The crypto market, led by Bitcoin 
BTCUSDT and Ethereum 
ETHUSDTis increasing. The total crypto market cap increased marginally by 2.17% on Tuesday, October 21, during the mid-North American session, to hover around $3.83 trillion at press time.
Bitcoin leads crypto pump
According to market data from Coinpedia, the price of Bitcoin gained around 3% to a high of around $113,996 before returning to $113,542 at press time. Bitcoin’s average daily trading volume increased 48% to hover around $78.4 billion at press time.
Ethereum price led the broader altcoin market in today’s gains. The large-cap altcoin, with a market cap of around $495 billion, rose more than 4% to trade higher. 
4USDT100 at the time of publication.
Top Reasons Why the Crypto Market is Rising Today
Strong institutional demand amid capital turnover from gold and silver
Demand for crypto assets, led by BTC and ETH, will skyrocket as gold and silver investors roll over their profits. Notably, spot prices of gold and silver fell more than 4% on Tuesday after hinting at a possible reversal, characterized by double highs during the daily time frame.
Historically, Bitcoin and the broader crypto market grew after gold’s peak, fueled by capital turnover.
Fed Crypto Mainstreaming Talks
On Tuesday, Federal Reserve Governor Chris Waller announced that the central bank was offering a new type of limited-access principal account, dubbed the “skinny principal account.” Notably, the lean main account is expected to be given to fintechs and innovative banks led by crypto companies such as Ripple Labs, Kraken, and Anchorage.
Such a move would strongly influence the liquidity and volume of cryptocurrencies in the long term.
Short compression impact exploited
Following the crypto market’s sudden rebound on Tuesday, more than $537 million was liquidated from leveraged traders. Of the total crypto liquidations, around $300 million involved short traders, fueling the impact of a short squeeze.
The crypto short squeeze occurred as the Fear and Greed Index suggested strong fear of further capitulation on the part of most traders.
