Crypto Market Highlights: ETH Rises, Bitcoin Nears $100K, SUI Soars 12%

On May 8, the crypto market showed significant movements, led by Ethereum spiking 7% and Bitcoin approaching $100K. Sui surged 12% and trading volumes increased. The crypto market remains cautiously optimistic after the FOMC meeting, as overall market cap nears $3.09 trillion despite slight drops in other major assets.

On May 8, 2025, the cryptocurrency market exhibited energetic fluctuations, with Ethereum (ETH) taking centre stage. This surge was largely spurred by increased whale activity, reflecting a rising optimism in the market. Bitcoin, currently trading at around $99,400, seems poised to break the crucial $100,000 barrier, while SUI led the day’s gains with a remarkable 12% increase over the past 24 hours.

The overall sentiment in the crypto market reads cautiously optimistic, significantly influenced by recent developments. The Federal Open Market Committee (FOMC) held its interest rates steady at 4.25%–4.5% following its meeting on May 7. Fed Chair Jerome Powell stressed a cautious, data-dependent approach due to economic uncertainties driven by tariffs, rising unemployment rates, and inflation risks.

Bitcoin is on the brink of that elusive $100,000 level again, showing resilience even after a market-wide drop of 3.7% within the past 24 hours. Some analysts remain bullish, suggesting that Bitcoin could rebound to $109,000 by June 2025, underlining that these movements are largely influenced by macroeconomic factors rather than mere market speculation.

On the altcoin front, Ethereum has spiked over 7% today, followed closely by Solana (SOL), Dogecoin (DOGE), and Cardano (ADA), each securing gains near 6%. Meanwhile, XRP has lagged, only managing a modest 3% rise, falling short compared to its competitors.

Sui (SUI), noted as one of the day’s standout performers, recorded an impressive 12% surge. The uptick in SUI’s trading volume also reflects a significant 45% increase, hitting $2.17 billion in the last 24 hours—an indication of heightened trading activity around this coin.

Other notable gainers include PENGU, which skyrocketed over 25%. Meanwhile, EOS, BRETT, VIRTUAL, ENA, and PEP each saw increases up to 18%. Despite a generally positive trading atmosphere, FORM registered a modest decline of 3% today.

As for trending cryptocurrencies, the list includes Bitcoin (BTC), Solana (SOL), Ethereum (ETH), Pi Coin (PI), and XRP (XRP).

The global cryptocurrency market capitalisation now approximates $3.09 trillion, reflecting a 3.01% increase in the last 24 hours, as per figures from CoinMarketCap. Many analysts and traders are keenly watching these shifts, as they could signal significant changes to come in the crypto landscape.