Bitcoin has recently broken past $94,000, with a market cap of $1.87 trillion, boosting the overall crypto market cap to nearly $3 trillion. Both Bitcoin and Ethereum have seen substantial inflows and price increases, driven by whale accumulation and positive macroeconomic factors such as tariff reductions. Investor confidence is rising, as evidenced by the fear and greed index and increased liquidations in the market.
Bitcoin has achieved a remarkable milestone by breaking the $94,000 barrier for the first time in six weeks. As of April 22, its market cap is approximately $1.87 trillion, and its dominance in the market has risen to 63.4%. The momentum in Bitcoin’s price has positively impacted the broader altcoin market, which began to experience gains as key indicators shifted favourably.
On April 22, Bitcoin surged 6.5%, reaching $94,000. This bullish momentum has been instrumental in driving the altcoin ecosystem as well, contributing to Ethereum’s recent growth. Ethereum also recorded significant gains, up 14% in the past 24 hours with a market cap of $215.98 billion, following a $38 million net inflow into its US-based spot ETFs.
The global cryptocurrency market capitalisation rose by 7% to $2.94 trillion, supported by a 24-hour trading volume of $134 billion. Additionally, the Crypto Market Cap Fear and Greed Index showed a noteworthy increase, surpassing the 50 mark, indicating a rise in positive investor sentiment within the crypto space.
The current bull run is propelled by an amalgamation of micro and macroeconomic factors. Whale accumulation plays a critical role, with large holders investing heavily in assets like Ethereum and Solana. Strategy, notably, made a $555 million Bitcoin purchase on April 21, bolstering confidence in Bitcoin.
Daily liquidations have also surged, reaching $629 million, with a notable $555 million in shorts liquidated. Historically, when shorts are liquidated, prices tend to rise sharply. Furthermore, enhanced investor confidence is observed following statements from US President Donald Trump regarding potential reductions in tariffs on China, fostering an optimistic market outlook.
