On May 9, 2025, the cryptocurrency market witnessed significant movements with Bitcoin (BTC) and other top cryptocurrencies showing a strong rebound. Bitcoin rose 5.94% in the last 24 hours, trading at $103,031 per coin, while Ethereum (ETH) experienced a remarkable increase of 20.31%, reaching a price of 36.1 million IDR per coin. This surge in prices reflects a renewed interest from investors and traders, driven by favorable market conditions and technical indicators.
Bitcoin's latest surge comes after President Donald Trump announced a trade agreement between the United States and Britain, which has positively influenced market sentiment. Following this announcement, Bitcoin's price jumped more than 3%, marking a notable increase to $99,293.54, with the potential to reach $100,000 soon. This announcement was shared on Trump's platform, Truth Social, where he emphasized the significance of the deal in strengthening relations between the two nations.
Meanwhile, Ethereum's price increase can be attributed to a combination of robust trading volumes and positive market sentiment. In the last 24 hours, Ethereum's trading volume surged by 25.43%, amounting to nearly $19.21 billion, indicating strong investor interest. This bullish momentum contributed to ETH's 6.45% rise over the past week, with its current market capitalization standing at approximately $232.82 billion.
In addition to Bitcoin and Ethereum, other cryptocurrencies also demonstrated impressive gains. Binance Coin (BNB) increased by 3.97% in the last 24 hours, trading at 10.34 million IDR per coin, while Cardano (ADA) rose by 13.62%, reaching a price of 12,597 IDR per coin. Solana (SOL) also showed positive movement, climbing 10.26% to trade at 2.69 million IDR per coin. The overall cryptocurrency market capitalization reached approximately $3.15 trillion, reflecting a 5.66% increase in the last day.
Dogecoin (DOGE), the popular meme coin, also made headlines with a rise of 13.65% in the last day, trading at 3,234 IDR per token. This resurgence is supported by a growing number of long positions held by investors, with nearly 70% of accounts on Binance taking long positions on DOGE. The positive sentiment surrounding DOGE is further bolstered by the upcoming hackathon event, "DOGEATHON," scheduled to take place in Portugal from July 22 to July 24.
Market analysts are optimistic about the future of Dogecoin, especially after it broke out from a falling wedge pattern. This breakout was confirmed by the closing of a 4-hour candlestick above the upper trend line of the wedge, suggesting potential price targets of $0.2061. The positive Chaikin Money Flow (CMF) indicator also supports the bullish outlook for DOGE, indicating that the likelihood of a price pullback is low.
As for Avalanche (AVAX), the cryptocurrency is also on a strong rebound, driven by buy signals on the 4-hour chart and impressive daily fund flow. AVAX bounced from the $19.75 level and is predicted to continue its bullish movement towards $23 in the near future. The TD Sequential indicator issued a buy signal after a bullish engulfing pattern formed on the 4-hour chart, suggesting potential price increases if AVAX can break through key resistance levels.
In the last 24 hours, Avalanche recorded $41.75 million in daily fund flow, nearly matching Ethereum's $42.09 million. This significant inflow of funds reflects strong investor interest in AVAX, further supporting its price potential in the short term. However, investors are advised to monitor key support levels, particularly around $19.85 and $19.60, as a drop below these levels could reverse the bullish sentiment.
Overall, the cryptocurrency market is experiencing an optimistic phase, with several coins showing promising upward trends. Investors are encouraged to stay informed and consider market dynamics, including technical indicators and trading volumes, to make informed decisions in this volatile landscape.
As always, potential investors should conduct thorough research and be aware of the inherent risks associated with cryptocurrency trading. The market remains highly volatile, and while opportunities for profit exist, caution is advised.
