The market for cryptocurrencies has shown new signs of recovery after Bitcoin’s price surge on April 22nd. The global cryptocurrency total trading volume market value is estimated to account for $2.78 trillion, showcasing some increase throughout the day. Even more encouraging, along with this price recovery, trading volume experienced a noticeable increase, hinting that there was trading interest beyond just the price movements seen during recent days. Market tone improved significantly, with the Crypto Fear & Greed Index jumping back up to 47 and entering the ‘Neutral’ zone after spending quite some time in ‘Fear.’ This upward shift appears to be closely associated with factors such as inflows into Bitcoin ETFs and the weakening US dollar. However, the lack of concern over tariffs and inflation, which fundamentally drive macroeconomic anxieties, suggests that continuing these efforts with caution is still warranted.
Bitcoin Soars Due to Institutional Investments and a Weak Dollar
The King of Crypto, Bitcoin, has proudly led the market and surged above crucial levels to trade between $88,100 and $90,875, registering a significant increase over the past 24 hours. This astonishing movement was further boosted by unprecedented institutional capture, with reported spot Bitcoin ETF inflows surpassing $300 million on the Monday before last alone, along with Ivy’s accumulating crypto capital. The corporate and whale accumulation alongside the weakening US dollar certainly bolstered the asset’s store of value. From a technical standpoint, BTC surpassed and held above the short-term moving averages and is fast approaching the critical resistance level earlier defined between $88,800 and $93,000.
Ethereum’s Subdued Recovery Lores of Bitcoin
Ethereum dipped with the recovery but traded within the $1,634-$1,670 range. Its recovery, albeit moderate, is still lagging compared to Bitcoin’s surge. Though approval of option trading for ETH spot ETFs constitutes a positive development, there are lingering concerns such as preemptive ETF outflow constraints, grayscale ETHE, and staked ETH limitation suffocating sentiment. Ethereum trades under crucial daily moving averages, showcasing sideline whale accumulation, which highlights looming challenges towards overcoming key resistance levels. Participant focus hones in on the May projected Pectra upgrade as a probable catalyst for fundamental drivers.
Solana Maintains Momentum Amidst ETF Hype
Relative outperformance was noted as Solana traded between $140.70 and $144.54 and achieved robust daily gains. Following the implementation of spot Solana ETFs and crypto-based innovations, including staking in Canadian markets, newly launched ETFs are believed to be driving much of this momentum. Furthermore, ecosystem development alongside institutional interest, such as exposure through ARK Invest, provides stronger fundamentals. Although the risk posed by FTX liquidations after May 30th exists, prevailing narratives are decisively positive towards the sub-$150 resistance.
XRP Consolidates Above $2, Eyes Catalysts
Trading in a narrow range of $2.10 and $2.14, XRP purportedly whale accumulation coupled with declining exchange reserves provided fully on-chain data bullish signals. Accumulation while associated with Ripple Group not only asserts XRP but also firm optimism regarding the SEC lawsuit, unending spot ETF speculation, and RLUSD stablecoin alongside RWA integrations like the Ondo partnership further advances support sentiment. Positive narratives sustain adult XRP while a watchful stance eases around awaiting a favorable lawsuit verdict. Nevertheless, a strength hurdle near $2.50-$2.60 cold resistance mixed technical XRP requires a strong direction shift.
Cardano Seeks Direction Below Key Resistance
Cardano remains stubbornly stuck above the major daily moving averages. ADA faces around the $0.6393–$0.6577 mark while capturing modest gains beyond clear resistance, but in the middle. Even though proposal multi-asset ETFs presented speculative partnered raised interest avenues like Grayscale’s Large Cap Fund, which offers institutional adoptions and alliances, they immediately lacked strong positive peer support. Suspension reflecting its price action consolidation needs attempts to bring the surge-set decisively above the $0.67-$0.70 resistance zone, signaling renewed bullish sentiment and continued strong conviction to fall rationally despite supported research fundamentals and propelling fierce headwinds.
Tokens ONDO & TAO: Stay Strong
Ondo Finance’s (ONDO) trading value danced between $0.86 and $0.89, showcasing the astonishing strength of the RWA narrative as it posted daily gains over and above expectations. Ondo’s trust in investors remains high due to the company’s market capitalization exceeding $1 billion in Total Value Locked (TVL) and explosive partnerships, heralding dominance in tokenizing real-world assets. TAO also demonstrated exceptional performance, surging to the range of $335-$347 with significant double-digit daily gains. TAO, as a major AI-related token, was boosted by the AI market theme tsunami and positive technical breakout signals, underscoring how powerful sector narratives can lead to extreme rallies.
Omni Mantra Recovery Efforts Continue Amidst Volatility
Mantra (OM) experienced volatility when it traded between $0.51 and $0.53, recording further decline in other trades. The project continued, concentrating solely on the consequences of the price collapse of mid-April. The CEO confirmed the beginning of the term—151 million OM token burn buyback—which is part of broad-based buyback and burn initiatives aimed at stabilizing market trust. The utter severity of the crash in question, coupled with the restoring trust, raised speculation, adding to the already steep uncertainty.
Meme Coins: DOGE Shows Strength, SHIB Consolidates
Amongst its peers, Dogecoin (DOGE) exhibited noteworthy strength, trading in the range of $0.1645 – $0.1718, with some reporting daily growth over 6%. This newfound strength could be attributed to talk by influencers, speculative interest around ETFs, or lingering traces of political branding. Shiba Inu (SHIB), on the other hand, traded more modestly at around $0.00001264, consolidating close to its recent support level. SHIB seemed more tied to the market’s broader consolidation rather than benefiting from DOGE’s specific surge, even as ecosystem advancements such as Shibarium and burns continued.
Caution Advised, with Bitcoin Leading the Charge
The cryptocurrency market witnessed a much-needed boost on the 22nd of April, spearheaded by Bitcoin. This was further complemented by substantial institutional ETF inflows along with macro support due to the weakening US dollar. Overall market sentiment improved slightly to neutral. Slight Bitcoin inflow. However, recovery was not across the board. Narrative-based altcoins such as Solana (ETF), Ondo (RWA), and Bittensor (AI) rallied, while Ethereum still lagged, and XRP as well as Cardano consolidated, waiting for clearer catalysts. Elevated figures of Bitcoin dominance indicate lower circulation volumes where momentum relies on sentiment. Sustained positive trends depend on Bitcoin surpassing resistance levels while market conviction pre-fulfillment needs to flow fully backed by volume.
