Crypto Market Surges Past $3 Trillion as Bitcoin Breaks $100K and Virtuals Protocol Leads Altcoin Rally

The global cryptocurrency market made a dramatic upward move today, with total market capitalization climbing above $3.17 trillion, its highest level in over two months. The surge was driven by a mix of macroeconomic optimism, positive legal developments, and standout performances from major tokens like Bitcoin and Virtuals Protocol.

Market Rebound Fuels Optimism

The rally comes in the wake of renewed global trade optimism, particularly after positive signals from the recently discussed US-UK trade agreement. Markets interpreted this as a potential step toward easing global trade tensions—sparking renewed interest in risk assets, including digital currencies.

The total crypto market cap has surged by more than $221 billion in the past 24 hours, according to market trackers. Analysts note that if the market holds above the key $3.16 trillion support level, it could chart a path toward $3.28 trillion. However, failure to hold that support could see the market retrace to $3.09 trillion or lower, testing the strength of the current rally.

Bitcoin Crosses $100,000 Milestone

Bitcoin (BTC), the world’s largest cryptocurrency by market cap, rose by 5.79% over the last day, breaching the $100,000 mark and currently trading at around $102,645. It briefly reached a three-month high of $104,000, as investor sentiment turned bullish following weeks of sideways price action.

With the psychological barrier now cleared, the next resistance level sits near $105,000. A successful push above this could pave the way toward Bitcoin’s all-time high of $109,588. Still, analysts caution that any loss of momentum could see the price dip back below $100,000, potentially retracing to $95,761.
Coinbase Reports Mixed Earnings

In company news, Coinbase released its Q1 2025 earnings, revealing results that fell short of expectations. Revenue missed estimates by nearly $200 million, and transaction revenue was $70 million below forecasts. Earnings per share also came in lower than anticipated.

Despite these misses, user engagement remained strong. Notably, there was a 49% quarter-over-quarter increase in gross USDC balances, signaling continued activity and trust in Coinbase’s platform amid volatile market conditions.

Ripple and SEC Reach Settlement

In a long-awaited development, Ripple Labs has reached a partial settlement with the U.S. Securities and Exchange Commission (SEC), agreeing to pay $50 million of a $125 million penalty. The remaining $75 million will be returned, pending a court’s decision to lift the existing injunction against Ripple.

This marks a significant milestone in one of the crypto industry’s most high-profile legal battles, which has dragged on since 2020. The resolution offers some regulatory clarity, potentially setting precedent for other ongoing cases in the space.

Virtuals Protocol (VIRTUAL) Shines Among Altcoins

Leading the altcoin charge, Virtuals Protocol (VIRTUAL) surged by 45%, reaching $2.02, its highest price in three months. Holding above the $2.00 level shows strong market confidence. If VIRTUAL can break through resistance at $2.26, it could target a further run toward $2.99 or even $3.00.

However, failure to sustain support could trigger a decline to $1.59, with deeper losses possible down to $1.25, wiping out recent gains. Market watchers are keeping a close eye on whether momentum can hold through the week.