Daily Crypto Signals: Bitcoin Surges Past $97K, Solana Ecosystem Experiences Record Growth
Bitcoin continues its bullish momentum above $97,000 while Solana's stablecoin market cap hits an all-time high of $13 billion, signaling
Quick overview
- Bitcoin maintains a bullish trend, trading above $97,000, with strong buying demand evident in the futures market.
- Solana's stablecoin market cap reaches an all-time high of $13 billion, reflecting significant growth in its ecosystem.
- New Hampshire becomes the first U.S. state to allow government investments in Bitcoin, while other states reconsider similar measures.
- Analysts predict a potential price surge for BNB, forecasting it could quadruple by the end of 2025.
Bitcoin continues its bullish momentum above $97,000 while Solana’s stablecoin market cap hits an all-time high of $13 billion, signaling strong ecosystem growth amid favorable market conditions ahead of the Federal Reserve’s critical interest rate decision.
Crypto Market Developments
As traders wait for the Federal Reserve Open Market Committee (FOMC) gathering set for May 7, the market for cryptocurrencies is displaying amazing resiliency. Data reveals that at the $94,500 level, Bitcoin enthusiasts are holding firm; a cluster of long bets forms in the futures market around $94,400. Along with a 15% increase in aggregated trading volume, Bitcoin futures open interest showed a quick rise of about $189 million in recent hours, suggesting constant buying demand.
Historically, Bitcoin’s velocity usually slows before FOMC meetings then becomes more erratic afterwards. The last five interest rate decisions show this trend, hence similar behavior could follow the statement for this week.
New Hampshire, meantime, has become the first state in the union to let its government make bitcoin investments. On May 6, Governor Kelly Ayotte signed House Bill 302 into law allowing the state treasury to participate in cryptocurrencies with market capitalization more than $500 billion. On May 2, Governor Katie Hobbs vetoed Arizona’s equivalent measure; on May 3, Florida removed two proposals for crypto reserves from under consideration.
Bitcoin Surges Past $97,000
Currently trading at almost $97,446, Bitcoin BTC/USD has recovered above $95,000 after momentarily declining to almost $93,500. Ahead of the Federal Reserve’s interest rate announcement, the market is displaying strong positive attitude as traders expect possible liquidity injections that would historically help cryptocurrencies markets.
Changpeng “CZ” Zhao, former CEO of Binance, has forecasted that during current market cycle Bitcoin may hit between $500,000 and $1 million. Zhao underlined in an interview with Rug Radio broadcast on May 5 the major part Bitcoin spot-traded funds (ETFs) play in driving this price action, pointing out that “Bitcoin is going up since most of the ETFs are Bitcoin-based.”
Government accumulation and the growing institutionalization of Bitcoin give further more evidence for the asset. Though criticism from the International Monetary Fund notwithstanding, El Salvador keeps adding to its reserves, now holding about 6,170 BTC valued almost $580 million.
The weakening US Dollar Index (DXY), which has dipped below 100 for the first time since July 2023, combined with gold’s 12% increase in the previous 30 days, indicate waning confidence in conventional financial markets and supports limited assets like Bitcoin according to market analysts.
Solana Exhibits Bullish Signals
Although Solana’s April 25 high of $156.25 has somewhat dropped, its native token SOL/USD is now trading at $148.78 and exhibits positive trend signals. Over several criteria, the Solana ecosystem is showing amazing basic expansion.
Most importantly, Solana’s stablecoin supply has surged 156% in 2025, reaching $13 billion to set a new all-time record. Out of Solana-based stablecoins, Circle’s USDC rules with a 77% market share. As observed between December 2023 and August 2024, a 230% rise in SOL price matched a 160% increase in stablecoin inflows, therefore historically linked with price increases.
From $6.1 billion on April 9 to $7.65 billion on May 6 Solana’s total value locked (TVL) has increased by more than 25%. Over the past month, the network has also seen a 25% rise in daily transaction count, coming to 57.77 million transactions. Ahead of both BNB Chain and Ethereum, Solana boasts an outstanding 27.7% market share in distributed exchange (DEX) volume.
Technical study reveals SOL has developed a bull flag pattern on daily charts, indicating a possible rally to $220, a 53% rise from present levels. Maintaining stability between $120 and $130 is essential for SOL to maybe reach $178 and beyond, according to crypto specialists.
BNB Price to Double by 2025 End?
Forecasting Binance’s ecosystem token BNB BNB/USD might more than quadruple in price by the end of 2025, asset management Standard Chartered has presented a positive prediction for it. Based on their research analysis, BNB might climb to around $1,275 per token by year-end and maybe hit $2,775 by the end of 2028.
With a fully diluted value of almost $84 billion and almost $600 per coin currently trading, BNB has “traded almost exactly in line with an unweighted basket of Bitcoin and Ethereum since May 2021 in terms of both returns and volatility,” Standard Chartered analyst Geoff Kendrick says.
Though its developer activity is lower than that of other Layer-1 blockchains like as Ethereum or Avalanche, BNB Chain’s ecosystem is regarded as more robust given its established posture. Comparatively to other Layer-1 platforms, more than 60% of the onchain economic activity in the network consists in distributed exchanges (DEXs).
With about $6 million total value locked (TVL), BNB Chain today stands as the fourth biggest Layer-1 blockchain. Significantly, asset management VanEck registered on May 5 to list the first BNB exchange-traded fund (ETF) in the United States, therefore perhaps introducing the asset to a wider spectrum of institutional investors.
Bitwise Files for Spot NEAR ETF
Bitwise, a digital asset management, has registered a spot NEAR Protocol exchange-traded fund (ETF) with the US Securities and Exchange Commission, therefore adding NEAR to the expanding list of altcoins fighting for regulatory clearance. The May 6 registration statement states that, using a conventional brokerage under Coinbase Custody, the Bitwise NEAR ETF will monitor the price movements of the NEAR coin.
With a market capitalization of $2.73 billion, NEAR ranks as the 44th biggest cryptocurrency presently trading at $2.37. Once hailed as a “Ethereum killer,” the NEAR blockchain is seen by its supporters as a fix for the “blockchain trilemma,” the difficulty of concurrently attaining security, scalability, and decentralization.
Secured by 265 active validators, NEAR can execute up to 100,000 transactions per second using its Nightshade sharding technology. Announcing intentions to create the world’s largest open-source large language model, the NEAR ecosystem has turned from dispersed finance to AI infrastructure in 2024.
Along with applications for Litecoin, Dogecoin, Solana, XRP, Cardano, Hedera, Polkadot, Chainlink, Avalanche, Aptos, and Sui, NEAR joins at least a dozen other spot crypto ETFs already under investigation by the SEC. Bitwise already serves spot DOGE, SOL, and XRP ETFs as well as approved spot Bitcoin and Ether ETFs drawing a total $2.35 billion in net inflows since inception last year.
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