In brief
- Algorand, Provenance Blockchain and Stable jumped by double digits as Bitcoin rallied to an intraday high of $69,135, liquidating over $326M in positions.
- The rally is driven by a “positioning reset” after weeks of cautious sentiment, Decrypt was told.
- Myriad users assign just a 44% chance to Bitcoin retesting $84K next, reflecting lingering uncertainty.
Bitcoin’s start-of-the-month rally has pushed it close to $70,000, with altcoins and the broader crypto market following suit.
Algorand, Stable and Morpho have taken the top spots, notching 23%, 17% and 13% gains over the past 24 hours respectively, according to data from price aggregator CoinGecko. Other tokens including, Provenance Blockchain, Jupiter and Render have achieved gains of over 5% in the past day.
The total cryptocurrency market capitalization has grown 2.7% in the past 24 hours to hit $2.44 trillion, with over $326 million in positions liquidated according to CoinGlass data.
“What we’re seeing at the start of April isn’t really a repeatable calendar rally,” but more a positioning reset,” Wenny Cai, Founder and CEO of decentralized derivatives exchange SynFutures, told Decrypt. “After weeks of cautious sentiment and under-allocation, capital is starting to rotate back into higher-beta assets, especially altcoins.”
Volatility like that happens around the “turn of a new month or quarter, when portfolios get rebalanced, and traders put risk back on,” Cai explained.
Bitcoin has reacted appropriately, ending its five-month losing streak by closing March at a 1.81% gain. Over the past 24 hours, it reached an intraday high of $69,135 before retracing to around $68,690, up 3.1% on the day.
From a geopolitical standpoint, U.S. President Donald Trump’s de-escalation messages, over the past week, including Tuesday’s announcement involving the U.S. potentially withdrawing from Iran in the next “two to three weeks,” according to a BBC report, have also played a pivotal role in triggering a risk-on rally across the broader financial markets.
Despite the easing geopolitical outlook, experts said Bitcoin’s structure remains weak.
“We’re still operating in a period of elevated instability, and that’s unlikely to change quickly,” Georgii Verbitskii, founder of crypto investor app TYMIO, told Decrypt. “Even if there is some de-escalation, the situation around key trade routes like the Strait of Hormuz is complex and could remain a source of uncertainty for a prolonged period.”
That could leave markets at the behest of geopolitical headlines.
Users on prediction market Myriad, owned by Decrypt’s parent company Dastan, remain skeptical of Trump’s de-escalation talk, putting a 55% chance on U.S. boots on the ground before May.
Bitcoin’s outlook also remains bleak, with investors assigning only a 44% chance that the leading crypto’s next move could push it to retest $84,000 next.
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Source: https://decrypt.co/363004/algorand-stable-lead-double-digit-altcoin-surge-as-bitcoin-tops-69k
