Daily Market Report – April 23, 2025
The cryptocurrency market rallied strongly over the past 24 hours, with both Bitcoin and Ethereum posting substantial gains. Bitcoin (BTC) surged by 5.38% to $93,039.99, trading between a low of $87,826.29 and a high of $93,898.00. Ethereum (ETH) led the market rebound, soaring 14.12% to $1,805.49 after dipping as low as $1,567.30 during the day. Market sentiment strengthened as the Fear & Greed Index rose to 52, signaling elevated investor confidence in the short term. Futures liquidations reached $103 million, reflecting an uptick in trading activity and volatility.
Derivatives positioning showed a bullish tilt across major assets, with Bitcoin’s global long/short ratio at 50.89% long and Ethereum’s even higher at 51.02% long. Among the day’s top gainers, PENGU rallied 35.16%, followed by BIO at 32.51% and IMX with a 31.00% jump, reflecting strong altcoin momentum amid the broader market uptrend.
On-chain activity is also recovering rapidly. The total value locked (TVL) across all chains rose to $90.585 billion, supported by notable 24-hour increases from AAVE and Lido, both up over 8%. Fartcoin recorded a 10% daily increase, pushing its market capitalization above $1 billion. Meanwhile, ZERBERO more than doubled in value, gaining over 140% in 24 hours and reaching a market cap of $63 million. AI-related meme coins are also heating up, with ALCH surpassing $170 million in market capitalization, signaling renewed speculative interest in thematic assets.
Institutional moves added to market momentum. Galaxy Digital reportedly converted $100 million worth of ETH into SOL, indicating a major strategic rotation. In the regulatory and policy arena, the son of the U.S. Secretary of Commerce is said to be leading a $3 billion federal cryptocurrency investment plan, signaling increasing government engagement with the crypto economy.
Other key headlines include Elon Musk’s announcement that he will return to Tesla in May and will significantly scale back his involvement in the DOGE department. Additionally, the IMF released its World Economic Outlook report, projecting global inflation to reach 4.3% in 2025 while suggesting that the ongoing depreciation of the U.S. dollar remains controlled.
Michael Crag
