Last Updated May 5, 2025 – 5:44 PM IST
The cryptocurrency market displayed notable divergence on Monday as Bitcoin extended its losing streak for a third consecutive day, while several smaller altcoins posted significant gains. Bitcoin, the market’s bellwether asset, closed at $93,959.80, down 0.38% in the last 24 hours and continuing a concerning downward trajectory that has erased over 3% of its value since hitting almost $98,000 last week. This decline comes amid increasing trading volume volatility, with daily volume fluctuating between 36K and 74K over the past week, suggesting uncertain market sentiment.
Meanwhile, several smaller-cap cryptocurrencies defied the broader market trend, with Walrus (WAL) leading gains at 10.47%, while established projects like Cardano (ADA) fell 4.31% despite substantial trading activity exceeding $687 million in the past 24 hours. This growing disconnect between Bitcoin’s performance and specific altcoin segments potentially signals a maturing market where investors are increasingly discriminating between projects rather than trading the cryptocurrency asset class as a monolithic entity. Market analysts are closely monitoring whether Bitcoin can maintain support above $93,500, which may prove decisive for the market’s short-term direction as institutional and retail investors recalibrate their positions in response to evolving macroeconomic conditions.
Top Gainers Buck the Trend
Leading the day’s gainers was Walrus (WAL), ranked #79 by market cap, which surged 10.47% to reach $0.6131 with an impressive 24-hour trading volume of $76,239,437. Core (CORE) followed with an 8.26% increase to $0.7354, while Four (FORM) rounded out the top performers with a 7.87% gain to $2.35.
These gains came despite the overall bearish sentiment in larger-cap cryptocurrencies, suggesting increasing market divergence between Bitcoin and certain altcoin segments.
Top Losers Among Major Altcoins
On the downside, Ethereum Name Service (ENS) experienced the steepest decline among tracked cryptocurrencies, dropping 7.68% to $17.52 with significant trading volume of $69,128,573. UNUS SED LEO (LEO) fell 4.93% to $8.61, while top-10 ranked Cardano (ADA) decreased 4.31% to $0.6609 with substantial volume reaching $687,123,631.
Bitcoin Market Details
Bitcoin’s recent price action has been characterized by increased volatility. Monday’s trading saw the cryptocurrency reach an intraday high of $94,819.50 before finding support at $93,590.80, with trading volume reaching 52.02K units.
Market analysts point to several factors potentially driving Bitcoin’s recent decline, including profit-taking after it briefly crossed the $97,000 threshold last week. Technical indicators suggest the cryptocurrency may be consolidating after its impressive rally earlier this year.
Investors will be watching closely to see if the $93,500 support level holds in coming sessions, with technical analysts suggesting this could prove a critical juncture for Bitcoin’s mid-term price trajectory.
The contrasting performance between Bitcoin and select altcoins highlights the increasingly complex dynamics within the cryptocurrency ecosystem as the market continues to mature and segment in 2025.
Check What happened in Crypto earlier this day – https://cryptonewstoday.in/what-is-happening-in-crypto-market-today/
