- The largest crypto asset, Bitcoin (BTC), remains steady around $109,000 following its all-time high of $111,970, driven by institutional inflows, including $934.8 million into spot BTC ETFs.
- Cardano (ADA) has maintained strong support above critical levels while Dogwifhat (WIF) outperformed the broader market with double-digit gains.
Now that the crypto market is taking a breather after the latest surge, certain digital assets are getting more attention leading into the weekend. Bitcoin (BTC), Cardano (ADA), and the Solana meme coin Dogwifhat (WIF) have come forth because of their promising market actions, fueling the bullish sentiment.
Bitcoin (BTC) Holds Steady After Recent ATH
Despite the rise of other currencies, Bitcoin remains in the top spot of cryptocurrencies. Since reaching its all-time high of $111,970 on May 22, Bitcoin’s price has been steady around $109,000. BTC’s recent drop from its high has not lowered its price much. This means that large investors, also known as whales, continue to see it as a promising investment.
The main reason for the current upswing is inflows by large financial groups, with retail investors remaining on the sidelines. On Thursday, spot BTC ETFs recorded a phenomenal inflow of $934.8 million with BlackRock’s IBIT leading the pack with $877.2 million inflow.
However, Bitcoin continues to struggle as long liquidations skyrocket after the latest dip. According to CoinGlass data, $112.02 million worth of BTC longs were liquidated in the past 24 hours. This sell move signals that derivatives traders are turning bearish on BTC. Nonetheless, as Bitcoin maximalists and whales continue to hold onto their BTC reserves, a rebound could be witnessed soon.
Cardano (ADA) Price Stands Strong
Amid the volatile market, Cardano’s price remained resilient, holding above critical levels. As of press time, the Cardano price dipped 3.92% to $0.7734. Earlier, ADA defied the slowing market trend and gained significantly owing to support from consistent buying interest.
However, despite today’s dip, people are drawn to Cardano because new ecological improvements keep being introduced. In early May, Cardano founder Charles Hoskinson teased the upcoming ‘Ouroboros Leios’ upgrade. With the upgrade nearing, the focus on ADA is expected to increase.
Dogwifhat (WIF) Refuses To Follow Market Trend
Dogwifhat is one of the most impressive standout performers in the top 100 digital assets by market value. Today, the WIF price defied the market trend with gains. In addition, it recorded double-digit gains the last day.
While memecoins often seem fun and lighthearted, interest from speculators is starting to affect WIF prices. Also, with the Trump Gala Dinner in focus on May 22, the WIF meme coin benefited from the surging interest in meme tokens as 220 TRUMP coin holders were invited as VIPs to this event.
Current Crypto Market Scenario
The crypto community at the moment is pausing, waiting for policies from financial authorities. Financial markets may soon introduce perpetual futures to investors. Summer Mersinger, a U.S. Commodities and Futures Trading Commission commissioner, has noted in an interview. Mersinger will soon take a leading role at the Blockchain Association, possibly changing the way of policy making regarding crypto.
The perpetual futures launch could lead to better exposure to crypto. This could, in turn, positively impact Bitcoin, Cardano, Dogwifhat, and other cryptocurrencies as inflows surge from such products.
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