As of May 1, the cryptocurrency market demonstrated positive growth as ETH along with DOGE and SOL proved to be leading performers among altcoins.

Cryptocurrency prices today, May 1: Ethereum (ETH) and Dogecoin (DOGE) among best performers as altcoins show strength

The cryptocurrency market is demonstrating positive growth as May 1 commences, with Ethereum (ETH) and Dogecoin (DOGE) emerging as leading performers among altcoins.

The market movements signal increased investment trust and renewed interest in various alternative digital assets.

1. Ethereum (ETH)

As of May 1, Ethereum (ETH) is trading at approximately $1,858.50, reflecting a 5.34% increase over the past 24 hours. Lows for the day have been at $1,756.95 and highs at $1,872.94. Ethereum’s current market cap is around $224.72 billion, which has a 24-hour trading volume of $16.22 billion.

Ethereum’s price, however, is still about 62% lower than its all-time high of $4,891.70, achieved on November 16, 2021. ETH has appreciated by only 26% over the last year, which is less than Bitcoin’s 152% increase from its 2024 low, in addition to which returns from BTC rallying from its lowest point last year have slightly disappointed some investors.

ETH has a promising future in the industry projects. Deltec Bank projects that Ethereum could climb to $10,000 by the end of 2025, while Standard Chartered Bank offers an even more optimistic outlook, forecasting a price above $14,000. Their prediction is based on Ethereum’s shift from Proof of Work to Proof of Stake and the anticipated inflation in fiat currencies.

This vector has proved to be a profitable one for traders. Crypto Rover, a crypto analyst, said that the price of that Ethereum is a great indicator of the start of a new utility season, noting that short positions may be risky at this stage.

#ETHEREUM IS PUMPING 🚀MASSIVE SIGN OF UTILITY SEASONGreat indicator of the start of a new utility season. May be risky to short at this stage as IV is still high and there is potential for more upside.

Short term technicals are showing strong buy signals. Long term technicals are showing mixed signals.https://t.co/1n8rJ7mHRj pic.twitter.com/P97J6K3j7v

— Crypto Rover (@CryptoRover) May 1, 2024

2. Dogecoin (DOGE)

As of May 1, Dogecoin (DOGE) is trading at approximately $0.1809, reflecting a 6.2% increase over the past 24 hours. The 24-hour trading volume stands at $943.9 million, and the market capitalization is around $27.01 billion, positioning Dogecoin as the 8th largest cryptocurrency by market cap.

The circulating supply is approximately 149.08 billion DOGE, with no maximum supply limit, highlighting its inflationary nature.

In a recent post on X, prominent crypto analyst Trader Alan highlighted a bullish outlook for Dogecoin (DOGE), identifying a classic Wyckoff Accumulation pattern playing out on the charts. In that case, DOGE has likely experienced “Spring,” of which I believe the final shakeout has taken place beneath support, and is now starting ‘Phase D’ where upward momentum usually comes. It implies that the coin may possibly be heading toward the beginning of a new uptrend after spending an elongated consolidation period.

#Dogecoin is showing~ a breakout from a Long-term Descending Trendline and~ a breakout from a Bull Flag

This suggests that the coin may be heading toward the beginning of a new uptrend after spending an elongated consolidation period. It has also already completed ‘Spring,’ of which I believe the final shakeout has taken place beneath support, and is now starting ‘Phase D’ where upward momentum usually comes.

The analysis on the chart suggests that the bounce from the $0.136 support zone recently could begin a strong price recovery for DOGE.

This is supported by key technical indicators supporting the bullish scenario according to Alan. Macd is getting ready for bullish crossover which indicates lessening bearish momentum, and RSI is very close to 40.75 which is near neutral 50 level that commonly dictates a change from savage.

3. Solana (SOL)

As of May 1, Solana (SOL) is trading at approximately $152.32, marking a 7.02% increase over the past 24 hours. The intraday price ranges between $141.52 to $153.84. Solana currently holds a market capitalization