- Crypto market cap tops $3.1 trillion for the first time in eight weeks.
- Technical rebound from $2.4T support adds fuel to the rally.
The crypto market is surging today, driven by growing optimism around global trade developments and a supportive macroeconomic backdrop. The total crypto market capitalization jumped 3.21% to reach $3.1 trillion, while 24-hour trading volume soared 47.10% to $119.1 billion.
Bitcoin (BTC) surged past $99,000, hitting $99,415, as bulls aim for a breakout above the critical $100,000 level. This would pave the way for a potential retest of its all-time high at $109,300. Bitcoin’s rally follows President Donald Trump’s May 7 “Liberation Day” speech, during which he announced a “major trade deal” with the United Kingdom.
Altcoins Follow Bitcoin’s Lead
Altcoins also posted strong gains. Pudgy Penguins soared 27.84%, Virtuals Protocol rose 19.6%, and Brett gained 19.08%, while meme coin Pepe (PEPE) also moved higher. This broad rally lifted TOTAL, the combined market capitalization of all cryptocurrencies, back above its 200-day moving average, marking a 30% rebound from the April lows of $2.27 trillion.
The Federal Reserve’s decision on May 7 to keep interest rates steady at 4.25%–4.50% has further boosted sentiment. Fed Chair Jerome Powell cited concerns over stagflation — slow growth with persistent inflation, partially due to ongoing tariff policies. Despite pressure from President Trump to cut rates, the Fed maintained a cautious stance, hinting at potential cuts later in the year.
This macro environment has enhanced Bitcoin’s role as a store of value. Rising inflation expectations have led investors to hedge against fiat erosion, favoring assets like Bitcoin, often dubbed “digital gold.”
Financial institutions remain bullish. Standard Chartered sees Bitcoin hitting $120,000 this year and $200,000 by 2025. VanEck projects a $180,000 peak in 2025, while ARK Invest maintains a $500,000 conservative target and a $1.2 million base case by 2030.
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