The crypto market has started to show strong signs of a bull run for the first time since late January, with many catalysts driving the upward momentum.
By Wahid Pessarlay
Editor Julia Sakovich
Updated
2 mins read
Bitcoin BTC $93 716 24h volatility: 5.6% Market cap: $1.86 T Vol. 24h: $58.78 B and the broader altcoin market started to see increased gains on Tuesday, April 22, as both fundamental indicators and macro conditions turned in favor of financial markets.
Bitcoin rose by 6.5% to a six-week high of $94,000. Its market dominance reached 63.4% — market cap sitting at $1.85 trillion — for the first time since January 2021. This suggests that Bitcoin’s bullish momentum was a key driver for the altcoin ecosystem.
According to data from SoSoValue, the US-based spot BTC exchange-traded funds recorded a net inflow of $936.4 million, led by ARKB’s $267.1 million inflows, on April 22. This was the seventh-largest daily inflow into the Bitcoin-based investment products.
Ethereum ETH $1 814 24h volatility: 11.0% Market cap: $218.91 B Vol. 24h: $27.99 B also saw a $38 million net inflow into its US-based spot ETFs for the first time since Feb. 4, SoSoValue data shows.
The leading altcoin gained 14% in the past 24 hours and is trading at $1,800. ETH has been showing bullish signals over the past week as whales started to accumulate the asset.
According to CoinMarketCap data, the global crypto market capitalization increased by 7% to $2.94 trillion, with a daily trading volume of $134 billion.
The CMC fear and greed index also recorded a sudden spike above the 50 mark, showing increased investor confidence in the asset class.
The reason why the crypto market is seeing a strong buying spree, similar to the November 2024 elections, is a combination of micro and macro catalysts.
Whale accumulation acted as one of the key drivers. Coinspeaker reported that large holders have been buying leading assets like Ethereum, Solana SOL $152.2 24h volatility: 8.0% Market cap: $78.70 B Vol. 24h: $6.27 B , and Dogecoin DOGE $0.18 24h volatility: 12.0% Market cap: $27.41 B Vol. 24h: $2.22 B , to name a few.
It’s important to note Strategy’s $555 million Bitcoin purchase on April 21.
The daily crypto liquidations also skyrocketed to $629 million, $74 million longs and $555 million shorts, according to CoinGlass data. Historically, short liquidations push the prices higher.
Most notably, the increased investor confidence in the financial markets has been reinforced after US President Donald Trump announced that the 145% tariffs on China will likely fall.
According to The Hill, Trump expressed optimism, saying that “It [tariffs] won’t be that high”.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
