🚀 Market Highlights
- The global crypto market cap is $3.01T, a 1.88% increase over the last day.
- The total crypto market volume over the last 24 hours is $123.15B, which makes a 62.31% increase. The total volume in DeFi is currently $16.8B, 13.64% of the total crypto market 24-hour volume. The volume of all stable coins is now $79.82B, which is 64.82% of the total crypto market 24-hour volume.
- Bitcoin’s dominance is currently 64.42%, a decrease of 0.87% over the day.
- Bitcoin (BTC) surged past $97,000, reaching approximately $98,012 by 9:12 PM ET, fueled by institutional investments and macroeconomic optimism.
- Ethereum (ETH) held steady around $1,824 following the successful activation of its 'Pectra' upgrade, which enhances staking and wallet functionalities.
- Altcoins like Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) experienced gains of approximately 4%, contributing to a positive day for the broader crypto market.
Crypto Fear & Greed Index | Source: Alternative.me
📰 Top Stories
🏦 Metaplanet's $53.5M Bitcoin Acquisition
Japanese firm Metaplanet purchased 555 BTC worth approximately $53.5 million, signaling continued institutional interest in Bitcoin.
read more: Metaplanet Buys Additional Bitcoin Worth ¥7.6 Billion, Bitcoin Price Surges Above $97,000
🔧 Ethereum's 'Pectra' Upgrade Enhances Network
Ethereum developers activated the 'Pectra' upgrade, increasing the maximum staking limit to 2,048 ETH and introducing 'smart account' functionalities to improve user experience.
EIP-7702 enables externally owned accounts to function like smart contracts, allowing them to pay gas fees using tokens other than Ether (ETH).
EIP-7251 raises the validator staking limit from 32 ETH to 2,048 ETH, streamlining operations for large-scale stakers. Meanwhile,
EIP-7691 expands the number of data blobs per block, enhancing layer-2 scalability and potentially lowering transaction fees.
Sergej Kunz, co-founder of 1inch, noted that the Pectra upgrade brings "smart account" functionality and boosts Ethereum’s scalability via layer-2 solutions.
📈 Arthur Hayes Predicts Bitcoin Rally
Arthur Hayes, former BitMEX CEO, believes now is a good time to go long on crypto assets, citing a likely shift in U.S. Federal Reserve policy toward quantitative easing. He argues that economic stress and tightening liquidity will force central banks to print more money, benefiting risk assets like Bitcoin. Hayes also warns that upcoming volatility may offer prime buying opportunities before the market fully rebounds.
read more: Arthur Hayes Says, 'It's Time To Go Long Everything,' Predicts $1M Bitcoin By 2028
The crypto market showed strong performance on May 7, with Bitcoin nearing the $100,000 mark and Ethereum's network upgrade bolstering its position. Institutional investments and positive economic indicators contributed to the bullish sentiment across the market.
