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The cryptocurrency market in May 2025 has been a whirlwind of breakthroughs, bullish price action, and evolving regulations. From Bitcoin reclaiming six-figure heights to Ethereum’s altcoin dominance and significant policy shifts, this month has solidified crypto’s place in the global financial landscape. Here’s a roundup of the top stories driving the crypto world this May.
Bitcoin surged past $100,000 in early May, a milestone not seen since February, driven by renewed institutional interest and a favourable macroeconomic environment. BlackRock’s spot Bitcoin ETF recorded a record-breaking 19 consecutive days of inflows, pulling in $356 million on 9 May 2025 alone. The introduction of spot Bitcoin ETFs in 2024 has reshaped Bitcoin’s market structure, with demand now flowing from retirement accounts and macro funds. Analysts are optimistic, with price forecasts for 2025 ranging from $122,000 to a bold $700,000 by BlackRock, assuming institutional portfolios allocate 2–5% to BTC.
Ethereum has stolen the spotlight with a 26% weekly gain, marking its best week since May 2021. The Pectra upgrade, which went live on 7 May 2025, introduced enhancements to staking, blobs, and account abstraction, sparking a wave of whale activity and fuelling speculation of an altcoin season. ETH hit $2,400 after a 50% rise over the past month, outpacing Bitcoin. Analysts attribute Ethereum’s rally to declining Bitcoin dominance (down to 63.89% at the time of writing) and positive news like potential US Federal Reserve rate cuts. The upcoming Fusaka update, aimed at reducing costs for Layer-2 blockchains, could further bolster Ethereum’s momentum.
Coinbase Global became the first crypto company to join the S&P 500 on May 19, replacing Discover Financial Services. Shares jumped 8% in extended trading, reflecting investor confidence in the exchange’s growth. This watershed moment for the crypto industry coincided with Coinbase’s $2.9 billion acquisition of Deribit, a leading crypto derivatives exchange. Despite a dip in net income to $65.6 million from $1.18 billion a year earlier, Coinbase’s strategic moves signal its ambition to dominate the global crypto market. The SEC’s decision to drop a lawsuit against Coinbase further boosted sentiment, marking a win for the industry.
Space and Time, a Microsoft-backed blockchain, launched its permissionless mainnet on 8 May 2025, introducing zero-knowledge (ZK)-proven data infrastructure for DeFi and crypto applications. Built by MakeInfinite Labs, the platform indexes data from blockchains like Ethereum and off-chain sources, enabling smart contracts to query verifiable data using Proof of SQL, a sub-second ZK coprocessor. The SXT token, released on 8 May 2025 and listed on Binance as its 69th Launchpool project, supports staking, governance, and query fees.
Altcoins are capitalising on Bitcoin’s momentum, with XRP and Solana showing notable gains. XRP surged over 300% in the past six months, driven by optimism about its role in cross-border payments, though some analysts question its long-term viability. Solana’s token gained 16% in a week, its best since January. Other altcoins like Cardano (ADA), Aave, and Pendle are also flashing bullish signals, fuelled by declining Bitcoin dominance and capital rotation. On X, a rivalry between Solana-based token platforms Pump.fun and Bonk.fun over $GLONK tokens has captivated the crypto community, boosting market interest.
May 2025 has been a pivotal month for crypto, with Bitcoin’s resurgence, Ethereum’s altcoin leadership, and regulatory shifts setting the stage for a dynamic year. Analysts predict a potential market peak in June or July, with Bitcoin possibly hitting $120,000–$130,000, Ethereum nearing $3,000, and XRP approaching $3. As the crypto market evolves, investors are advised to conduct thorough research and approach high-volatility assets with caution.
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