Quick Highlights
- Total crypto market cap surges to $3.1 trillion, the highest in 8 weeks
- Bitcoin (BTC) nears $100,000, reaching $99,415
- Altcoins rally strongly, with Pudgy Penguins up 27.84%
- Fed keeps interest rates steady, boosting investor sentiment
- President Trump announces major UK trade deal, sparking optimism
- Institutions forecast Bitcoin to hit $120K–$1.2M in coming years
Crypto Market Soars on Global and Economic Tailwinds
The crypto market is riding a powerful wave of momentum. A technical rebound from the $2.4 trillion support level has catapulted total market capitalization to $3.1 trillion, up 3.21% in just 24 hours, with trading volume climbing 47.10% to $119.1 billion.
Much of this surge is tied to broader optimism around macroeconomic stability and global trade. President Donald Trump’s “Liberation Day” speech on May 7, where he revealed a “major trade deal” with the UK, sparked a wave of bullish sentiment across risk assets — with crypto leading the charge.
₿ Bitcoin Inches Closer to $100K Milestone
Bitcoin (BTC), the market bellwether, has surged to $99,415, inching ever closer to the highly anticipated $100,000 breakout level. A move above this threshold could open the doors to a retest of its all-time high at $109,300.
Adding fuel to the rally is the Federal Reserve’s decision to hold interest rates steady at 4.25%–4.50%. Fed Chair Jerome Powell pointed to concerns over stagflation, highlighting inflation persistence due to tariff policies, while keeping the door open for possible rate cuts later this year.
Altcoins Ride the Wave
Altcoins weren’t left behind. Investor appetite spilled over into smaller caps, sparking sharp gains:
- Pudgy Penguins: ▲ 27.84%
- Virtuals Protocol: ▲ 19.6%
- Brett: ▲ 19.08%
- Pepe (PEPE): ▲ Trending upward
This surge has pushed the TOTAL crypto market cap back above its 200-day moving average, marking a dramatic 30% rebound from April lows.
Institutions See Bigger Moves Ahead
Major financial players remain bullish:
- Standard Chartered: $120K in 2024, $200K in 2025
- VanEck: $180K peak in 2025
- ARK Invest: $500K conservative target, $1.2M base case by 2030
With inflation fears mounting, Bitcoin is increasingly viewed as a “digital gold” hedge against fiat devaluation.
Final Thoughts
From major political developments to shifting monetary policy, the crypto market is clearly responding to a dynamic global landscape. With Bitcoin knocking on $100K’s door and institutional confidence growing, this bull run may just be getting started.