The rally shows no signs of slowing down.
While overall market cap saw a slight 0.6% dip to $3.48 trillion, most of the top 100 coins have continued climbing – powered by growing institutional interest and a wave of favorable regulatory momentum.
Total crypto trading volume remains strong at $123 billion, highlighting the market’s resilience and renewed investor confidence.
TLDR:
The crypto market continues the rally, despite the decrease in market cap;
Bitcoin is in the green today, up 1.25% in 24 hours;
Analysts highlight the strength of the market recovery;
‘Setting the Stage for New ATH’;
Significant ETF inflows and regulatory developments fuel the rally;
The rally seems sustainable, though short-term corrections and consolidations are possible.
Why Is Crypto Up Today – May 21, 2025: Crypto Winners & Losers
Compared to yesterday, when all the top 10 coins per market cap were green, one turned red today. Tron (TRX) fell 0.7% to the price of $0.2711. Founder Justin Sun tweeted out his support for US President Donald Trump on Tuesday, saying he’ll be attending the latter’s Gala Dinner.
Cardano (ADA) is the day’s best performer. It’s up 3%, now trading at $0.7539. At the same time, Ethereum (ETH) appreciated 0.8%, now changing hands at $2,553. Its daily high is $2,635.
Furthermore, after briefly hitting the day’s high of $107,831, Bitcoin (BTC) pulled back to the $106,500 level. Over the past day, it increased by 1.4%, trading at $106,533. Notably, this is its yesterday’s high, which it finally managed to hold.
Also, the majority of the top 100 coins saw their prices increase. The highest gainer in this category is Stacks (STX), having increased by 7.1% to $0.9106.
Story (IP) fell the most among the red coins. It’s down 3.7% to $4.49
Overall, the crypto market rally continues to be fueled by the increase in institutional adoption, surge in Bitcoin ETF inflows, regulatory shifts, and ongoing macroeconomic relief following the easing of trade tensions. In turn, this has fueled risk-on sentiment.
Furthermore, the regulation is currently favorable for crypto. All eyes are at the moment primarily on the US. The country’s Senate has voted to advance the GENIUS Act, which would regulate stablecoins at the federal level.
However, the US Securities and Exchange Commission (SEC) Chair Paul Atkins faced questions from lawmakers on 20 May.
They focused on the regulator’s handling of the fraud case involving Tron founder Justin Sun and a Donald Trump-linked meme coin. It remains to be seen if this will have a more pronounced impact on the market.
‘Setting the Stage for New ATH’
According to the latest Glassnode report, BTC has hit a local high of $107,000, moving close to its all-time high of $109,000. This has led to a significant increase in capital inflows. It has pushed the Realized Cap above $900 billion, “for the first time, a historic milestone.”
Only four trading days in history have recorded a higher daily closing price. The last weekly close of $106,500 was the highest ever. The coin is trading some 40% higher over the last six weeks, “highlighting how strong the market recovery has been,” the analysts say.
Source: Glassnode
Ruslan Lienkha, chief of markets at crypto platform YouHodler, has commented that BTC may have entered a consolidation phase, marked by accumulation. The current price action could be “setting the stage for another leg higher that could lead to a new all-time high.”
He commented that the $90,000–$110,000 range is a key consolidation zone, as BTC has spent significant time within this range since November. “This suggests a high concentration of trading activity and order volume, which could reinforce the area as a strong support level. If this dynamic continues, Bitcoin will likely remain anchored in this range, even following the renewal of all-time highs, as it serves as a psychologically and technically important price corridor.”
Lienkha noted the existing risk of a downside correction but added that the chances are “relatively low in the short to medium term.”
While it’s too early to declare the beginning of a full-scale altseason, the executive says, Ethereum has seen notable outperformance. This is the result of internal factors, including the Pectra upgrade and the expansion of stablecoins on the network, supported by a favorable macroeconomic environment.
Levels & Events to Watch Next
After two days of unsuccessful attempts, BTC finally managed to break through the $106,000 level, rising above $106,500. More importantly, at the time of writing, it is holding that level. This shows how today’s brief high can become tomorrow’s price in the market’s push-and-pullback game.
The coin couldn’t sustain the day’s high of $107,800. However, if it manages to surpass $107,000 and stay there, the next level to keep an eye on will be $108,786, after which it will likely be testing fresh all-time highs.
Per Glassnode, the $2,400–$2,900 range is a crucial zone for Ethereum. This is both a resistance zone and a potential breakout level, “essential for maintaining upward momentum.”
Source: Glassnode
Moreover, the Fear and Greed Index has recorded a slight increase since this time yesterday, from 68 to 69, going deeper into the greed territory. As previously noted, this signals investor optimism, confidence, and willingness to take risks as a result of higher prices and trading volumes. That said, it can also lead to overconfidence and overvaluation, which typically precede a correction.
Notably, the market continues to be fueled by significant investor interest and exchange-traded fund (ETF) inflows.
On May 20, spot Bitcoin ETFs saw a net inflow of $329.02 million. This is its fifth consecutive day of inflows. The cumulative total net inflow reached $42.77 billion. Also, spot Ethereum ETFs recorded $64.89m in net inflows, for a third day of positive flows, resulting in the cumulative inflow of $2.59 billion.
Additionally, major alternative asset manager Blackstone invested in BlackRock’s iShares Bitcoin Trust (IBIT), thus entering the crypto space via an ETF. According to the 20 May filing, as of 31 March, Blackstone acquired 23,094 IBIT shares, 9,889 shares of the ProShares Bitcoin ETF (BITO), and 4,300 shares of the ATM operator Bitcoin Depot Inc. (BTM).
Quick FAQ
Why did crypto move against stocks today?
While crypto has maintained its bull run, stocks went the other way under pressure from rising Treasury yields, ending six consecutive sessions of gains. The S&P 500 is down 0.39%, the Nasdaq-100 fell 0.37%, and the Dow Jones Industrial Average saw a decrease of 0.27%. With the rising concerns over inflation and interest rate hikes, investors seek refuge elsewhere. The stocks are pushed down by Trump’s efforts to pass a tax-cut bill that could add $3 trillion-$5 trillion to the government’s debt of $36.2 trillion.
Is this rally sustainable?
The rally seems strong. It is encouraged by strong fundamentals, primarily institutional demand, significant regulatory developments, and macroeconomic tailwinds. That said, there may be a potential regulatory shift ahead, as well as growing greed that could signal short-term corrections. Alternatively, the market could be seeing a consolidation period.
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