The crypto market is starting the new week with steady momentum, showing no signs of slowing down after a series of recent gains. As of May 12, digital assets continue to trade in a bullish zone, with Bitcoin holding firm around the $103,000 mark and Ethereum stabilizing at $2,500. While major cryptocurrencies have avoided major volatility, the surprise of the day comes from meme coin MOODENG, which exploded with a staggering 100% gain in just 24 hours.
Global Sentiment Boosted by Eased Trade Tensions
Much of this bullish energy seems to be riding on the back of geopolitical developments, particularly the easing of trade tensions between the United States and China. Talks held in Geneva have signaled a thawing of tariff disputes, prompting renewed confidence in global risk assets, including cryptocurrencies. As the world digests this more optimistic tone, investors appear to be redistributing capital into crypto markets.
This wave of optimism is reflected in the total global crypto market cap, which climbed 1.82% today, reaching approximately $3.29 trillion. Trading volume also saw a modest increase of around 3%, with over $167 billion exchanged in the past 24 hours.
Bitcoin (BTC) Price Snapshot
Bitcoin continues to show resilience amid the shifting macroeconomic winds. At the time of writing, BTC is trading at around $104,000—up a modest 0.22% on the day. Despite fluctuating intraday, the flagship cryptocurrency has maintained its footing above the critical $103K threshold. Investor sentiment remains largely bullish, with BTC’s market dominance standing strong at 62.6%.
Fueling this confidence are inflows into U.S.-listed Bitcoin ETFs. According to data from SosoValue, these investment products have enjoyed three consecutive weeks of net positive inflows, with the latest totaling nearly $600 million. On the derivatives front, Coinglass reports that Bitcoin’s futures open interest (OI) has risen 3% in the last day, reaching $67.5 billion—another sign that institutional traders remain active.
Ethereum (ETH) Maintains Stability
Meanwhile, Ethereum remains relatively stable around the $2,500 mark. Over the last 24 hours, ETH has experienced minor fluctuations, swinging between $2,441 and $2,546. Although ETH saw outflows of $55.76 million from its ETF counterparts, the broader uptrend in the market has helped keep Ethereum from losing ground. As of today, ETH holds 8.7% of the total crypto market share.
Meme Coins and Altcoins: MOODENG and PEPE Take the Lead
Beyond the majors, meme coins are stealing the spotlight once again. MOODENG, a Solana-based meme token, surged over 100% to $0.2679, making it the top gainer of the day. This dramatic price action follows news that Binance has listed the token as part of its Alpha projects initiative. MOODENG’s futures open interest also jumped an eye-popping 130%, hitting $301.77 million—a clear sign of growing trader interest.
Pepe Coin (PEPE) also joined the meme rally, gaining over 10% and trading at $0.00001440. DOGE and Shiba Inu followed suit with 3% and 2% gains, respectively.
Other Noteworthy Gainers
Several altcoins also posted significant gains:
- Pi Network (PI) jumped 55% to $1.27
- Dogwifhat (WIF) rose 36% to $1.09
- Kaspa (KAS) climbed 21% to $0.1275
Interestingly, the market saw no significant losers today, highlighting an across-the-board bullish sentiment.
Final Thoughts
As global markets respond positively to diplomatic progress and a more relaxed macroeconomic environment, the crypto space seems poised for further gains. With Bitcoin and Ethereum showing strength and meme coins rallying hard, the overall sentiment remains bullish. Whether this momentum continues will likely depend on broader market signals, but for now, the bulls are clearly in control.
