Bull Run: Four Drivers Behind the Crypto Market's Overnight Surge

Original: Odaily Planet Daily (@OdailyChina)

Author: jk

After days of quiet, the crypto market suddenly turned bullish today, with major coins surging collectively. Bitcoin reclaimed the $69,000 mark, Ethereum jumped nearly 20% in a single day, and Hyperliquid soared over 22%. The sharp price rally was accompanied by massive liquidation of short positions.

Broad-based Rally Across Major Coins

• Bitcoin: According to Coingecko data, currently trading at $69,165, up 7.4% in 24 hours, with a 24-hour trading range of $64,123.86–$69,892.23, a total market cap of $1.393 trillion, and 24-hour trading volume of $41.587 billion. After holding a narrow range in the morning, the price started a rapid ascent during the European trading session.

Bitcoin price chart, Source: Coingecko

• Ethereum: Currently trading at $2,269.04, surging 18.6% in 24 hours, with a trading range of $1,905.44–$2,318.66, and a market cap of $274.047 billion. Ethereum's gains significantly outperformed Bitcoin this round, with the ETH/BTC ratio also strengthening, indicating that capital is accelerating its return to the Ethereum ecosystem.

Ethereum price chart, Source: Coingecko

• BNB: Currently trading at $631.92, up 4.9% in 24 hours, a relatively moderate gain among major cryptocurrencies, with a trading range of $600.92–$635.85.
• Solana: Currently trading at $85.65, up 11.2% in 24 hours, with a trading range of $76.59–$86.96, and a market cap of $49.952 billion. The chart shows the price accelerating past its previous high.
• Hyperliquid (HYPE): The most aggressive gainer this round, currently trading at $71.41, up 22.2% in 24 hours, with a trading range of $58.04–$72.28.