Bitcoin (BTC) and Ethereum (ETH) Market Experiencing a Robust Rally Today

The cryptocurrency market is experiencing a robust rally today, with Bitcoin (BTC) and Ethereum (ETH) leading the charge.

As of May 9, 2025, Bitcoin has soared past $100,000 for the first time since early February, while Ethereum is showing significant strength, climbing to around $2,200. The total crypto market capitalization has breached $3,3 trillion, reflecting a 3.4% increase in the last 24 hours.

This bullish momentum is driven by a combination of macroeconomic developments, institutional adoption, and technical breakouts.

Bitcoin Breaking the $100,000 Barrier

Bitcoin is currently trading at approximately $102,700, up nearly 4% in the last 24 hours, with daily trading volume surging to $47 billion. This marks a significant milestone, as BTC has now reclaimed the $100k level. It had previously dipped to $75,000 in early April following concerns over trade tariffs.

Several momentums are behind this rally:

Source: CoinGlass

User Score

9.9

Promotion

-10% Trading Fees

Get 10% Lifetime Cashback on Every Trade

Ethereum Pectra Upgrade May Spark Further Optimism

Ethereum is trading at around $2,200 today, reflecting a 16.8% gain in the last 24 hours and a 20.2% surge over the past week. ETH’s market capitalization stands at $267.45 billion, solidifying its position as the second-largest cryptocurrency.

Recently, the activation of Ethereum’s Pectra upgrade on May 7 has also sparked further optimism. Pectra introduced several new features, including smart accounts, higher staking limits, and improved scalability through key Ethereum Improvement Proposals (EIPs).

Among the notable changes, EIP-7702 will enable externally owned accounts (EOAs) to act as smart contracts, expanding the capabilities of Ethereum for decentralized applications (dApps) and smart contracts. Additionally, EIP-7691 will increase the size of data blobs, paving the way for better layer-2 scalability solutions.

Pectra marks a significant milestone in Ethereum’s roadmap as it introduces several highly anticipated upgrades. These upgrades are expected to enhance Ethereum’s utility, attract more developers and investors, and ultimately drive the price of ETH to new highs.

Like Bitcoin, Ethereum has also seen significant short liquidations, with $283 million in short ETH positions wiped out in the last 24 hours.

Caution Ahead

The crypto market is currently riding a wave of optimism. Trade tensions are easing, major economies are implementing pro-crypto policies, and crypto prices are showing strong technical breakouts.

Bitcoin's surge past $100k and Ethereum's rally to $2,200 highlight a potent mix of institutional inflows, short liquidations, and macroeconomic tailwinds that are fueling this bullish momentum.

However, it’s crucial to note that the market is still susceptible to certain risks. Potential shifts in Federal Reserve policy, technical pullbacks from overextended rallies, and macroeconomic uncertainties could exert pressure on crypto prices.

As investors capitalize on the ongoing bull market, they should remain vigilant and stay informed about any changes in market trends or government regulations.