Here’s Why the Crypto Market Is Up Today
Highlights
- Crypto market rises 3.3% to reach $2.93 trillion market cap.
- Bitcoin up 3.8% and Ethereum up 8.5% in 24 hours.
- Short position liquidations amplify market momentum.
The crypto market is higher today, with the total market size rising by some 3.3% over the past 24 hours to reach $2.93 trillion on April 23. This is driven by the two largest cryptocurrencies, with Bitcoin rising by some 3.8% and Ethereum rising by a steeper 8.5%.
Crypto market pumps as BTC breakout is confirmed
Bitcoin price returned to $94,000, a price not seen since the beginning of March of 2025. This technical break above a significant psychological barrier has assisted in developing solid market resilience. Altcoins also followed and gained a couple of percentage points in the last 24 hours.
Analyst Rekt Capital notes that recent price action is a clean breakout of the pattern that has limited Bitcoin’s movements for weeks. Following several tests of lower levels of support in the past few days, buyers have stepped in with sufficient strength to drive prices higher. Trading volume has also increased by 34% in this reversal and has provided more evidence that the breakout is genuine.
Breakout confirmed
The Downtrend is over$BTC #Crypto #Bitcoin https://t.co/pO2zzS12F7 pic.twitter.com/UXIDLp2ajj
— Rekt Capital (@rektcapital) April 22, 2025
The crypto market is showing promising technical signals as the total altcoin market capitalization (TOTAL3) validates a falling wedge pattern. This bullish reversal pattern is evident on the chart, with price breaking above the upper trendline resistance after a period of compressed trading within the wedge.
The pattern displays a sequence of convergent lower highs and lows, followed by an upward breakout. Usually, this technical pattern marks the conclusion of a downward trend and the start of an upward one.
This market looks ready 👀 pic.twitter.com/II7OKaMQw1
— Trading Tank (@TheTradingTank) April 23, 2025
Biggest short liquidations this year
A primary driver behind today’s strong market performance is an extensive wave of short position liquidations. According to data from CoinGlass, over $618.29 million in crypto positions have been liquidated in the past 24 hours. As per the data, $545 million, or nearly 88% of the total, is coming from short positions being forcibly closed.
Short squeeze！
The biggest short liquidation so far this year.
Total liquidation in the past 24 hours: $618.29 million🤣🤣🤣https://t.co/C47AgBCcTk pic.twitter.com/lPtgOV91bH
— CoinGlass (@coinglass_com) April 22, 2025
This liquidation event is the largest short squeeze of 2025 so far and has triggered an upward price cycle. When traders with short positions are liquidated, their positions are automatically closed through buying activity. This once more drives prices higher and can result in additional liquidations.
The liquidation chart shows big spikes in closing short positions that take place with price increases. Today’s event is the same magnitude as the one on November 6. On that day, over $426 million in leveraged short positions was lost, which helped raise the overall crypto market value by 16%.
Bitcoin has been at the center of this short squeeze, as its move above $94,000 caught many bearish traders by surprise. The move comes after BTC climbed to a two-week high of $91k yesterday.
The overall market greenery has also erased the fear in the market. As per CMC data, the Crypto Fear and Greed Index went from 38-Fear yesterday to 52-Neutral today.
- Ethereum Exchange Supply Drops 52% as $3,700 Liquidation Risk Grows
- XRP News: mXRP Vault Surpasses $22M as Investors Capitalize on Staking Rewards
- Galaxy Digital CEO Calls Next Fed Chair Bitcoin’s Bull Catalyst, Sets $200K BTC Target
- Experts Claim Bitcoin Crash to $94,334 Ahead As BTC Dominance Rebounds
- Expert Explains Pi Network–Sign Meeting, Says It Could Trigger Binance Listing
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
