Capital surged in the cryptocurrency market over the last 24 hours as sentiment turned positive after days of uncertainty.
As of press time, the capitalization for crypto markets was $2 per cent. 61 trillion, an increase of $100 billion in 24 hours from the $2. Day earlier, 51 trillion was recorded a day before s.
30-day crypto market cap chart. Source: CoinMarketCap
30-day crypto market cap chart. Source: CoinMarketCap
Bitcoin (BTC) climbed toward the $80,000 level, trading around $77,080 at press time and posting an average gain of about 2 per day. A. percent , 8 per cent of the time. A further boom comes as weeks of consolidation, with the asset near its peak levels since early February when it moved up, a trend that is more widespread.
Ethereum (ETH) meanwhile rose about 3% to trade above $2,400 and XRP advanced around 2–3 at the same time. to $1 4% to. 47 . Following a similar move up, BNB traded near $643-$144.
Leading cryptocurrencies’ performance. Source: Finbold
Leading cryptocurrencies’ performance. Source: Finbold
The primary catalyst behind the surge was a sudden de-escalation of tensions in the Middle East.
The Strait of Hormuz had been fully reopened to commercial shipping under an ongoing ceasefire framework, Iranian Foreign Minister Abbas Araghchi confirmed on April 17.
That developments – which was further amplified by the positive commentary of President Donald Trump, led to an extreme drop in oil prices of around 11%.
The decline in crude prices eased inflation fears and reversed the risk-off sentiment that had dominated global markets since the rise of the Iran conflict earlier this year.
Impact on markets
Consequently, capital was quickly diverted into more risky assets, lifting both equities and cryptocurrencies. Major U Paraphrasing major U.S. S. A record number of indices, including the S&P 500 and Nasdaq were reached, which reinforced the wider risk-on environment.
This rally was accelerated by derivatives activity, with data from CoinGlass showing at least $750 million in liquidations over 24 hours. It was about $590 million for short positions, more than $160 million in long liquidations of roughly $580 million.
The move is marked by an intensity of the movement, with approximately 163,000 to 190,000 traders affected. Bitcoin was a liquidated state of $390 million (mainly shorts) and $144 million to 160million, with Ethereum.
Similarly, open interest rose about 5% to over $130 billion and futures volume surged more than 15% to around $246 billion, signalling new capital inflows.
Despite the strong momentum, some analysts caution that profit-taking and mixed on-chain signals could emerge at higher levels.
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