Bitcoin price reclaims $100K for first time since January
Thursday, 8 May 2025 ()
Bitcoin has reclaimed the $100,000 price level for the first time since January, reflecting renewed bullish sentiment among investors.
Bitcoin (BTC) reclaimed the $100,000 mark on May 8 at 3:22 pm UTC, surging 4.2% from the intraday low of $95,967, according to data from CoinGecko.
It marked the third time that BTC has broken through the six-figure level since first achieving it on Dec. 5, 2024. A second all-time high followed on Jan. 20 ahead of US President Donald Trump’s inauguration.
Bitcoin price chart in the past year. Source: CoinGecko
Unlike the previous $100,000 hits, the new price spike came as Bitcoin market dominance surged above 60%, reflecting potential bearish sentiment for altcoins.
*Bitcoin dominance below 60% in past $100,000 breakthroughs*
Bitcoin dominance — the asset’s share of the total cryptocurrency market — has been steadily rising over the past year. During its first run to $100,000 in December 2024, BTC dominance stood at 52%. By January 2025, that figure had increased to 54%.
Bitcoin all-time dominance chart. Source: CoinGecko
The latest spike in Bitcoin dominance matches historic levels last seen in early 2021, when Bitcoin was trading at around $36,000 and heading toward its previous all-time highs above $60,000.
“Bitcoin has been showing strength for weeks now, outstripping other digital tokens, and scarcely flinching against the sort of geo-political events in Asia and the Middle East that may have impacted it in the past,” Mercuryo CEO Petr Kozyakov told Cointelegraph.
“With gold also running good all year, there’s now a case for saying that Bitcoin may have proven itself as an economic hedge and a long-term store of value,” he added.
*Why is the Bitcoin price rising now?*
Bitcoin’s latest $100,000 breakthrough came amid a combination of political, institutional and macroeconomic factors.
Some in the community linked Bitcoin’s latest bullish action to a potential trade deal between the US and the United Kingdom, which Trump hinted at in a Truth Social post on May 7.
“Bitcoin is hovering near $100,000, a key psychological level for traders, after Trump hinted at a major trade deal, likely with the UK,” Kronos Research chief investment officer Vincent Liu told Cointelegraph.
*Related: **BlackRock Bitcoin ETF clocks 16 days of inflow as BTC reclaims $97K*
Liu said the rally is also supported by falling bond yields, a weakening dollar and renewed institutional inflows in spot Bitcoin exchange-traded funds, which saw $1.8 billion of inflows in the past trading week.
Crypto Fear & Greed Index. Source: Alternative.me
Despite bullish momentum and the Crypto Fear & Greed Index consolidating in the “Green” area at its current score of 65, some key US economic data is anticipated to forecast Bitcoin’s moves shortly, according to Liu:
“While momentum is strong, upcoming US budget data on May 12 and CPI [Consumer Price Index] on May 13 will be key in determining if BTC can break and hold above this level. For the rally to sustain, the trade deal narrative will need to evolve into concrete progress.”
According to Ben Caselin, chief marketing officer at VALR, there is a “good chance” that Bitcoin will chart new highs, north of $110,000, sooner rather than later, as the asset seeks to consolidate its value above $100,000.
“Retail is only set to come in toward what is traditionally the latter part of the Bitcoin four-year cycle, which might see a macro top reached in Q4 of this year,” Caselin told Cointelegraph.
At the same time, given continued progress in global crypto regulation and multiple strategic Bitcoin reserve initiatives, Caselin also sees a chance of “prolonged and accelerated growth beyond 2025.”
Additional reporting by Amin Haqshanas.
*Magazine: **Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest, April 27 – May 3*
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