Crypto markets today: Bitcoin price jumped over the $78,400 level today, on 22 April, after United States President Donald Trump announced that the ceasefire agreement between the US and Iran has been extended.
The cryptocurrency market rose alongside equities, indicating that overall market confidence has jumped. Bitcoin gained 3.6% to rise over $78,400 — its highest level in 11 weeks since 3 February, as per a Bloomberg report. Second largest token, Ethereum also gained 3.8%, it added.
The overall crypto market cap at time of writing, was at $2.62 trillion (up 2.48% in 24 hours) with volume of $147.59 billion, according to data on CoinMarketCap.
Among top tokens, Bitcoin dominates the market share with 59.8% of the pie (up 1.42%), followed by Ethereum which holds 11% (increase of 0.5%), while other coins comprise 29.2% of the market, (down 1.92%), it added.
Crypto markets: Bitcoin, Ethereum, Tether, XRP, Binance Coin
- At time of writing, the world’s biggest cryptocurrency, Bitcoin, was trading at $78,123.54, up 1.94% over the past 24 hours, with market cap at $1.56 trillion and trading volume of $44.12 billion, also up 17.74%, according to data on CoinMarketCap.
- Further, second place Ethereum was trading at $2,390.21, up a good 2.35%, with market cap of $288.47 billion, and trading volume of $21.26 billion, up 26.36%, CoinMarketCap data showed.
- US Dollar-linked Tether was trading at $1, with market cap of $188.5 billion and trading volume of $129.19 billion, an increase of 6.72%, as per the data.
- It was followed by XRP, was trading at $1.45, up 0.43%, with market cap of $89.36 billion and trading volume of $2.51 billion, up 3.3%, CoinMarketCap showed.
- Rounding off the top 5, Binance Coin was trading at $642.91, up 0.39% with market cap of $86.65 billion and trading volume of $1.72 billion, an increase of 10.46%, as per CoinMarketCap data.
- Among the tokens that gained the most are: Dash (+7.9%), Cosmos (+6.5%) and Immutable (+5.9%),
- The laggards include: Basic Attention Token (−0.2%), Aave (+0.1%) and Theta (+0.3%).
- The sentiment index fell by 1 point over the past day to 32, remaining in the fear zone.
Bitcoin: ‘Near-term dependent on developments’
Paul Howard, senior director at market maker Wincent told the publication that Bitcoin’s near-term direction “remains highly dependent on developments in the macroeconomic and geopolitical landscape”, adding that there is no other clear external catalyst, which means traders are focused on “positioning around low-volatility conditions are likely to view the $72,000 area as a key support zone, with upside constrained by a potential resistance and profit-taking ceiling around $79,000.”
Among most assets, Bitcoin has withstood the war much better — beating even gold, the traditional safe haven option. Gold prices have slipped nearly 10% since the war began in February, while BTC has gained 15% in the same period. Caroline Mauron, co-founder of Orbit Markets told Bloomberg that BTC should hold the $75,000 level as solid support from here, “and a clean break above $80,000 would unlock significant further upside.”
However, Alex Kuptsikevich, chief market analyst at FxPro was more optimistic. “In our view, the $75,000–86,000 range (for Bitcoin) is not saturated with strong resistance levels, and in the absence of significant negative factors, we anticipate a positive upward momentum. However, at $86,000, the leading cryptocurrency will encounter the 200-day moving average, which is also near an important pivot zone. Breaking through this zone would signify much more than the current relatively quiet range,” he noted.
Riya Sehgal, Research Analyst at Delta Exchange noted that the higher move in Bitcoin has been accompanied by significant derivatives activity. She cited CoinGlass data, which showed that over the past 24 hours, 1,14,045 traders were liquidated, with total liquidations reaching $330.56 million — highlighting a squeeze on leveraged positions that helped accelerate the upside.
“From a technical standpoint, the structure remains constructive. Bitcoin continues to hold above the $73,000 support zone, keeping the path open toward $78,000–$80,000, while Ethereum remains supported above $2,250, with a break above $2,400 likely to drive further upside. Overall, the market is showing signs of a controlled bullish continuation, with strength across major assets and dips continuing to attract buyers rather than signaling exhaustion,” Sehgal added.
(With inputs from Bloomberg)
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