported RUB 10.286 billion (over $129 million) in revenue in 2024 and used 533 MW of power across 15 data centers. Bitcoin (BTC) Price Analysis Bitcoin (BTC) shattered the $110,000 barrier earlier this week as it surged to a new all-time high of $111,970 on Thursday, losing momentum just short of $112,000. The flagship cryptocurrency seems to be taking a breather as it consolidates around recent highs. BTC’s rally came despite starting the week in bearish territory, as it plunged to an intraday low of $102,135 on Monday before rebounding. BTC faces resistance around the $112,000 level. A break above this level could see the price surge to $115,000 and $120,000. Despite facing selling pressure during the ongoing session, BTC has held above $110,000 as buyers look to consolidate and keep momentum going. Institutional inflows and interest in spot Bitcoin ETFs have also helped BTC sustain its momentum. Alankar Saxena, Co-founder and CTO of Mudrex, stated, “Institutional inflows have helped BTC maintain sustained momentum, with Spot ETFs seeing over $600 million in net inflows in a day. Additionally, the US Dollar Index has dropped more than 2.6 percent over the last 10 days, making crypto an attractive hedge against inflation.” Analysts believe BTC bulls will target the $115,000 level in the near term and attempt to extend the rally to $120,000. However, they also expect a pullback before the rally resumes, thanks to overbought conditions. “A pullback post this is likely given its overbought conditions, though the rally can extend like in December 2024. Market sentiment continues to strengthen with the Crypto Fear & Greed Index climbing to 78 (Extreme Greed).” Additionally, Bitcoin Open Interest (OI) has hit record levels as traders anticipate continued price appreciation in the near term. BTC’s price action was mixed last week as it started in the red before recovering on Tuesday and settling at $104,123. The price was back in the red on Wednesday, falling 0.53% to $103,568. BTC plunged to an intraday low of $101,459 on Thursday as selling pressure intensified. It recovered from this level to register a marginal increase and settle at $103,816. The flagship cryptocurrency was back in bearish territory on Friday and Saturday, registering marginal declines to settle at $103,235. However, it recovered on Sunday, rising over 3% to cross $106,000 and settle at $106,489. Source: TradingView BTC started the current week in the red, facing considerable selling pressure. As a result, the price plunged to an intraday low of $102,135 before recovering to settle at $105,572, ultimately registering a drop of nearly 1%. Despite the negative start to the week, BTC rebounded on Tuesday, rising 1.21% to cross $106,000 and settle at $106,854. Bullish sentiment intensified on Wednesday as the price registered an increase of 2.57% and settled at $109,603. Buyers retained control on Thursday as BTC rallied to an all-time high of $111,970 before pulling back and settling at $111,582. The flagship cryptocurrency has declined during the ongoing session, with the price down nearly 1%. Analysts expect a pullback due to overbought conditions but expect the rally to resume, with $115,000 the immediate target. Ethereum (ETH) Price Analysis Ethereum (ETH) continued its recovery despite facing selling pressure and volatility as it looks to reclaim $2,700. However, it faces resistance between $2,700 and $2,800. ETH must cross these levels to confirm a push to $3,000. ETH tested key support levels at the beginning of the week, falling to lows of $2,326 and $2,349 on Sunday and Monday. However, it rebounded both times, as bullish sentiment returned following BTC’s stellar performance this week. The world’s second-largest cryptocurrency is showing strong bullish momentum below the $2,700-$2,800 resistance levels. If the price breaks above these levels, a move to $3,000 becomes a possibility. Despite a lull in the crypto market’s rally, ETH has registered an increase of nearly 2%. ETH started the previous week in the red, registering a marginal decline before rising over 7% on Tuesday and settling at $2,681. However, it lost momentum after reaching this level and fell nearly 3% on Wednesday to settle at $2,610. Bearish sentiment persisted on Thursday as ETH dropped 2.38%, slipping below $2,600 and settling at $2,548, but not before hitting an intraday low of $2,749. ETH attempted a recovery on Friday, rising to an intraday high of $2,648. However, it could not stay at this level and fell to $2,537, ultimately registering a marginal decline. Selling pressure intensified on Saturday as the price fell 2.44%, slipping below $2,500 and settling at $2,475. Source: TradingView ETH faced selling pressure and volatility on Sunday as buyers and sellers struggled to establish control. The price ultimately registered an increase of nearly 1% and settled at $2,498. ETH plunged to an intraday low of $2,349 on Monday as selling pressure intensified. However, it rebounded from this level to register an increase of 1.18% and settle at $2,527. The price registered a marginal decline on Tuesday before rising 1.10% on Wednesday and settling at $2,552. Bullish sentiment intensified on Thursday as ETH registered an increase of over 4% to reclaim $2,600 and settle at $2,664. The current session sees ETH marginally down as sellers look to lower the price while buyers look to move it beyond $2,700. Solana (SOL) Price Analysis Solana (SOL) crossed $180 during the ongoing session as it tested the resistance between $180 and $185. SOL’s price action has been exceptional over the past month, rising over 21% as it sets its sights on $200. SOL started the previous week positively and registered a substantial increase of 5.50% on Tuesday to cross $180 and settle at $183. However, it lost momentum after reaching this level and dropped nearly 4% on Wednesday, slipping below $180 and settling at $176. Sellers retained control on Thursday as the price fell over 4% to $169. SOL attempted a recovery on Friday but was unsuccessful, ultimately registering a drop of nearly 1% and settling at $167. Selling pressure persisted on Saturday as SOL fell 0.89% and settled at $165. Source: TradingView Despite the overwhelming bearish sentiment, SOL rebounded on Sunday, rising over 4% to reclaim $170 and settle at $173. However, it was back in the red on Monday, dropping to an intraday low of $159 before settling at $166, ultimately registering a decline of nearly 4%. SOL recovered on Tuesday, rising 1.05% to $168. The price continued to push higher on Wednesday, crossing $170 and settling at $173. Bullish sentiment intensified on Thursday as SOL registered an increase of 3.51% and settled just shy of the $180 mark. The current session sees the price up nearly 3%, with SOL having crossed $180 and trading around $184. Buyers will look to retain control and push the price towards $200. Ripple (XRP) Price Analysis Ripple (XRP) was back in the spotlight after the Securities and Exchange Commission (SEC) delayed the reviews for spot XRP ETF applications. Bloomberg ETF analyst James Seyffart announced the delays, stating, “As expected, more delays on crypto ETFs dropped today. Delays include Bitwise Invest & CoinsShares XRP ETFs. Delay on Litecoin ETF Filing, Delay on Fidelity’s In-Kind Bitcoin filing. On the more positive side, SEC acknowledged Canary Fund’s staked TRX filing.” The news weighed on XRP as the token traded sluggishly compared to other altcoins. XRP registered a stunning rally last Monday, rising nearly 8% to $2.54. The price continued to push higher on Tuesday despite selling pressure, increasing 1.53% to $2.58. XRP lost momentum after reaching this level, dropping 1.20% on Wednesday and 6.51% on Thursday to slip below $2.50 and settle at $2.38. Price action remained bearish on Friday, registering a marginal decline to $2.37. Sellers retained control on Saturday, and XRP fell 1.04% to $2.35. Source: TradingView Despite the selling pressure, XRP rebounded on Sunday, rising over 3% and settling at $2.42. The price plunged to an intraday low of $2.28 on Monday before rebounding to settle at $2.38, ultimately registering a decline of 2%. XRP continued to drop on Tuesday, falling 1% to $2.35. The price recovered on Wednesday, rising nearly 3% to $2.39. Buyers retained control on Thursday as XRP reclaimed $2.40 and settled at $2.43. The current session sees XRP marginally up as buyers and sellers struggle to establish control. Dogwifhat (WIF) Price Analysis Dogwifhat (WIF) registered a stunning increase last Monday (May 12), surging over 26% and settling at $1.14. The price continued to push higher on Tuesday, rising 2.40% and settled at $1.17. Buyers lost momentum on Wednesday as WIF fell nearly 4% to $1.13. Bearish sentiment intensified on Thursday as WIF plunged almost 13%, slipping below $1 and settling at $0.98. The price recovered on Friday, rising to an intraday high of $1.14 before settling at $1, ultimately registering an increase of nearly 2%. Sellers returned to the market on Saturday as WIF fell over 7% to $0.93. However, it recovered on Sunday, surging almost 15% to reclaim $1 and settle at $1.07. Source: TradingView Despite a positive end to the weekend, WIF was back in the red on Monday, dropping over 7% and settling at $0.99. Sellers retained control on Tuesday as the price fell 1.94% to $0.97. Bullish sentiment returned on Wednesday as WIF rose 14.60% to reclaim $1 and settle at $1.11. Buying pressure persisted on Thursday as WIF registered an increase of 7.45% and settled at $1.19. The current session sees WIF up nearly 5%, trading around $1.25 after declining from an intraday high of $1.39. Injective (INJ) Price Analysis Injective (INJ) faced significant selling pressure last week, falling to a low of $11.36 on Saturday. The price rose nearly 5% on Monday (May 12) but lost momentum on Tuesday, falling 0.66% to $13.67. Sellers retained control on Wednesday as INJ fell over 3% to $13.24. Selling pressure intensified on Thursday as the price fell over 7%, slipping below a key support level and settling at $12.25. Price action remained bearish on Friday and Saturday as INJ dropped 2.46% and 2.98% and settled at $11.59. Despite the overwhelming selling pressure, the price recovered on Sunday, rising nearly 7% to reclaim $12 and settling at $12.40. Source: TradingView INJ started the current week in the red, dropping nearly 5% to $11.81. The price recovered on Tuesday, rising 2.47% to reclaim $12 and settle at $12.10. INJ continued to push higher on Wednesday, rising 2.25% and settling at $12.28. Bullish sentiment intensified on Thursday as INJ surged over 13% to cross $14 and settled at $14.05. The current session sees INJ up nearly 5% as buyers look to push the price to $15. 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.

Source: Crypto Daily