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The cryptocurrency market saw a strong rebound today as major digital assets moved sharply higher within a few hours, pushing the total crypto market capitalization above $2.4 trillion.

Bitcoin led the rally, breaking above $71,000 after gaining about 5% in the last five hours, adding nearly $70 billion to its market capitalization.

At the same time, Ethereum climbed above $2,050, rising roughly 5.6% and adding around $14 billion in value. XRP also moved higher, trading near $1.40 as the rally spread across major altcoins.

In total, the crypto market added more than $100 billion in value within just a few hours.

Short Liquidations Trigger Rapid Price Surge

One of the main reasons behind the sudden rally was a wave of short liquidations.

As Bitcoin pushed past resistance levels, traders who had bet on falling prices were forced to close their positions. This created a chain reaction of buy orders that accelerated the upward move.

Data shows that nearly $110 million worth of short positions were liquidated across the crypto market during the surge.

These types of liquidation cascades often intensify price movements because they force leveraged traders to buy back assets quickly.

Bitcoin Breakout Sets the Tone

The rally began after Bitcoin successfully moved above the $70,000 level, which many traders viewed as a critical resistance point.

On-chain data also points to declining selling pressure from large holders. According to analytics platform CryptoQuant, exchange inflows dropped to around 28,235 BTC, a level often associated with reduced selling activity.

Lower exchange inflows usually indicate that investors are holding their assets rather than preparing to sell them, which can help strengthen bullish momentum.

Macro Conditions Offer Support

The move also comes amid a slightly improved macroeconomic backdrop.

Bitcoin has recently shown a strong relationship with traditional financial markets, with analysts observing a 63% correlation with the S&P 500. Comments from a Federal Reserve official supporting a potential pause in interest rate hikes helped ease immediate macro concerns and improved risk sentiment across markets.

As a result, investors appeared more willing to move back into risk assets, including cryptocurrencies.

Altcoins Join the Rally

Once Bitcoin gained momentum, the rally quickly spread to altcoins.

Ethereum’s move above $2,000 attracted fresh buying interest, while XRP and other major assets such as Solana and BNB also posted gains.

Despite the market surge, the Altcoin Season Index remains relatively low at 32, suggesting that Bitcoin still dominates market momentum for now.

Levels to Watch

Bitcoin holding above $72,000 could confirm stronger bullish momentum and open the door for a move toward the $78,000–$80,000 range. However, if Bitcoin fails to sustain its gains, the market could see another test of support around $68,000.

For now, the surge in Bitcoin, Ethereum and XRP has lifted the entire crypto market, showing how quickly sentiment can shift once key resistance levels are broken.
source: https://www.tradingview.com/news/coinpedia:12e36e196094b:0-bitcoin-ethereum-and-xrp-rally-why-is-crypto-market-going-up-today/