Bitcoin has reclaimed the $100,000 worth degree for the primary time since January, reflecting renewed bullish sentiment amongst buyers.
Bitcoin (BTC) reclaimed the $100,000 mark on Might 8 at 11:22 UTC, surging 4.2% from the intraday low of $95,967, based on knowledge from CoinGecko.
It marked the third time that BTC has damaged by means of the six-figure degree since first attaining it on Dec. 5, 2024. A second all-time excessive adopted on Jan. 20 forward of US President Donald Trump’s inauguration.
Not like the earlier $100,000 hits, the brand new worth spike got here as Bitcoin market dominance surged above 60%, reflecting potential bearish sentiment for altcoins.
Bitcoin dominance beneath 60% in previous $100,000 breakthroughs
Bitcoin dominance — the asset’s share of the full cryptocurrency market — has been steadily rising over the previous 12 months. Throughout its first run to $100,000 in December 2024, BTC dominance stood at 52%. By January 2025, that determine had elevated to 54%.
The most recent spike in Bitcoin dominance matches historic ranges final seen in early 2021, when Bitcoin was buying and selling at round $36,000 and heading towards its earlier all-time highs above $60,000.
“Bitcoin has been displaying power for weeks now, outstripping different digital tokens, and scarcely flinching in opposition to the kind of geo-political occasions in Asia and the Center East that will have impacted it prior to now,” Mercuryo CEO Petr Kozyakov instructed Cointelegraph.
“With gold additionally operating good all 12 months, there’s now a case for saying that Bitcoin might have confirmed itself as an financial hedge and a long-term retailer of worth,” he added.
Why is the Bitcoin worth rising now?
Bitcoin’s newest $100,000 breakthrough got here amid a mix of political, institutional and macroeconomic components.
Some in the neighborhood linked Bitcoin’s newest bullish motion to a possible commerce deal between the US and the UK, which Trump hinted at in a Fact Social publish on Might 7.
“Bitcoin is hovering close to $100,000, a key psychological degree for merchants, after Trump hinted at a significant commerce deal, possible with the UK,” Kronos Analysis chief funding officer Vincent Liu instructed Cointelegraph.
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Liu stated the rally can be supported by falling bond yields, a weakening greenback and renewed institutional inflows in spot Bitcoin exchange-traded funds, which noticed $1.8 billion of inflows prior to now buying and selling week.
Regardless of bullish momentum and the Crypto Worry & Greed Index consolidating within the “Inexperienced” space at its present rating of 65, some key US financial knowledge is anticipated to forecast Bitcoin’s strikes shortly, based on Liu:
“Whereas momentum is robust, upcoming US funds knowledge on Might 12 and CPI [Consumer Price Index] on Might 13 might be key in figuring out if BTC can break and maintain above this degree. For the rally to maintain, the commerce deal narrative might want to evolve into concrete progress.”
In accordance with Ben Caselin, chief advertising officer at VALR, there’s a “good probability” that Bitcoin will chart new highs, north of $110,000, sooner fairly than later, because the asset seeks to consolidate its worth above $100,000.
“Retail is just set to come back in towards what’s historically the latter a part of the Bitcoin four-year cycle, which could see a macro high reached in This fall of this 12 months,” Caselin instructed Cointelegraph.
On the identical time, given continued progress in world crypto regulation and a number of strategic Bitcoin reserve initiatives, Caselin additionally sees an opportunity of “extended and accelerated progress past 2025.”
Further reporting by Amin Haqshanas.
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