On April 23 at 9 AM, the cryptocurrency market rebounded significantly in the secondary market. BTC surged from $87,500 to $94,086, an increase of over 7.5%, reaching a new high since March 9. ETH rose from $1,564 to a peak of $1,807, a strong rebound of over 11%. Driven by Bitcoin and Ethereum, altcoins also experienced varying degrees of rebounds, with Dogecoin peaking at $0.1848 and SUI rising to $2.8. SOL started rising from $137 and surpassed $150 at a peak increase of 9.4%.
The total market capitalization of cryptocurrencies has risen over 10%, recovering to surpass $3 trillion. Bitcoin's market share has adjusted to 63.54%, and the fear and greed index has climbed to a greedy level of 72. The altcoin season index has strengthened to 18. At the same time, cryptocurrency stocks in the US market have risen in sync, with Coinbase closing at $190, up over 8.57%; MicroStrategy closed at $343.03, up over 7.95%. Both stocks have currently risen over 3% in after-hours trading.
In terms of liquidation data, according to Coinglass, over 147,300 people were liquidated in the last 24 hours, with a total liquidation amount of $582 million, including $508 million in short liquidations. The largest single liquidation on CEX was ETH-USDT, occurring on Binance, valued at $4.3287 million.
What caused the sudden surge in the cryptocurrency market?
The sudden surge in the cryptocurrency market can be analyzed from the following aspects.
1. The 'hoarding' phenomenon in Asia: Japanese listed company Metaplanet announced an additional purchase of 330 Bitcoins, costing over $28 million, and now holds a total of 4,855 Bitcoins. The large-scale purchases by institutions indicate that the current price is relatively low and suitable for entry.
2. The continuous new highs of gold have led to an influx of funds. On April 22, the spot market refreshed its historical high again, breaking through $3,450/ounce. High-risk investments like cryptocurrencies and gold have become safe-haven assets. Historically, before the bull markets in the cryptocurrency market in 2017 and 2021, there were also historical peaks in gold, which indicates that the bullish market for cryptocurrencies is still ongoing, and there are opportunities in the crypto market, with a strong hope of breaking historical highs again this year.
3. The Federal Reserve's 'interest rate cut expectations': The market predicts a 150 basis point rate cut this year, and this expectation has directly pushed up the price of Bitcoin.
Geopolitical risks and the Trump administration's tariff policy: The global tariff measures announced on April 2 caused the dollar index to drop 1.8% in one week, while the 30-day correlation between Bitcoin and gold rose to 0.72, reaching a new high since 2023.
4. From a technical analysis perspective, Bitcoin shows a bottom divergence reversal, with prices breaking upwards from the box bottom. The daily cycle has moved above the 60-day moving average, completing a shift from bearish to bullish. The KDJ indicator shows a golden cross, with clear bullish signals. Continuous large bullish candles indicate strong market buy signals, so the rise of Bitcoin is inevitable. The market is expected to continue rising, with hopes of surpassing $100,000.
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