Daily Market Report – May 9, 2025
The cryptocurrency market posted impressive gains over the past 24 hours, led by a sharp rebound in Ethereum, an Ethereum rally. Bitcoin (BTC) rose 4.27% to $102,793.66, trading between $98,526.91 and $103,872.00. Ethereum (ETH) surged an astonishing 19.57%, reaching $2,199.45—its strongest single-day performance in months—after ranging from $1,838.00 to $2,240.63. The rally pushed the Fear & Greed Index up to 70, indicating heightened bullish sentiment. Futures liquidations hit $109 million, reflecting elevated volatility and trader repositioning. BTC and ETH long/short ratios remained nearly balanced, signaling growing conviction from bulls.
Altcoins joined the rally, with BDT leading the gains at +99.03%, followed by PNUT up 52.12%, and NEIRO with a 48.50% surge. On-chain activity also intensified as total value locked (TVL) climbed to $109 billion—up $9 billion from the previous day. Sentiment was described as “red-hot,” with the price of the hippo-themed MOODENG nearly doubling, and squirrel-themed PUNT gaining over 40%, reaching a market cap of $231 million.
In regulatory news, the founder of Celsius was sentenced to 12 years in prison for crypto fraud, forfeiting $48 million and multiple assets. Meanwhile, Meta is reportedly revisiting stablecoin integration following the sale of the Diem project, with a focus on reducing payment costs through blockchain rails.
The ETH/BTC exchange rate hit a one-month high after increasing 9% on the day, reflecting Ethereum’s dominance surge. On the M&A front, Coinbase announced the acquisition of Deribit, aiming to unify its offerings across spot, futures, and options trading.
Michael Crag
