The global cryptocurrency market saw a massive influx of capital on May 10, 2025, with total market capitalization increasing by an estimated ¥34 trillion (approx. $220 billion USD). The rally was largely driven by a strong performance from Ethereum (ETH) and meme token Dogecoin (DOGE).
Key Drivers of the Surge
- Ethereum (ETH): Following its successful Pectra upgrade on May 7, ETH surged by 20%, signaling renewed investor confidence in the network’s long-term viability.
- Dogecoin (DOGE): DOGE rallied more than 12%, riding on retail enthusiasm and a fresh wave of speculative trading on social media platforms.
- Altcoin Participation: ADA, SOL, and other major altcoins also posted significant gains, contributing to the overall momentum.
Market Impact
- Investor Sentiment: Market sentiment has shifted decisively bullish, with analysts suggesting this may mark the start of a new altseason.
- Trading Volume: Daily trading volumes on major exchanges rose by over 18%, indicating broad market participation.
- Liquidations: The rapid price movements triggered $1.2 billion in short liquidations, intensifying upward momentum.
Final Thoughts
This ¥34 trillion surge in market cap reflects the growing confidence in crypto’s recovery and Ethereum’s central role post-upgrade.
As both institutional and retail investors return, the market is watching closely to see whether this marks the beginning of a sustained rally across digital assets.
