On May 8, Bitcoin surged dramatically, hitting a peak of $104,000 before experiencing a slight correction. This marks the third time the cryptocurrency has broken the six-figure threshold, following significant milestones on December 5, 2024, and January 20, 2025 — just ahead of U.S. President Donald Trump’s inauguration.
Unlike previous rallies, this time Bitcoin not only crossed the $100,000 mark but also saw a notable increase in market dominance, surpassing 60%. This reflects a more cautious sentiment among investors toward alternative cryptocurrencies (altcoins).
Previously, even during strong upward movements, Bitcoin’s dominance remained below 60% — at 52% in December 2024 and slightly rising to 54% in January 2025.
The latest rally has pushed Bitcoin’s dominance to levels not seen since early 2021, when it was trading around $36,000 on its way to a historic high of over $60,000.
“Bitcoin has shown remarkable strength in recent weeks, outperforming most other digital assets and remaining largely unaffected by geopolitical tensions in Asia and the Middle East — factors that had previously weighed on its price.”
“With gold prices also rising significantly this year, it’s increasingly evident that Bitcoin is asserting its role as a hedge against economic uncertainty and a long-term store of value.”
So what’s fueling this latest surge in Bitcoin’s price?
The current rally appears to be driven by a confluence of factors — including political developments, strategic moves by financial institutions, and shifts in global macroeconomic dynamics.
Some in the crypto community speculate that the breakout may be linked to the potential of a trade agreement between the U.S. and the United Kingdom — something Trump hinted at in a May 7 post on his Truth Social platform.
