Bitcoin Reclaims $104,000, Driving Crypto Market Cap to Highest Point Since February

Bitcoin (BTC) has surged, reaching its highest market capitalization since February 2025 after the leading cryptocurrency surpassed the $104,000 mark. Experts attribute this sustained momentum above $100,000 for the past three days to President Trump’s announcement of a “total reset” in US-China trade relations following high-level discussions in Geneva.

As of 10:30 am today, May 12, the price of Bitcoin stood at $104,179.72, with a current market capitalization of $2.07 trillion. Its 24-hour trading volume was $46 billion, and the circulating supply was recorded at 19.86 million coins.

In Indian Rupees, the price of Bitcoin is approximately ₹88,04,300.

CoinSwitch Markets Desk noted that Bitcoin’s climb past $104,000 yesterday and its subsequent holding above $100,000 for three consecutive days are fueled by the developments in US-China trade talks. They also highlighted continued institutional demand for Bitcoin, with BTC ETFs recording $1 billion in inflows last week.

The total cryptocurrency market capitalization has also seen a significant rise, climbing to $3.49 trillion, its highest level since February. However, the Relative Strength Index (RSI) is indicating overbought conditions, suggesting a potential short-term correction or consolidation phase may be imminent. Among alternative cryptocurrencies, Ethereum (ETH) experienced an 8% increase over the weekend, and Binance Coin (BNB) reached $672, its highest value since March.

Avinash Shekhar, co-founder and CEO of Pi42, commented that the recent strong performance of Ethereum and other altcoins signifies a clear shift in market sentiment, potentially marking the beginning of an “altcoin season.” He pointed out Ethereum’s nearly 40% weekly gain, driven by macroeconomic tailwinds and the Pectra upgrade, as well as the strong performance of Dogecoin (DOGE) among large-cap altcoins, indicating a broadening investor appetite beyond just Bitcoin.

While Bitcoin maintains its strong position above $100,000, its declining dominance in the overall market suggests a redistribution of capital across the wider crypto ecosystem. Shekhar added, “At Pi42, we view this diversification as a healthy market dynamic, underscoring growing confidence in decentralised technologies and broader use cases beyond just store-of-value.”

Himanshu Maradiya, founder and chairman of CIFDAQ, noted the exceptional strength of projects associated with the Ethereum ecosystem, citing Arbitrum as a key Layer-2 solution, Gala leveraging its L1 blockchain, and Ethena offering synthetic dollar instruments on Ethereum. Even Pi Network has garnered attention during this recent rally, with Ethereum being a common factor among these strong performers.

The price of Pi Coin also saw a significant surge, crossing the $1 mark amidst the positive developments in US-China trade talks. According to CoinMarketCap, the price of Pi Coin was up 33% to $1.25 around 9:20 am IST, with a substantial 280% jump in trading volume to $1.32 billion.

Maradiya concluded, “The performance of ETH and ETH-based projects signals deepening market confidence and increased capital rotation into Ethereum’s expanding ecosystem.”