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Bitcoin Surges to Over $104K on May 9, 2025; Ethereum Breaks $2,400 as Weekly Market Closure Nears

Bitcoin surges to $104K, Ethereum reaches $2,400, both hitting new highs before the end of the weekly price charts.

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Cryptocurrency surges today: Bitcoin reaches $104K, Ethereum hits $2,400 before the weekly close.
Cryptocurrency surges today: Bitcoin reaches $104K, Ethereum hits $2,400 before the weekly close.

Bitcoin Surges to Over $104K on May 9, 2025; Ethereum Breaks $2,400 as Weekly Market Closure Nears

The cryptocurrency sector is currently on fire, with a massive rally pushing Bitcoin (BTC) towards its all-time high at $104k, while Ethereum (ETH) climbs to $2.3k before settling in the $2,300 range. A host of altcoins are also participating in the excitement, posting double-digit gains as the market prepares for the weekend.

Bitcoin Blazing Trails

In this high-energy atmosphere, Bitcoin soared to $104,116, registering a 3.60% increase in the past 24 hours. This surge is driven by institutional inflows, favorable macroeconomic conditions, and renewed retail investor enthusiasm, with a significant role played by the ongoing adoption of spot Bitcoin ETFs. Expectations of further regulatory clarity in major markets are also playing a part.

Ethereum Gaining Attention

Ethereum has caught everyone's eye, skyrocketing to $2,400 powered by the "Pectra upgrade" and the angst that it has continuously underperformed other crypto assets. A correction has since pushed ETH back to $2,360, but the 24-hour volume has increased 140%.

Altcoins Join the Party

In the wake of BTC and ETH's lead, numerous altcoins are experiencing a broad-based rally. Solana (SOL) surged 12% to $175, while XRP saw a 10% boost to $2.41. Cardano (ADA), BNB, and TRX have climbed 11%, 4%, and 5%, respectively. Meme coins such as Dogecoin (DOGE), PEPE, and Shiba Inu (SHIB) have gained 10%, 30%, and 30%, respectively, riding the wave of retail investor hype. Other renowned performers include SUI and Avalanche (AVAX), which have spiked 8% and 13% today.

  • ETH (Ethereum)
  • PI (Pi Coin)
  • PEPE (Pepe)
  • MOODENG (Moo Deng)
  • DOGE (Dogecoin)

Top Gainers Today

  • PEPE (Pepe): +41%
  • FARTCOIN (Fartcoin): +28%
  • BRETT (Brett): +26%
  • VIRTUAL (Virtuals Protocol): +24%
  • ENA (Ethena): +23%

Top Losers Today

  • FORM (Four): -4%
  • LEO (UNUS SED LEO): -1%

The market sentiment remains extremely positive, with the Crypto Fear & Greed Index nearly touching "Extreme Greed" territory at 70/100. Investors are closely monitoring key support and resistance levels, with $100k and $110k both crucial for Bitcoin, and $2,200 and $2,500 for Ethereum. However, analysts caution that volatility could skyrocket in the near future.

The total cryptocurrency market cap has surged 5.59% today, setting it at $3.27 trillion. The 24-hour trading volume has surged 73%, reaching a staggering $202 billion.

Additionally, it's worth considering factors such as the growing interest of institutional investors, advancements in technology, clearer regulations, favorable macroeconomic trends, and the upcoming halving event bolstering Bitcoin's growth. The blending of AI and blockchain technologies, memecoins, DeFi evolution, increasing regulatory clarity, and the approval of spot ETFs favorably impact the overall market. However, no information about a supposed "Pectra" upgrade for Ethereum could be found in the available data.

  1. Bitcoin, the leading cryptocurrency, reached $104,116, up 3.60% in the past 24 hours, driven by institutional inflows, favorable market conditions, and a surge in retail investor enthusiasm.
  2. Ethereum (ETH) briefly touched $2,400 before settling at $2,360, gaining 140% in 24-hour trading volume, fueled by the "Pectra upgrade" and underperformance compared to other assets.
  3. Altcoins are on a rally alongside Bitcoin and Ethereum, with Solana (SOL) up 12%, XRP increasing by 10%, Cardano (ADA) climbing 11%, BNB rising 4%, and TRX advancing 5%.
  4. Meme coins such as Dogecoin (DOGE), PEPE, and Shiba Inu (SHIB) have surged 10%, 30%, and 30%, respectively, feeding off retail investor hype.
  5. Today's trending cryptocurrencies include ETH (Ethereum), PI (Pi Coin), PEPE (Pepe), MOODENG (Moo Deng), and DOGE (Dogecoin).
  6. The top gainers today are PEPE (Pepe) with a 41% increase, FARTCOIN (Fartcoin) up 28%, BRETT (Brett) by 26%, VIRTUAL (Virtuals Protocol) by 24%, and ENA (Ethena) with a 23% boost.
  7. The market's top losers consist of FORM (Four), down 4%, and LEO (UNUS SED LEO) dropping 1%.
  8. The Crypto Fear & Greed Index is close to "Extreme Greed" territory at 70/100, demonstrating strong investor confidence.
  9. The total cryptocurrency market cap has grown 5.59% to $3.27 trillion, with a record 24-hour trading volume of $202 billion, indicating a high level of market activity due to factors like institutional interest, technology advancements, regulatory clarity, macroeconomic trends, and the upcoming Bitcoin halving event.

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