Bitcoin Crosses $104,000 Mark As ETH Jumps 17% In Market Rally

(MENAFN- The Rio Times) The cryptocurrency market achieved a major milestone on May 9, 2025, with Bitcoin firmly establishing itself above the $100,000 mark. Trading at $102,999.98, Bitcoin registered a 4.32% gain over the past 24 hours with $1.36 billion in trading volume.

This surge propelled Bitcoin to become the fifth-largest asset by market capitalization globally, surpassing Amazon. Ethereum dramatically outperformed other major cryptocurrencies with a remarkable 16.97% jump to $2,219.99.

This steep climb followed a decisive breakout above the critical $2,000 resistance level that had constrained prices throughout early May. Analysts attribute this performance to increased whale activity and renewed interest in decentralized finance applications.

The broader cryptocurrency market showed strong bullish momentum. The global market capitalization rose to $3.22 trillion, recording a 5.01% increase in just 24 hours. This represents an addition of approximately $240 billion to the overall crypto ecosystem.

Other major altcoins posted substantial gains. Solana increased by 8.43% to $162.92, while Dogecoin rose 8.53% to $0.1955. XRP gained 5.45% to reach $2.298, and Litecoin appreciated by 3.91% to $95.08.



The Market Fear & Greed Index stood at 70, indicating "Greed" among investors. Several factors contributed to this market-wide rally. Bitcoin ETFs recorded significant capital inflows totaling $117.4 million on May 8.
Bitcoin Surges Past $99K as Institutional Inflows
BlackRock 's IBIT led with $69 million, while Fidelity's FBTC followed with $35.3 million. These inflows signal sustained institutional interest despite already high valuations.

The positive sentiment extends beyond Bitcoin. Meme coins experienced explosive growth, with VIRTUAL rising 42.32% to become the biggest gainer among top cryptocurrencies.

PEPE increased by 26.06%, while DOGS and PNUT surged 27.58% and 58.62% respectively. Technical indicators support the bullish narrative. Bitcoin recently broke through the $99,000 resistance level after consolidating between $96,000 and $97,800.

The Relative Strength Index (RSI) reached 71, approaching overbought territory but still indicating strong momentum. Support levels for Bitcoin now exist at $93,000 and $90,000, while resistance appears at $106,600.

The cryptocurrency trades comfortably above both its 50-day moving average of $91,700 and 200-day moving average of $85,300. Macroeconomic developments have bolstered market confidence.

President Trump's announcement of a US-UK trade deal and optimism regarding potential US-China agreements have lifted investor sentiment. These developments contrast with previous concerns about tariffs that had previously suppressed cryptocurrency prices.

The correlation between cryptocurrency and traditional markets remains evident. The Nasdaq index rose 1.2% on May 8, reflecting broader risk appetite among investors that continues to fuel cryptocurrency gains.

MENAFN09052025007421016031ID1109527524