Total market capitalization topped $3 trillion for the first time since early March as altcoins followed their big brother Bitcoin in recovery.
It is the first time total cap has been over $3 trillion since March 7, and could be a sign of a sustained recovery as more than $500 billion has entered the market since April 9.
The 4.6% gain for crypto markets came as US President Donald Trump flip-flopped again on trade tariffs, saying that tariffs on China won’t be as high as 145% and “will come down substantially, but won’t be zero.”
Trump has also eased off on Federal Reserve chair Jerome Powell, saying he has “no intention” of firing the central banker after calling him a “major loser” earlier this week.
He took a softer approach, reiterating that now is the “perfect time” to lower rates and hopes that Powell will “be a little more active in terms of his idea to lower interest rates.”
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 still led the pack, topping $93,700 during early trading in Asia on Wednesday morning, but the altcoins were showing some rare gains also. BTC has now broken out of its sideways channel and appears poised to break through resistance just above $95,000.
Additionally, its dominance remains high at 64.4%, which means altseason is still a long way off despite today’s minor price pumps. Meanwhile, the Bitcoin Fear and Greed Index has flipped to greed, hitting 72 on Wednesday.
Bitcoin Fear and Greed Index is 72 ~ Greed
Current price: $93,342 pic.twitter.com/Q4TbXlRuf8— Bitcoin Fear and Greed Index (@BitcoinFear) April 23, 2025
Spot Bitcoin ETFs in the United States have also seen a reversal in flows, with more than $1 billion entering the products so far this week, according to Coinglass.
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 has been one of today’s top performers, ripping 13.5% to come just shy of $1,800 during the Wednesday morning Asian session. ETH 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.
Dogecoin (DOGE) is another double-digit gainer today, with 12.7% added to reach $0.18 at the time of writing.
Cardano made 10% to reach $0.68, Avalanche was up 12% to top $22, but Sui was one of the biggest gainers with a whopping 23% pump to reach $2.75. Other double-digit altcoins include memecoins Shiba Inu and Pepe.
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