Bitcoin tops $100,000, Ethereum surges higher
The crypto market is in the middle of a solid rebound, and the euphoria seems to be creeping back.
The crypto market is in the middle of a solid rebound, and the euphoria seems to be creeping back. Not even a month ago, Bitcoin slid to a yearly low around $74,400. Today, digital gold is flirting with a new all-time high.
Bitcoin has settled firmly above the psychologically important $100,000 level and is at $102,000 at the time of writing. Yesterday, the price briefly peaked around $104,000.
But it’s not just Bitcoin making waves. The rest of the crypto market is turning green as well. Ethereum is showing life again after a long lull. Following the successful Pectra update on May 7, ETH logged its biggest daily gain since May 2021 yesterday: up more than 20%. This morning, Ethereum is hovering around $2,200.
The upbeat mood is lifting the whole market. The total market capitalization of all coins and tokens is back above $3 trillion, up about 3.4%. No top-100 coin is down more than 1% today.
There isn’t a single clear reason for this broad rally. It looks like a mix of macro-friendly winds: closer ties between the US and China on the trade front, a trade deal between the US and the UK, and a sizable liquidity injection from China’s central bank (PBOC).
Stock markets are also pricing in a milder stance from President Trump, which is fueling risk appetite among investors. On the crypto side, new laws in New Hampshire and Arizona — both relating to an official Bitcoin reserve — and strong inflows into crypto ETFs are contributing to optimism.
Some are already daring to say we’re entering an altseason again. “The path is clear for a new Bitcoin all-time high and a rise in the total top-200 market cap in May,” View post on XJamie Coutts, head of crypto analytics at Real Vision, on X.
Also his colleague Raoul Pal, macro strategist and founder of Real Vision, sees more room to run. He says Bitcoin is tracking the growth of the global money supply (M2) and could keep rising through August. Pal notes that Bitcoin’s dominance may have peaked, which could pave the way for an altcoin rally.
But it’s still too early to let your guard down. The threat of a bear market rally isn’t gone. If sentiment around Trump, China, or the US economy shifts, stocks and crypto could take another hit.
Investors would be wise to keep a close eye on the news.
