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Bitcoin Price drops to $110,703, down 0.66%, while holding above the crucial $110K mark.
Ethereum Nears $2700, rising 2.50% on the back of upcoming network upgrades.
Cardano, Solana, and Dogecoin rally, with ADA jumping over 4.6% in 24 hours.
The global crypto market cap stays above $3.5 trillion, showing resilience and investor optimism.
The crypto market today, on May 23, 2025, shows bullish signals with minor corrections in some tokens. Bitcoin price faces a slight pullback while altcoins show renewed momentum. A market cap of $3.51 trillion reflects strong investor participation, particularly in Ethereum and Cardano. Analysts suggest that the market may be entering a rotation phase, from Bitcoin into higher-yielding altcoins.
Avinash Shekhar, Co-founder & CEO at Pi42, echoed this sentiment. He noted, “Bitcoin’s surge beyond $110,000 is a historic milestone, signaling not just bullish sentiment but a strong wave of institutional and retail conviction. While the momentum is real and $150K–$200K doesn’t seem outlandish in a price discovery phase, the market rarely moves in a straight line. A healthy pullback could offer stability and reset the baseline for the next leg up.”
Let’s explore the crypto price movements of the top ten tokens as of 10.45 AM on May 23.
Bitcoin is trading at $110,703.27, reflecting a 0.66% drop in the last 24 hours. With a $2.2 trillion market cap and over $62.9 billion in trading volume, Bitcoin remains the anchor of the market. The dip follows a bullish streak that tested resistance around $112 K. As Shekhar said, current leverage and funding rates suggest a pause or correction might be healthy for long-term market stability.
Ethereum rose to $2,694.21, marking a 2.50% gain. It has a market cap of $325 billion and $28.12 billion in trading volume. Optimism around Ethereum’s Dencun upgrade, as well as increased Layer-2 usage and staking activity, are fueling the rise. The asset is increasingly viewed as a DeFi yield generator, making it attractive to institutional investors.
XRP trades at $2.45, up 1.49%, with a $143.93 billion market cap and $3.60 billion in daily volume. While Ripple's settlement with the SEC on May 8, 2025, removed a long-standing legal challenge, XRP’s price action remains modest.
Despite being shortlisted as a US Digital Asset Reserve candidate and seeing XRP futures open interest hit $2.2 billion, the token has underperformed. It dropped 6% over the last quarter while the market rose 10%. Upcoming ETF decisions in Q4 2025 and high funding rates (19%) suggest that trading activity is high, but investor caution persists.
Bloomberg’s James Seyffart also noted, “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.”
Also Read: Top Altcoins to Grab Before Ethereum Shoots to $10K in 2025
Binance Coin (BNB) is up 0.52%, trading at $686.57. It holds a market cap of $96.73 billion, with daily volume reaching $2.03 billion. Growth in GameFi and DeFi on the BNB Chain continues to support the coin's value. Recent upgrades and developer traction further anchor BNB's long-term outlook.
Solana (SOL) rose 3.27% to $182.36, fueled by a resurgence in its NFT ecosystem and improved developer tools. With a market cap of $94.86 billion and $5.15 billion in volume, SOL is recovering well from past network concerns.
Dogecoin (DOGE) trades at $0.2471, up 2.68%, supported by its $36.92 billion market cap and $2.81 billion in daily volume. Upgrades to the Dogechain protocol and community-driven hype on platforms like X (formerly Twitter) are fueling the rally.
Cardano (ADA) is trading at $0.8275, up 4.65%, driven by the recent Mithril upgrade and stronger developer outreach. Its market cap is $29.23 billion, with $1.16 billion in volume.
Institutions are taking note of Cardano's technical maturity, making it a favorite among long-term altcoin plays.
TRON (TRX) gained 0.98%, now at $0.2735, backed by a $25.95 billion market cap and $1.04 billion in daily trading volume. TRON leads in USDT transfers, especially in Asian DeFi markets, and continues to build strategic partnerships.
Stablecoins continue to offer liquidity and stability in an otherwise volatile market, critical for active trading environments.
Tether (USDT) was down by 0.04% to $0.9997, market cap $152.35 billion, volume $107.54 billion.
USD Coin (USDC) dipped 0.03% to $0.9995, market cap $61.30 billion, volume $14.61 billion.
Meanwhile, US banking giants, including JP Morgan, Bank of America, Citigroup, and Wells Fargo, are exploring a joint stablecoin initiative. The effort is seen as a defensive maneuver against crypto adoption, with potential backing from Zelle operator Early Warning Services. The move highlights traditional finance's growing awareness of crypto’s potential, especially stablecoins.
Crypto prices today reflect a potential shift from Bitcoin dominance to altcoin strength. This rotation is typical when BTC hits psychological resistance and stalls. Ethereum, Cardano, and Solana are emerging as leaders in this phase, supported by strong fundamentals and development momentum. However, with funding rates and leverage rising, specifically in BTC and XRP, volatility remains a concern. As Pi42’s Avinash Shekhar noted, “risk management and disciplined entry points remain key.”
Also Read:Crypto Market Update: Key Developments in Regulation, Tokenized Stocks, and Stablecoins
