The cryptocurrency market is experiencing a strong comeback, spearheaded by Bitcoin's resurgence above $100,000, currently trading around $101,000 - $103,000 on Friday, May 9, 2025. This rally is driven by increased institutional investment, positive market sentiment following a US-UK trade agreement, and Bitcoin's technical breakouts. Bitcoin's dominance in the crypto space has also strengthened.
Analysts note that holding the $100,000 level as support could pave the way for a retest of its all-time high, with potential targets around $120,000. Other cryptocurrencies, including Ethereum, are also showing positive momentum, contributing to the overall bullish outlook for the crypto market. The total market capitalization reflects this renewed optimism.