Bitcoin Price Today: Crypto Reclaims $104,000, Market Cap Hits Highest Since February

Bitcoin Price Today, May 12: Bitcoin has recorded the highest market capitalisation since February 2025 after the world’s biggest cryptocurrency reclaimed the $104,000 mark. Experts said Bitcoin has held above $100,000 for three straight days, fuelled by President Trump’s announcement of a “total reset” in US-China trade relations after high-level talks in Geneva.
The price of Bitcoin stood at $104,179.72 with a current market cap of $2.07 trillion as of 10:30 am on Monday, May 12. Its 24-hour trading volume was $46 billion. Bitcoin recorded a circulating supply of 19.86 million.
In rupee terms, the price of Bitcoin stood at Rs 88,04,300.
CoinSwitch Markets Desk in its note said, “Bitcoin surged past the $104K mark yesterday and has held above $100K for three straight days, fueled by President Trump’s announcement of a “total reset” in U.S.-China trade relations after high level talks in Geneva. Institutional demand for BTC continued as BTC ETFs recorded $1 billion in inflows last week.”
The total crypto market cap climbed to $3.49 trillion, its highest level since February. However, with the Relative Strength Index (RSI) entering overbought territory, a short-term correction or consolidation could be on the horizon. Among altcoins, Ethereum rose 8 per cent over the weekend, and BNB touched $672, its highest since March, it added.
Avinash Shekhar, co-founder and CEO of Pi42, said, “The recent resurgence in Ethereum and altcoins signals a definitive shift in market sentiment, hinting at the early stages of an altcoin season. With Ethereum gaining nearly 40 per cent weekly — driven by macro tailwinds and the Pectra upgrade — and DOGE leading the charge among large-cap alts, investor appetite is clearly broadening beyond Bitcoin.”
While BTC maintains its momentum above $100,000, its declining dominance reflects a redistribution of capital across the crypto ecosystem. “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,” he added.
Ethereum Getting A Boost
Himanshu Maradiya, founder and chairman of CIFDAQ, said projects tied to the Ethereum ecosystem have shown exceptional strength, like Arbitrum as a key Layer-2 solution, Gala leveraging its L1, and Ethena offering synthetic dollar instruments on Ethereum. Even Pi Network has drawn attention during this rally. The common thread? Ethereum.
Pi Coin price crossed $1-mark amidst the positive trade talks between the United States and China. According to CoinMarketCap, the price of Pi Coin was up 33 per cent to $1.25 around 9:20 am IST, with a 280% jump in volume at $1.32 billion.
“The performance of ETH and ETH-based projects signals deepening market confidence and increased capital rotation into Ethereum’s expanding ecosystem,” he added.