Daily Market Report – April 24, 2025
The cryptocurrency market posted modest gains on April 24, as both Bitcoin and Ethereum held steady above key levels. Bitcoin (BTC) rose 0.50% to $93,509.87 after trading between a low of $87,826.29 and a high of $94,512.00. Ethereum (ETH) edged up 0.39%, closing at $1,799.05, with intraday highs reaching $1,830.73. Despite the limited upward momentum, market sentiment continued to improve, with the Fear & Greed Index climbing to 53, signaling a firmer outlook from traders. Futures liquidations totaled $47.72 million, suggesting continued high-volume activity without major shakeouts.
Long/short ratios remained closely balanced, with BTC slightly favoring longs at 49.67%, while shorts represented 50.33%. ETH followed a similar split, with 49.59% of positions long and 50.41% short. Among top gainers, JELLYJELLY skyrocketed by 77.57%, followed by TRUMP with a 37.96% gain and TST up 22.05%, highlighting strong interest in community and meme-related tokens.
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On-chain momentum strengthened significantly, with total value locked (TVL) across chains rising to $95.087 billion, an increase of nearly $5 billion compared to the previous day. Activity in meme assets remained prominent. $TROLLreached a peak market cap of $30 million before settling around $20 million. $DARK saw a 14% increase and is now fluctuating near the $30 million mark as more funds shift to the secondary market.
Key ecosystem developments also made headlines. The Senate Finance Committee of New Hampshire voted to pass the Bitcoin Reserve Act, potentially paving the way for state-level Bitcoin adoption. In Ethereum’s core protocol, Tim Beiko confirmed that the Pectra mainnet upgrade will go live on May 7, introducing key improvements to the network.
Community engagement also spiked as it was announced that holders of TRUMP tokens will gain access to an official “TRUMP DINNER” event, further blending political branding with Web3 culture. In infrastructure, Ethereum Layer 2 protocol Reddio revealed its tokenomics, with a total supply of 10 billion tokens, of which 8% is allocated to community distribution.
In a major regulatory development, the U.S. Securities and Exchange Commission (SEC) confirmed it has officially received and acknowledged the spot Avalanche ETF submission from VanEck, further reinforcing the push toward institutional crypto investment products.
Michael Crag
