The global crypto market climbed to $2.77 trillion on May 9, posting a 1.6% gain over the past 24 hours, while total trading volume reached $97 billion. Bitcoin traded at $80,431, up 1.01% on the day, with a market capitalization of $1.61 trillion. Ethereum rose to $2,319.04, gaining 1.88% and lifting its market cap to $279.8 billion. BTC dominance stood at 58.1%, while ETH accounted for 10.1% of the market.
ICP and ONDO stand out in altcoin trading
Internet Computer (ICP) was one of the strongest movers, priced at $3.91 with gains listed between 29.72% and 30.18%, alongside trading activity near $387 million. ONDO also appeared among the top gainers at $0.4627, up 32.93% with trading activity around $657 million. At the same time, another section of the source listed ONDO at $0.4613 and down 2.25%, showing conflicting data points in the original report. Other notable movers included SIREN, up 27.34%, Solana rising 6.09%, Chainlink gaining 7.48%, and Zcash up 8.01%.
DeFi rebounds while sentiment stays cautious
In sector data, the DeFi market rose 5.1% in 24 hours to a capitalization of $60 billion, with trading volume at $5.8 billion and global dominance of 2.2%. Stablecoins moved the other way, showing a 0.4% decline, though the category still held a market cap of $316.6 billion and trading volume of $80.4 billion.
The Fear & Greed Index came in at 38, unchanged from the previous day, slightly below last week’s 39, and well above last month’s 14. That points to a market that has recovered from extreme stress but has not yet shaken off defensive positioning.
Institutional activity, regulation and security issues all shaped the session
Several market-moving developments were reported alongside the price action. Coinbase bought $88 million worth of Bitcoin in the first quarter of 2026 and now holds 16,492 BTC, valued in the report at roughly $1.3 billion. The U.S. Senate Banking Committee is scheduled to vote on a crypto market structure bill on May 14. Coinbase, Kraken and Gemini also lobbied senators to soften language tied to “manipulation-susceptible” tokens.
On the security front, Aave is borrowing funds to cover losses tied to the rsETH attack and burning hacked tokens on-chain. LayerZero said North Korea’s Lazarus Group targeted its internal systems and flooded outside providers with traffic, though only 0.14% of apps were affected. BlackRock is preparing two tokenized funds, and Galaxy Digital projected that stablecoins could generate $400 billion in U.S. credit expansion by 2030. Taken together, the day’s market move was shaped not only by price recovery, but also by a mix of institutional treasury activity, legislative progress and fresh reminders of on-chain risk.