Key points to remember:
- THE crypto market capitalization reached $2.6 trillion on April 14 as bitcoin reached a session high of $74,959.
- A rally in assets like Ethereum and RAVE triggered $540 million in liquidations for short sellers.
- Growing tensions after the US blockade of the Strait of Hormuz could then force China to respond.
Bitcoin lead the charge
THE crypto The economy’s market capitalization surpassed $2.6 trillion early Tuesday, April 14, as both bitcoin And altcoins ignored geopolitical tensions to record significant gains. According to daily chart data, the market capitalization rose from $2.53 trillion Monday afternoon to $2.607 trillion as of 3 a.m. Tuesday, a gain of more than 3%.
Bitcoin led the rally, extending Monday’s momentum. According to Bitstamp data, the leader cryptocurrency reached a high of $74,959, briefly pushing its market capitalization beyond the $1.5 trillion threshold. Last time bitcoin traded at this level took place on March 17, when its price deviated from global stocks which were then falling. Since April 7, bitcoin gained just over 8%.
Ethereum ( ETH) directed altcoinsrising from $2,183 to a high of $2,381, its highest since February 1. The gain of almost 9% in 24 hours raised its market capitalization at $287 billion. HYPE also saw notable gains, up 9% to $45. RAVE, which surged 240% on Monday, continued its rally, reaching a record high of $14.18 before retreating to $12.31. Even after the pullback, RAVE rose 31% in 24 hours, pushing its weekly gains to 4,500%.
Aside from a few tokens such as TRX and M, who experienced marginal losses, altcoins generally increased between 2% and 5%. Gains briefly lifted the aggregate altcoin market capitalization at $1.18 trillion.
The rally triggered $440 million in leveraged short position liquidations over 24 hours, including $226 million in bitcoin shorts. ETH and RAVE also saw significant liquidations of $123 million and $25 million, respectively. In total, crypto market liquidations totaled $540 million.
The crypto market has recovered despite a sharp escalation in geopolitical friction following the US blockade of the Strait of Hormuz. The Trump administration launched the maritime standoff just hours after a high-stakes diplomatic collapse between U.S. and Iranian officials. By obstructing the transit of ships on this vital energy artery, Washington aims to take advantage of the economic stranglehold to force Tehran to return to the negotiating table.
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However, this strategy has provoked significant international reactions. Geopolitical analysts warn that the move could push China into direct confrontation, especially since Beijing has already formally denounced the blockade as a violation of international maritime law. The situation has become even more volatile following multiple reports that a sanctioned Chinese vessel had managed to breach the blockade.
