Bitcoin once again challenged the $100,000 trading level last week after surging over $20,000 from its early April lows, but the move stalled as the price stalled around $96,000 before falling below $94,000 on May 6. The market weakness was also influenced by expectations that the US Federal Reserve would keep its key interest rate at the current level of 4.25%-4.5%.
However, the market recovered when reports began to spread that the US and China would hold trade talks in Switzerland this weekend. Just a day after the report, Bitcoin broke through the psychological level of $100,000 and surged to a high of $104,000, the highest level since late January, before falling slightly to a trading level of $103,000.
Despite BTC’s 6.3% surge in the week, Ethereum stole the show as it surged nearly 30% to around $2,500, its highest level in two months. The dramatic rally came after the implementation of Ethereum’s latest upgrade, known as Pectra.
Several major altcoins also posted double-digit gains, including SOL, DOGE, SUI, ADA, BCH, HYPE and SHIB. The total crypto market cap is now worth $3.38 trillion, with daily trading volume reaching $230 billion and Bitcoin’s dominance at 60.6%.
