Crypto wrap May 29: BTC holds $108K, ETH surge helps ARB, EIGEN higher

The cryptocurrency market showed a largely risk-on outlook on May 29, 2025, with altcoins trading higher as the global market cap rose to $3.44 trillion and volume spiked 6% to over $129 billion. Amid this, Bitcoin (BTC) remained near its all-time highs, trading above $108,770. Meanwhile, Ethereum (ETH) led the altcoin charge with a notable 3% surge in 24 hours to hit highs above $2,700. This upward momentum in ETH notably sparked gains in related altcoins like Arbitrum (ARB) and EigenLayer (EIGEN). Bitcoin price steady amid tariff news On May 29, 2025, the price of Bitcoin saw a slight uptick on Thursday, trading above $108,700 after dipping to lows of $106k on May 28. BTC held at the crucial level as the crypto market turned bullish following a US court’s decision to block President Donald Trump’s tariffs. This and institutional demand for BTC, with Japan-based Metaplanet raising $21 million to bolster its Bitcoin holdings, has helped the benchmark crypto asset hold steady. Other news that has added to bullish sentiment includes GameStop’s headline acquisition of 4,710 BTC and inflows into spot Bitcoin ETFs. Ethereum price jumps above $2,700 Ethereum surged Thursday morning, briefly trading above $2,770 and extending its rally that began in early May when it broke out from below $1,800. The move marks a gain of over 48% in the past 30 days. Analysts say ETH is likely to consolidate above the $2,700 level in the near term, with fresh momentum potentially driving the price to $3,300. The key short-term target remains $4,000, a level that could come into view if bullish sentiment persists and market conditions remain favorable. “$ETH is finally pumping,” crypto analyst Lark Davis posted on X, suggesting this spike could trigger an altcoin rally. Lark Davis @TheCryptoLark · Follow Bitcoin is chopping around all-time highs. $ETH is finally pumping. You know what’s coming next. 5:17 pm · 29 May 2025 293 Reply Copy link Read 99 replies ARB, EIGEN among top gainers as ETH surges Ethereum’s rally has lifted several related altcoins, with Arbitrum (ARB), EigenLayer (EIGEN), and Lido DAO (LDO) posting impressive gains. ARB, the token of Arbitrum, spiked nearly 10% before paring gains. The upside has largely benefited from network developments and optimism around Ethereum’s ecosystem. EIGEN, tied to EigenLayer’s restaking protocol, jumped 12% in 24 hours and 18% over the week. The uptick reflects increased interest in Ethereum’s layer-2 and DeFi market. Lido DAO (LDO), a liquid staking protocol, rose 8% in the last 24 hours and 14% over the past week. Which altcoins are top gainers today? Among other top gainers, Zeebec Network (ZBC) gained 32%, Status (SNT) rose 25%, and SPX6900 (SPX) surged 22%. On the downside, Sophon (SOPH) dropped 24%, and NEXPACE (NXPC) was down 12%. Meanwhile Plume (PLUME) had declined by 8%. The tokens recently gained as most of the market fell. However, with profit taking in place, they are now underperforming the broader market uptrend. The post Crypto wrap May 29: BTC holds $108K, ETH surge helps ARB, EIGEN higher appeared first on Invezz

Source: Invezz