Bitcoin Holds $80,000...SUI Surges 20%, XRP and Ethereum Also Rally

▲ Virtual Asset Trading

The cryptocurrency market continued its upward trend, primarily driven by major assets. Bitcoin (BTC) maintained its $80,000 support level, and Ethereum (ETH) moved above $2,300. XRP rose to $1.45, and SUI surged by nearly 20%, showing the strongest performance among major altcoins.

CoinGape reported on May 11 (local time) that Bitcoin briefly surpassed $82,000 during intraday trading before giving back some gains but maintained its $80,000 support level. Despite volatility, buying pressure supported the market, defending the $80,000 mark. Analysis suggests that if the bullish momentum continues, Bitcoin could retest the resistance levels of $81,000 and $82,000.

If Bitcoin breaks through these resistance levels, there is a possibility for a short-term rise to the $85,000 range. Conversely, CoinGape stated that losing the $80,000 support could lead to increased temporary selling pressure and weaken short-term investor sentiment across the cryptocurrency market.

Ethereum maintained its $2,300 support level, continuing its bullish trend. CoinGape analyzed that if Bitcoin holds its current support zone, Ethereum could test the resistance levels of $2,450 and $2,500. Digital asset investment products saw an inflow of $857.9 million last week, with total assets under management reaching $160 billion. Bitcoin products attracted $706.1 million, Ethereum products $77.1 million, Solana products $47.6 million, and XRP products $39.6 million.

XRP rose to the $1.45 resistance level during intraday trading, up 2.45%. CoinGape reported that recent optimism surrounding JPMorgan and Mastercard's moves to tokenize financial market blockchains positively impacted XRP's price trend. Analysis suggests that if the bull market gains additional momentum, XRP could retest the $1.50 level in the short term.

The U.S. cryptocurrency market structure bill was also mentioned as a factor boosting market sentiment. CoinGape reported that the U.S. cryptocurrency market structure bill committee review, scheduled for May 14, is attracting the attention of crypto traders. Polymarket traders estimated a 75% chance of the bill becoming official law by 2026, a probability that has increased by 10 percentage points in recent months due to growing confidence in the regulatory environment for digital asset companies.

SUI showed the strongest upward trend among major altcoins. CoinGape reported that SUI's price surged by nearly 20% after Nasdaq-listed SUI Group Holdings announced it had long-term staked approximately 108.7 million SUI. This volume accounts for about 2.7% of the existing supply, and this move was presented as a factor that could make future supply conditions tighter.

SUI's trading volume increased to approximately $2.98 billion during the recent rally, surging 346% on a daily basis. CoinGape analyzed that if buying pressure maintains momentum above the $1.30 breakout level in future trades, SUI's further upward potential could continue.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*