Bitcoin (BTC) Breaches $96,000 Mark, Fueling Optimism Across the Cryptocurrency Market

Global: Bitcoin (BTC) price breached the $96,000 mark for the first time since March 7, 2025, on Friday, May 3, in a powerful sign of renewed bullish sentiment. The rally has propelled several major altcoins upward and pushed the global crypto market capitalization past the $3 trillion mark for the first time in over a month.

The rally in Bitcoin comes amid speculation that the US Federal Reserve could lower interest rates during its June FOMC meeting, with the probability of a rate cut increasing from 57% to 60%. This monetary outlook is adding to risk appetite among crypto investors.

"Bitcoin has decisively broken past the $96,000 barrier today, further fueling investor optimism," said Edul Patel, CEO and Co-founder of Mudrex.

Bitcoin Nears $100,000 Milestone

BTC Price (Global): $96,845 ( ₹81.2 lakh)

BTC Price (India): $96,820 ( ₹81.2 lakh)

24-Hour Growth: Nearly 4% internationally, 2% in India

The cryptocurrency is now trading at $96,100, a 0.3% decrease over the past 24 hours, according to Benzinga's crypto coverage.

The rally has also brought several major altcoins to new highs for the year. Ethereum (ETH) price is now sustaining levels above $1,800,

ETH Price (Global): $1,836 ( ₹1.53 lakh)

ETH Price (India): $1,857 ( ₹1.55 lakh)

24-Hour Growth: Over 4%

"Ethereum is sustaining levels above $1,800, further supporting the prevailing positive sentiment in the broader crypto market," noted Himanshu Maradiya, Founder of CIFDAQ.

Other altcoins witnessing significant upward momentum include Solana (SOL), Binance Coin (BNB), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), and Avalanche (AVAX).

Additional gainers include Stellar (XLM), Shiba Inu (SHIB), Polkadot (DOT), Litecoin (LTC), and Cosmos (ATOM).

According to the CoinDCX research team, "The entire market displays stability as tokens within the top 10 are trading above gains."

Global Crypto Market Cap Tops $3 Trillion

The broader market's bullish momentum has lifted the total crypto market capitalization to $3.02 trillion, a 2% increase from the previous day, based on CoinMarketCap data. This marks the first time in over a month that the sector has crossed the $3T mark, highlighting increased investor participation and confidence.

However, a few tokens experienced downward movement, including Tether (USDT), Tron (TRX), Monero (XMR), Uniswap (UNI), Status (SNT), and Braintrust (BTRST).

Even popular memecoins like Pudgy Penguins (PENGU), Bonk (BONK), OFFICIAL TRUMP (TRUMP), and Fartcoin (FARTCOIN) recorded losses amid the broader gains.

Moreover, macroeconomic indicators, such as the upcoming US jobs report, are expected to shape short-term trends. If Bitcoin manages to break through the psychological $100,000 level, it could open up the potential for further gains and establish a new all-time high for the cryptocurrency market.