For the primary time since January, Bitcoin has reclaimed the worth level of $ 100,000, which reflects the brand new moisture amongst investors.
Bitcoin (BTC) reclaimed the 100,000 US dollar brand on May 8 at 3:22 p.m. UTC and, based on Coingecko data, rose 4.2% from the intraday low of $ 95,967.
It was the third time that BTC broke the six -digit level since he reached for the primary time on December 5, 2024. A second all-time high followed on January 20 before the inauguration of US President Donald Trump.
Bitcoin price diagram last 12 months. Source: Coingecko
In contrast to the previous 100,000 dollars, the brand new price spike got here when the dominance of the Bitcoin market increased over 60%, which reflected the potential bears of the bear for old coins.
Bitcoin dominance below 60% within the breakthroughs of 100,000 US dollars below 60%
The Bitcoin dominance – the share of assets in the whole cryptocurrency market – rose steadily last 12 months. During its first run of $ 100,000 in December 2024, the BTC dominance was 52%. This number had increased to 54%by January 2025.
The latest increase in Bitcoin dominance corresponds to the historical level, which was last seen in early 2021 when Bitcoin acted with around $ 36,000 and approached the previous heights over $ 60,000.
“Bitcoin has been showing strength for weeks, overflowing other digital tokens and hardly winced against the sort of geopolitical events in Asia and within the Middle East that would have influenced it prior to now,” Mercuryo Ceo Petr Kozyakov told Cointelegraph.
“Since gold goes well all 12 months round, there may be now a case that Bitcoin has proven to be an economic hedge and long -term valuation,” he added.
Why is the Bitcoin price increasing now?
The latest breakthrough of Bitcoin of $ 100,000 achieved a mixture of political, institutional and macroeconomic aspects.
Some combined Bitcoins recent bullish motion with a possible trade agreement between the United States and the United Kingdom, which Trump indicated on May 7 in a social contribution of truth.
“Bitcoin floats almost 100,000 US dollars, a very important psychological level for dealers after Trump has identified a big trade agreement, probably with Great Britain,” Vincent Liu, Chief Investment Officer from Kronos Research, told CoinTelegraph.
According to Liu, the rally can be supported by falling bond yields, a weakening dollar and the renewed institutional tributaries in Spot Bitcoin Exchange Traded Funds, through which $ 1,8 billion in traces were included prior to now trade week.
Despite the consolidated Bullish dynamics and the crypto Fear & Greed index within the “Green” area in its current rating of 65, Liu is becoming based on Liu:
“While the dynamics are strong, the upcoming US budget data on May twelfth and on the CPI are [Consumer Price Index] On May 13, the important thing should be determined whether BTC can break and hold above this level. In order for the rally to keep up, the trade agreement counting must grow to be concrete progress. “
According to Ben Caselin, Chief Marketing Officer at Valr, there may be a “good likelihood” that Bitcoin will earn recent highs north of 110,000 US dollars earlier than later, because the asset tries to consolidate its value over $ 100,000.
“Retail will only be received within the direction of the standard a part of the Bitcoin four-cycle, through which a macro tip could also be reached within the fourth quarter of this 12 months,” Caselin told Cointelegraph.
At the identical time, Caselin sees the prospect of “prolonged and accelerated growth over 2025” attributable to continued progress in global crypto regulation and several other strategic Bitcoin reserves.
Additional reporting from Amin Haqshanas.
