Bitcoin Surges 6.5% to Six-Week High as Altcoin Market Gains
On April 22, Bitcoin's price surged by 6.5% to $94,000, marking a six-week high and increasing its market dominance to 63.4%. The market capitalization reached $1.85 trillion, indicating strong bullish momentum influencing the altcoin market.
Key highlights include:
- US-based spot Bitcoin ETFs recorded a net inflow of $936.4 million, with ARKB contributing $267.1 million, marking the seventh-largest daily inflow.
- Ethereum saw a $38 million net inflow into its US-based spot ETFs, gaining 14% in the past 24 hours, trading at $1,800.
- The global crypto market capitalization rose by 7% to $2.94 trillion, with a daily trading volume of $134 billion.
- The CMC fear and greed index moved above 50, reflecting increased investor confidence.
Factors driving this bull run include:
- Whale accumulation of assets like Ethereum, Solana, and Dogecoin.
- A notable $555 million Bitcoin purchase by Strategy on April 21.
- Daily crypto liquidations reached $629 million, with short liquidations historically pushing prices higher.
- Increased investor confidence linked to US President Trump's optimism about reducing tariffs on China.