Bitcoin (BTC) surpassed $100,000 on May 8, driven by positive market sentiment and institutional adoption. President Trump's announcement of a major trade deal with the UK also contributed to the surge. The cryptocurrency's resurgence marks a significant milestone in the global financial landscape.
Bitcoin reached an intraday high of $101,493, marking a 45% increase year-to-date after a previous pullback to $74,000. As of press time, Bitcoin traded at $100,633, a nearly 4% increase over the past 24 hours, according to CryptoSlate data. The broader crypto market experienced a rally, with most top 10 digital assets showing double-digit gains.
Ethereum (ETH) exceeded $2000, up 13.3% in the last 24 hours and trading at $2053. Solana (SOL) increased by over 10%, trading around $160, while BNB traded at $621 after a 3.5% gain. XRP rose by 6.4% to $2.25, and Dogecoin (DOGE) increased by over 10%, trading slightly above $0.19.
The US-UK trade deal, aimed at reducing tariffs and enhancing financial cooperation, boosted markets. Equities, commodities, and crypto assets saw gains as investors reacted to the news. Expectations of the Federal Reserve easing monetary policy further fueled risk-on sentiment.
Bitcoin exchange-traded products saw significant capital inflows, with US spot Bitcoin funds attracting over $1.4 billion last week. Institutional portfolios, including pension funds, increased their exposure. Coinbase shares rose by over 5.6% in early trading, while Strategy gained over 7%.
Bitcoin's rise follows a period of consolidation after reaching an all-time high of $110,000. Recent comments from lawmakers supporting clearer market structures have renewed optimism. Investors remain cautious about sustaining above $102,000, a key resistance level.
The current rally highlights the rapid shifts in digital asset markets. Bitcoin was trading below $20,000 in late 2022, demonstrating its embedded presence in the global financial system.
This article is based on our author's analysis of materials taken from the following resource: CryptoSlate.