- BTC reclaimed $94K amid a positive macro shift on U.S.-China and Trump-Fed tensions.
- SUI blasted 25% while ETH posted a 10% gain, followed by SOL and XRP at 10% each.
On the 23rd of April, Bitcoin [BTC] extended its recovery and reclaimed $94K, further lifting off the rest of the altcoin market.
Among large-cap altcoins, Ethereum [ETH] saw the most upswing of 10% in the past 24 hours and was close to $1800.
Source: CoinMarketCap
Solana and XRP were up 8% over the same period as both altcoins blasted above $150 and $2.2, respectively. However, the major rallies were among the mid-cap altcoins. Sui [SUI] blasted 25% while Avalanche [AVAX] ripped 12%.
What’s behind the crypto rally today?
According to market analysts, the extended recovery was boosted by potential U.S.-China de-escalation on the tariff front and President Donald Trump’s U-turn on firing Fed chair Jerome Powell.
Source: Bloomberg (excerpt on US de-escalation report)
According to a Bloomberg report, the US Treasury Secretary Scott Bessent said the China standoff was ‘unsustainable’ and expected the situation to ‘de-escalate.’
In another media interview, Trump backtracked on his threats to Fed chair Powell and stated,
“I have no intention of firing him. I would like to see him be a little more active in terms of his idea to lower interest rates.”
The two macro factors have been key drivers behind recent US dollar-based assets sell-offs and the decoupling of BTC from US stocks.
However, with the perceived positive macro-shift, BTC and risk-on assets rallied harder.
Source: Soso Value
In fact, even institutional bids increased to levels last seen in January, with a whopping $936 million in daily inflows to U.S. spot BTC ETFs on Tuesday.
For his part, BitMEX founder, Arthur Hayes, projected the BTC rally could extend to $110K and $200K, citing a potential increase in dollar liquidity.
Tracy Jin, COO of MEXC crypto exchange, shared a similar outlook. Jin told AMBCrypto that BTC was still open for bids at current levels.
“This scenario (portfolio diversification) could push Bitcoin to all-time highs in the $150,000–$200,000 range, followed by a gradual decline in volatility. Until those levels are reached, the market remains open for entry.”