The crypto market, ever the fickle mistress, has once again flirted with the respectable sum of $3 trillion 🤑, a figure not seen since early March. One might venture to suggest that the altcoins, much like dutiful younger siblings, are attempting to emulate the success of their elder brother, Bitcoin. Though whether this imitation is born of genuine admiration or mere envy remains to be seen 🤔.
Indeed, the total market cap has not graced the $3 trillion mark since the seventh of March. This resurgence, marked by an influx of over $500 billion since April 9, may, perhaps, be interpreted as a harbinger of a more enduring recovery. One hesitates to declare it a certainty, of course, lest one be accused of undue optimism 🙄.
This surge of 4.6% in the crypto markets has coincided, rather amusingly, with the pronouncements of one Mr. Trump, the American President. He has, it seems, executed yet another of his celebrated about-faces regarding trade tariffs. The tariffs on China, he now claims, shall not ascend to the dizzying heights of 145%, but rather “come down substantially, though not to zero.” Such clarity! Such consistency! One is left quite breathless by the sheer predictability of it all 🤪.
Furthermore, Mr. Trump has, with a magnanimity that is truly touching, softened his stance toward the Federal Reserve chair, Mr. Jerome Powell. Having previously deemed him a “major loser,” he now declares “no intention” of dismissing the poor man. The relief must be palpable! He even went so far as to suggest that now would be the “perfect time” to lower rates, expressing the hope that Mr. Powell might “be a little more active” in this endeavor. One can only imagine Mr. Powell’s reaction to such unsolicited advice 😂.
Trump just ticked most de-escalation/bullish boxes.
(headlines from the last 45 minutes)
TRUMP: DOING WELL WITH CHINA, NEARLY EVERY COUNTRY
TRUMP: GETTING THE BASELINE OF 10%
TRUMP: I WILL NOT BRING UP CORONAVIRUS WITH CHINA
TRUMP: IF THEY DON’T MAKE A DEAL, WE’LL SET THE…
— Alex Krüger (@krugermacro) April 22, 2025
Altseason Yet?
Bitcoin, ever the leader of the pack, has surpassed $93,700 during early trading in Asia, whilst the altcoins, to their credit, are showing some rare gains as well. It appears that Bitcoin has broken free from its recent stagnation and is poised to breach resistance just above $95,000. A daring feat, indeed! 🤔
However, Bitcoin’s dominance remains stubbornly high at 64.4%, suggesting that the much-anticipated “altseason” is still a distant prospect, despite the day’s minor price increases. Meanwhile, the Bitcoin Fear and Greed Index has succumbed to “greed,” reaching a score of 72. A worrying sign, perhaps, for those who prefer a more measured approach to investment 🤨.
Bitcoin Fear and Greed Index is 72 ~ Greed
Current price: $93,342— Bitcoin Fear and Greed Index (@BitcoinFear) April 23, 2025
Spot Bitcoin ETFs in the United States have also experienced a reversal in fortunes, with over $1 billion flowing into these products this week, according to Coinglass. One might be tempted to suggest that the tide has turned, but caution, as always, is advised 🧐.
U.S. Bitcoin ETFs bought 10,000 Bitcoin today (vs. 450 mined)
U.S. Bitcoin ETFs bought 4,500 Bitcoin yesterday (vs. 450 mined)
— HODL15Capital (@HODL15Capital) April 23, 2025
Today’s Top Performers
Ethereum, it seems, has been one of the day’s most notable performers, surging 13.5% to nearly reach $1,800 during the Wednesday morning Asian session. Ethereum has now recovered 28% since its dip to $1,400 on April 9, but the asset remains at bear market lows and at record lows in terms of market dominance. A bittersweet victory, perhaps 😢?
Dogecoin (DOGE) is another double-digit gainer today, with 12.7% added to reach $0.18 at the time of writing. One cannot help but wonder at the enduring appeal of this particular digital currency 🤣.
Cardano has risen 10% to reach $0.68, Avalanche has climbed 12% to surpass $22, and Sui has emerged as one of the biggest gainers, with a remarkable 23% surge to reach $2.75. Other altcoins enjoying double-digit gains include the memecoins Shiba Inu and Pepe. A veritable feast for the speculative investor 🎉!
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2025-04-23 08:41