On May 9, 2025, Bitcoin, the world’s most valuable cryptocurrency, reached a significant milestone, trading at $102,719 at 7:40 AM Vietnam time, reflecting a staggering increase of 5.90% within the last 24 hours. The trading volume for Bitcoin, which holds the largest market capitalization among cryptocurrencies, stood at an impressive $69.4 billion.
As Bitcoin surpassed the $102,000 mark, analysts speculate that it could soon break the $109,000 threshold in the coming days. Earlier that morning, Bitcoin even peaked at just over $104,000 before settling around the $103,000 range. This surge indicates a shift in investor sentiment, with many feeling optimistic about the cryptocurrency's future.
In addition to Bitcoin's impressive performance, the broader cryptocurrency market saw significant gains. Ether (ETH) surged by 15.98% to $2,214, while XRP and Solana also recorded increases of 4.68% and 6.39%, respectively. Among meme coins, Dogecoin rose by 6.81%, and the TRUMP token jumped by 14.16%. Overall, the global cryptocurrency market capitalization reached $3.21 trillion, with a total trading volume of $163.72 billion in the last 24 hours.
This bullish trend comes amid positive developments in the macroeconomic environment, particularly following announcements regarding a comprehensive trade agreement between the United States and the United Kingdom. Investors are also hopeful for progress in bilateral negotiations between the U.S. and China, which could further stabilize and enhance market confidence.
With Bitcoin firmly established above the crucial $100,000 level, many investors believe that a target of $120,000 is entirely feasible, especially as trade agreements with U.S. partners continue to expand. Signs of easing tensions globally have also contributed to a greater appetite for risk in the market.
On Wall Street, cryptocurrency exchange Coinbase saw its stock rise by 6%, while Bitcoin mining companies such as Riot Platforms and Mara Holdings increased by 7% and 8%, respectively. The shares of MicroStrategy (MSTR), which holds the largest amount of Bitcoin globally, also rose by 7%. This surge in cryptocurrency prices has garnered attention, particularly in light of the Federal Reserve's decision to maintain interest rates.
Federal Reserve Chair Jerome Powell refrained from committing to a specific timeline for monetary policy adjustments, yet traders are currently betting on a 70% chance of a rate cut by July, according to CME's FedWatch tool. In a recent update, investment firm QCP Capital noted that the current influx of capital reflects a growing optimism among investors, who are preparing for the next bullish phase. They highlighted strong demand for call options set to expire in May and June.
Historically, Bitcoin reached its record peak of $109,000 in early January, just before Donald Trump's inauguration, fueled by expectations that his administration would pursue more cryptocurrency-friendly policies. Trump has actively sought to position himself as a pro-Bitcoin president, notably signing an executive order to lay the groundwork for a strategic Bitcoin reserve and the development of a national digital asset treasury.
However, Bitcoin's growth stagnated in recent months, mirroring trends in the U.S. stock market, largely due to concerns regarding trade policy impacts. Yet, with the recent price surge, Bitcoin has rebounded approximately 33% from its recent low of $76,000 recorded in early April.
According to data from CoinMarketCap, Bitcoin has increased by over 3% to $102,500 in the last 24 hours, hitting a peak of $104,000, the highest since late January 2025. This is the first time Bitcoin has sustainably surpassed the $100,000 mark after months of fluctuating between $80,000 and $95,000.
In the last 24 hours, nearly $1 billion was liquidated in the derivatives market, with over $800 million stemming from short positions. This imbalance suggests that leverage in the market has heavily favored bearish positions, and the rapid liquidation of short positions could signal further upward potential in the near future.
Experts attribute this price increase to strong participation from major financial institutions. Analysts from Bitfinex noted, "It’s not hard to see that spot ETF flows remain robust, especially during U.S. trading hours. Open interest is high but not excessive, and the funding rate is neutral—this reflects genuine demand, not just price chasing due to leverage."
They also emphasized that this is not a sudden price spike but rather a structurally supported move. As long as ETF and institutional flows remain strong and the macroeconomic environment stabilizes, any price declines are likely to be short-lived and met with robust buying.
Another positive indicator is the continued decrease in Bitcoin balances on exchanges, coupled with on-chain accumulation by long-term holders, reflecting confidence in the long-term prospects of the asset. Mike Cahill, CEO of Douro Labs, remarked, "Bitcoin surpassing $100,000 signals a complete reset of the narrative: this milestone solidifies BTC's role as a macro asset in institutional portfolios. We are witnessing coordinated capital flows from ETFs, sovereign wealth funds, and asset managers who increasingly view Bitcoin as a hedge against policy risk and a vehicle for long-term growth."
Interest in Bitcoin among institutions extends beyond ETF purchases. An emerging trend shows companies converting assets on their balance sheets, cash flows, and even equity into Bitcoin. Joe Burnett, Market Research Director at Unchained, pointed out that Strive Asset Management's recent collaboration with Asset Entities resulted in a stock increase of over 700%. "This underscores the growing excitement in the market surrounding Bitcoin treasury companies—this is a powerful new model for capital allocation in a world of monetary instability," Burnett stated.
Dave Sedacca, CFO at Parity Technologies, highlighted that clearer macroeconomic policies have also played a crucial role in driving this price increase. "Investors hate uncertainty, meaning clarity breeds confidence. Whether it’s positive developments in trade agreements or the FOMC reaffirming their commitment to stable interest rates, these signals help stabilize market sentiment," Sedacca explained.
Bitcoin's recent performance, which has outshone gold, further enhances its appeal to institutional investors. Amid global economic uncertainty, Bitcoin is gradually becoming a competitive store of value against traditional precious metals. Doug Colkitt, a contributor to the Fogo project, noted that this price increase differs from previous bullish cycles due to the overall ecosystem's maturation. "The $100,000 mark is less about excitement and more about market structure. We are finally seeing consistent demand driven by institutions meeting a mature infrastructure—transparent liquidity platforms, custodial services, and real payment systems," Colkitt remarked.
The combination of real demand and developing infrastructure creates a solid foundation for this price increase, making it more sustainable than previous cycles. "The current Bitcoin rally is driven by fundamental factors, not a bubble—and that’s what makes this moment more sustainable," Colkitt added.
