Bitcoin has surged above $100,000 for the first time in three months, driven by investor optimism following the US Federal Reserve’s decision to keep interest rates unchanged. As of Thursday, BTCUSD is trading at $100,800, marking a 4% increase in the last 24 hours.
Ethereum, the second-largest cryptocurrency by market cap, has also seen a significant rally, with ETHUSD appreciating by 13% in the past 24 hours, trading at $2,044 on Thursday.
Crypto analysts have linked Bitcoin’s recent bullish performance to speculation over a potential trade deal between the US and the United Kingdom, hinted at by former President Trump in a Truth Social post on May 7.
This market rally has driven the global cryptocurrency market cap to $3.16 trillion, reflecting a 5.7% increase over the past day. The total 24-hour trading volume has surged to $131.9 billion, a 55.4% jump. Within this, decentralized finance (DeFi) transactions accounted for $23.24 billion, or 17.6% of the total market volume, while stablecoins made up $121.14 billion, or 91.9% of the 24-hour volume.
On Wednesday, major cryptocurrencies showed mixed performance. Bitcoin briefly topped $96,000, while the CoinDesk Market Index, which tracks dozens of digital assets, rose 1.1%. The broader stock market also showed positive movement, with the Nasdaq 100 gaining 0.3%, the S&P 500 climbing 0.5%, and the Dow Jones Industrial Average rising 0.7%.
The 24-hour trading volume for Bitcoin surged 71.3% to $40.64 billion. Ethereum rose by 0.3% to $1,795, while other digital assets like XRP and BNB saw slight losses. Meanwhile, Solana, Dogecoin, and Cardano posted modest gains and losses, respectively.
The US 10-year Treasury yield stood at 4.269%, slightly down from 4.306% the previous day, while the five-year yield fell to 3.870% from 3.897%.
Despite a sharp decline in Bitcoin’s price to nearly $74,000 in early April amid global market volatility caused by President Trump’s tariff policies, the cryptocurrency market has rebounded, with Bitcoin’s performance closely mirroring movements in the S&P 500 in recent weeks.
