Bitcoin price surged by 4.5%, breaking above $102,000, leading to nearly $900 million in total liquidations over the past 24 hours.
Bitcoin BTC $92 221 24h volatility: 1.7% Market cap: $1.84 T Vol. 24h: $55.33 B and the broader crypto market have shot up significantly, triggering nearly $900 million in liquidations over the last 24 hours. Of them, over $800 million have been in short liquidations with the Bitcoin price surging 4.5% to over $102,000 and eyeing new all-time highs. On the other hand, altcoins have staged a strong recovery led by 17% Ethereum ETH $3 067 24h volatility: 2.4% Market cap: $370.20 B Vol. 24h: $17.74 B price gains.
Bitcoin price drives crypto market rally after us-uk trade deal
Soon after US President Donald Trump announced a historic trade deal with the United Kingdom, Bitcoin, along with the entire crypto market, witnessed huge bullish momentum. Following a successful breakout at $100K, BTC price is up 4.26% at press time, trading above $103,000, while reclaiming the $2 trillion market cap.
As long as BTC holds the crucial support at $100K, the next immediate targets would be $106K, $108K, and a fresh all-time high beyond $109K.
although I'm still bullish on higher time frames, this prob isn't the best place to get giga long for $BTC
prob going to have some stopping point somewhere soon pic.twitter.com/ypH4QN2DwV
— Altcoin Sherpa (@AltcoinSherpa) May 9, 2025
Additionally, with today’s price surge, Bitcoin has achieved a significant milestone, overtaking Amazon in market capitalization to become the fifth most valuable asset worldwide.
Ethereum leads the altcoin market rally
Ethereum (ETH) price has finally broken out of the downtrend, gaining over 17% in the last 24 hours, and moving swiftly to $2,200, thereby leading the overall altcoin market rally. Ethereum’s recent price rally has led to over $750 million in short liquidations within the past 24 hours, marking the largest single-day total for bearish positions since 2023.
Ethereum price has confirmed an upside breakout from its descending broadening wedge pattern after five months of consolidation. Analysts now eye a potential rally toward the $3,840 mark.
$ETH Descending Broadening wedge Upside Breakout is finally Confirmed after 5 Months of Consolidation.. ✅
Now Send it to 3840$ 📈
#Ethereum #ETH #ETHUSDT pic.twitter.com/Wxstm7QJiq
— Captain Faibik 🐺 (@CryptoFaibik) May 9, 2025
Other altcoins have also contributed to the overall market rally. Dogecoin DOGE $0.15 24h volatility: 0.1% Market cap: $23.16 B Vol. 24h: $1.09 B and Cardano ADA $0.43 24h volatility: 0.0% Market cap: $15.68 B Vol. 24h: $690.56 M posted impressive gains of more than 10%, driven by strong bullish sentiment and momentum trading. Meanwhile, Solana SOL $142.5 24h volatility: 0.9% Market cap: $79.59 B Vol. 24h: $4.55 B , Binance Coin BNB $896.7 24h volatility: 0.9% Market cap: $123.50 B Vol. 24h: $1.24 B , and XRP XRP $2.21 24h volatility: 1.4% Market cap: $133.31 B Vol. 24h: $3.22 B also saw notable increases, each rising by at least 7%.
As the trade war fears subside, and the US economy seems on a strong footing, the overall crypto market is showing strength, while resuming the next leg of the rally. Some macro factors will continue to weigh moving ahead.
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