Crypto market update: Here's how Bitcoin, Ethereum, others are faring today

The crypto market remains range-bound, with flagship currency Bitcoin (BTC) consolidating around the $104,000 level. Market analysts believe this consolidation signals a maturing market showing resilience despite a sharp drop in spot ETF inflows—from $3 billion in late April to just $228 million this week.

 

The bellwether currency was quoted trading at around $103,989.44, up by 1.31 per cent at 10:46 AM on Friday, May 16. The world’s most popular cryptocurrency had a 24-hour trading volume of $52.04 billion. Bitcoin's market capitalisation stood at $2.18 trillion, the highest among all cryptocurrencies. The last 24-hour trading range for Bitcoin was between $101,440.81 and $104,432.72, according to data from CoinMarketCap.

 

 

Bitcoin’s consolidation around the $104,000 level, Riya Sehgal, research analyst at Delta Exchange, said, signals a maturing market showing resilience despite a sharp drop in spot ETF inflows. While institutional momentum may have cooled, long-term fundamentals, Sehgal believes, remain solid. A 36 per cent rebound from April’s low and on-chain data indicating that 97 per cent of holders are in profit point to deep-rooted investor confidence. Whale behavior, with reduced profit-taking, further supports the narrative of strategic accumulation over short-term speculation. 

 

Macro signals also lean bullish, said Sehgal. "Eric Trump’s remarks at Consensus 2025, referencing increased Bitcoin accumulation by sovereign funds and wealthy families, reflect growing global adoption. Additionally, falling US Treasury yields and rising correlation with equities hint at expectations of greater liquidity and a potential risk-on environment."

 

Technically, Bitcoin faces strong resistance between $105,000 and $106,000. A confirmed breakout, Sehgal believes, could open the path toward new all time high (ATH), while a drop below the $100,000 level could invite a correction toward $93,000.

 

Meanwhile, Edul Patel, Co-founder and CEO of Mudrex, said that Bitcoin now eyes resistance at $105,600, with support at $102,000.  "Bitcoin is gaining momentum, trading above $104,200 amid strong institutional inflows. Bitcoin spot ETFs recorded nearly $320 million in net inflows, highlighting continued demand. Market sentiment was further lifted by JPMorgan’s prediction that Bitcoin could offer more upside potential than gold in H2," said Patel. 

Ethereum holds above $2.5K; Altcoins show mixed trend

Ethereum (ETH) too was holding its gains and trading above the $25k mark, showing signs of a breakout setup. Last seen, it was quoted trading at $2,588.46, up 0.35 per cent, with a trading volume of $24.9 billion. It has fluctuated in the range of $2,482.21–$2,602.02 in the last 24 hours.

 

Ethereum’s market cap stood at $312.5 billion, making it the second-largest cryptocurrency by market capitalisation.

 

For Ethereum, analysts said, while short-term volatility is possible, current price action suggests a consolidation phase that could precede the next leg up in this bull cycle. The next key resistance level for Ethereum lies at $2,735.

 

Among other popular altcoins, Binance Coin (BNB) was trading higher by 1.13 per cent, while Ripple (XRP) was trading lower by 3.5 per cent, Cardano (ADA) down 0.68 per cent, and Solana (SOL) lower by 0.49 per cent.

 

Meanwhile, the US dollar-linked stablecoin Tether was trading at $1, up 0.01 per cent.