Bitcoin has surpassed the $95,000 mark and is approaching $100,000, spurred by positive market sentiment and key factors like legislation changes and upcoming monetary policy meetings. Meanwhile, Ethereum and other altcoins are also seeing upward trends amid a broader optimistic outlook in crypto.
Bitcoin (BTC) continues its bullish ascent, breaking free from a range between $90,000 and $95,000 to reach approximately $96,476.58 on May 7, 2025. This spike represents a rise of 2.13% as traders reacted positively ahead of the upcoming US Federal Open Market Committee (FOMC) meeting. With a 24-hour trading volume of $31.36 billion, Bitcoin’s market capitalisation has now surged to an impressive $1.91 trillion, dominating the crypto space
Over the last day, Bitcoin saw fluctuations between $93,399.86 and $97,625.81, according to CoinMarketCap. Alankar Saxena, co-founder and CTO of Mudrex, pointed out that several factors fueled this growth, including New Hampshire’s recent approval of the ‘Bitcoin reserve bill’ and anticipation surrounding a potential US-China trade agreement. Saxena stated that while a rate cut is improbable, any shift towards quantitative easing could provide fresh liquidity that often benefits riskier assets such as cryptocurrencies.
In regulatory news, a new draft crypto bill from the US aims to reform digital asset governance and bolster investor protections. This reflects a broader sentiment that, as stated, ‘The golden age of digital assets is here.’ Saxena also noted that if Bitcoin can break past the $97,900 barrier, moving decisively above $100,000 is attainable, with a base support level situated at approximately $93,700.
Himanshu Maradiya, Founder and Chairman of CIFDAQ Group, echoed Saxena’s optimistic perspective, interpreting Bitcoin’s breakout from $90,000 – $95,000 as a sign of strong bullish momentum. However, he did caution that geopolitical tensions, specifically between India and Pakistan—which includes operations known as ‘Operation Sindoor’—have introduced volatility that could influence Bitcoin’s short-term pricing. The long-term impact will largely hinge on how these conflicts resolve.
In the realm of altcoins, Ethereum (ETH) remains on investors’ radar, especially with the Pectra upgrade set to roll out today, enhancing market excitement. Currently, Ethereum trades at around $1,828.02, marking a rise of 1.84%. Other cryptocurrencies are also posting gains: Solana (SOL) is up by 0.81%, Binance Coin (BNB) increased by 0.78%, and Ripple (XRP) saw an uptick of 1.12%. Meanwhile, Tether, a stablecoin pegged to the US dollar, trades slightly lower at $0.9999.
Among the cryptocurrencies trending on CoinMarketCap include Bitcoin, Ethereum, and Solana, alongside Alpaca Finance (ALPACA) and Litecoin (LTC), reflecting an overall invigorated market sentiment amidst this crypto rally.
