The cryptocurrency market saw a sharp influx of capital over the past 24 hours as sentiment turned positive following days of uncertainty.
As of press time, the total crypto market capitalization stood at $2.61 trillion, marking a 24-hour increase of $100 billion from the $2.51 trillion recorded a day earlier.
Leading the rally, Bitcoin (BTC) climbed toward the $80,000 level, trading around $77,080 at press time and posting a daily gain of roughly 2.8%. The asset’s move higher coincides with a broader breakout after weeks of consolidation, positioning it near its highest levels since early February.
At the same time, Ethereum (ETH) rose about 3% to trade above $2,400, while XRP advanced approximately 2.4% to $1.47. BNB followed with a similar upward move, trading near $643.
The primary catalyst behind the surge was a sudden de-escalation of tensions in the Middle East.
On April 17, Iranian Foreign Minister Abbas Araghchi confirmed that the Strait of Hormuz had fully reopened to commercial shipping under an ongoing ceasefire framework.
The development, further amplified by supportive commentary from President Donald Trump, triggered a sharp drop in oil prices of around 11%.
The decline in crude prices eased inflation concerns and reversed the risk-off sentiment that had dominated global markets since the escalation of the Iran conflict earlier in the year.
Impact on markets
As a result, capital rotated quickly into higher-risk assets, lifting both equities and cryptocurrencies. Major U.S. indices such as the S&P 500 and Nasdaq reached record levels, reinforcing the broader risk-on environment.
In crypto markets, the rally was accelerated by derivatives activity, with data from CoinGlass showing at least $750 million in liquidations over 24 hours. Short positions accounted for roughly $590 million, far exceeding about $160 million in long liquidations.
Around 163,000 to 190,000 traders were affected, highlighting the intensity of the move. Bitcoin led with about $390 million in liquidations, mostly shorts, followed by Ethereum with between $144 million and $160 million.
Meanwhile, open interest rose about 5% to over $130 billion, and futures volume jumped more than 15% to roughly $246 billion, signaling fresh capital inflows.
Despite the strong momentum, some analysts caution that profit-taking and mixed on-chain signals could emerge at higher levels.
