Key Takeaways:
- The crypto market cap hit $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.
- Rising tensions after a U.S. blockade of the Strait of Hormuz may force a reaction from China next.
Bitcoin Leads the Charge
The crypto economy’s market capitalization topped $2.6 trillion early Tuesday, April 14, as both bitcoin and altcoins shrugged off geopolitical tensions to post significant gains. According to daily chart data, the market cap climbed from $2.53 trillion Monday afternoon to $2.607 trillion by 3 a.m. Tuesday, a gain of more than 3%.
Bitcoin drove the rally, extending momentum from Monday. According to Bitstamp data, the leading cryptocurrency rose to a session high of $74,959, briefly pushing its market cap past the $1.5 trillion threshold. The last time bitcoin traded at this level was March 17, when its price diverged from global equities that were declining at the time. Since April 7, bitcoin has gained just over 8%.
Ethereum ( ETH) led altcoins, jumping from $2,183 to a peak of $2,381, its highest since Feb. 1. The nearly 9% gain in 24 hours lifted its market cap to $287 billion. HYPE also posted notable gains, rising 9% to $45. RAVE, which surged 240% Monday, continued its rally, hitting a record $14.18 before retreating to $12.31. Even after the pullback, RAVE was up 31% in 24 hours, pushing its weekly gains to 4,500%.
Aside from a few tokens such as TRX and M, which saw marginal losses, altcoins generally rose between 2% and 5%. The gains briefly lifted the aggregate altcoin market cap to $1.18 trillion.
The rally triggered $440 million in liquidations of leveraged short positions over 24 hours, including $226 million in bitcoin shorts. ETH and RAVE also saw significant liquidations of $123 million and $25 million, respectively. Overall, crypto market liquidations totaled $540 million.
The crypto market has rallied despite a sharp escalation in geopolitical friction following the U.S. blockade of the Strait of Hormuz. The Trump administration initiated the maritime standoff just hours after a high-stakes diplomatic collapse between U.S. and Iranian officials. By obstructing the transit of vessels through this vital energy artery, Washington aims to leverage economic strangulation to force Tehran back to the negotiating table.
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However, the strategy has ignited significant international pushback. Geopolitical analysts warn that the move may goad China into a direct confrontation, especially since Beijing has already formally denounced the blockade as a violation of international maritime law. The situation grew even more volatile following several reports that a sanctioned Chinese vessel successfully breached the blockade.