Bitcoin (BTC) has surged past the $100,000 mark for the first time in over two months, driven by a combination of bullish market sentiment, rising institutional adoption, and renewed macroeconomic confidence following President Donald Trump’s announcement of a major trade deal with the UK on May 8.
The flagship cryptocurrency hit an intraday high of $101,493, continuing a broader rally that has been gaining momentum in recent weeks. With a year-to-date increase of over 45%, Bitcoin has managed to recover ground after experiencing a significant pullback to $74,000 in the first quarter of the year.
As per data from CryptoSlate, Bitcoin is currently trading at $100,633, marking a nearly 4% increase over the past 24 hours. The overall crypto market is also experiencing a rally, with most of the top 10 digital assets recording double-digit percentage gains within the same timeframe.
Ethereum (ETH) has surpassed the $2000 mark for the first time since earlier in the year, with a 13.3% increase over the past 24 hours and trading at $2053 at the time of writing. Solana (SOL) has also seen a surge of over 10%, trading around $160, while Binance Coin (BNB) is at $621 after a more modest gain of approximately 3.5% over the day.
XRP has risen by 6.4% and is trading at $2.25, while Dogecoin (DOGE) has also seen a gain of over 10%, currently trading slightly above $0.19.
The announcement of a comprehensive trade deal between the US and the UK, aimed at reducing tariffs and enhancing financial cooperation, has provided additional momentum to the already rising markets. Trump’s hint at upcoming deals with the EU and other major economies has further fueled investor optimism.
The macroeconomic landscape is showing signs of improvement, coupled with expectations of the Federal Reserve easing monetary policy in the near future, which has reignited risk-on sentiment among investors.
Inflows into Bitcoin exchange-traded products have been accelerating, with data from ETF issuers indicating that several spot Bitcoin funds in the US collectively attracted over $1.4 billion in new assets just last week.
Institutional portfolios, including pension funds and endowments, are increasing their exposure to Bitcoin amid shifting inflation expectations and a more dovish Federal Reserve stance.
Stocks of companies associated with the digital asset sector have also seen gains on the news. Coinbase has surged over 5.6% in early trading, while Strategy has risen by more than 7% at the time of writing.
Despite the excitement surrounding Bitcoin’s latest milestone, investors remain cautious, aware that the $100,000 threshold is as much a psychological barrier as it is a technical one. Sustaining above the $102,000 level, which currently serves as a key resistance point, will be crucial for Bitcoin’s further upward momentum.
The recent rally highlights the rapid shifts in sentiment within digital asset markets and underscores the increasing integration of crypto into the global financial system. From trading below $20,000 just a few years ago, Bitcoin’s journey to surpass $100,000 showcases its growing importance and acceptance in the mainstream financial landscape.
As of the time of writing on May 8, 2025, Bitcoin maintains its position as the top-ranked cryptocurrency by market cap, with a price increase of 4.63% over the past 24 hours. The market capitalization of Bitcoin stands at $2.01 trillion, with a 24-hour trading volume of $61.92 billion.
The total crypto market is currently valued at $3.15 trillion, with a 24-hour volume of $137.14 billion. Bitcoin dominance remains at 63.78%, indicating its continued influence within the broader crypto ecosystem.
The latest developments in the market reflect the ongoing evolution and maturation of the cryptocurrency sector, driven by a combination of market dynamics, institutional interest, and macroeconomic factors. Investors are closely monitoring these trends as they navigate the rapidly changing landscape of digital assets.