The crypto market started the day on a strong note, with Bitcoin, Ethereum, and XRP all moving higher. Bitcoin crossed the $91,000 mark, gaining nearly $2,500 from recent lows. Ethereum and XRP followed closely, lifting the total crypto market value above $3.2 trillion.
But what exactly is driving this sudden move?
One major reason behind today’s rally is timing. Stock markets were closed, leaving crypto as one of the few major markets open for trading. With limited alternatives, buying activity flowed into digital assets, helping prices climb faster than usual.
This shows once again that crypto trades around the clock and often reacts first when global sentiment shifts.
Another important factor was the liquidation of bearish bets. In the past 12 hours, more than $130 million worth of short positions were wiped out. When prices rise quickly, traders betting on a fall are forced to exit, which creates extra buying pressure.
This chain reaction helped push Bitcoin, Ethereum, and XRP higher in a short period of time.
Broader economic news also played a role. Reports linked to increased U.S. control over oil reserves have improved confidence in economic stability. While this news is not directly tied to crypto, stronger economic expectations often support risk assets like digital currencies.
That optimism spilled into the crypto market, encouraging buyers to step in.
Ethereum posted steady gains as fresh money entered the market. XRP showed even stronger momentum and gained more than 5%, rising faster than many other coins. Altcoins across the board also moved higher, showing broader market strength.
Even with prices rising, trading volumes remain moderate. The real test will come when traditional markets reopen.
If Bitcoin can stay above $91,000, the rally could continue. If not, prices may slow down or move sideways. For now, the trend looks positive, but the next few sessions will be crucial.
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