The global cryptocurrency market has surged past $2.66 trillion in total capitalization, marking a 2.62% increase over 24 hours, as Bitcoin reclaims the $80,000 level for the first time since January 31, 2026. The 24-hour trading volume jumped 43.88% to $120.33 billion, while the Crypto Fear & Greed Index sits at 49, indicating neutral sentiment.
Bitcoin ($BTC) is currently trading at $80,287.92, up 2.75%, with a market dominance of 60.4%. Ethereum ($ETH) rose 3.99% to $2,392.70, holding a 10.8% dominance. The rally was fueled by a $120 million single-day spot purchase and easing geopolitical tensions following President Trump's announcement of "Project Freedom" — a U.S.-led effort to escort neutral vessels out of the Strait of Hormuz. Trump also noted positive discussions with Iran, building on an April 22 ceasefire agreement that had already boosted risk appetite.
The move caught short traders off guard, triggering $163 million in liquidations. Spot Bitcoin ETFs saw $629 million in inflows on Friday, the second-largest single-day inflow since the start of 2026, marking five consecutive weeks of net inflows. However, technical indicators flash caution: Bitcoin has entered overbought territory on the Bollinger Bands, and the Accumulation/Distribution indicator declined over the past 24 hours, suggesting distribution activity beneath the surface.
Among altcoins, notable gainers include Gold Pump Meme ($GPM) surging 2,014.51% to $0.01099, TRUMPTOPIA ($TTPA) up 1,041.05% to $0.06250, and Bullish Degen ($BULLISH) rising 114.64% to $0.003271. DeFi total value locked increased 0.34% to $85.093 billion, with Lido up 2.54% at $21.412 billion. NFT sales volume rose 13.71% to $5.92 million, though top collection Courtyard dropped 14.59%.
In other developments, Strategy paused its 7-day Bitcoin buyouts ahead of its Q1 earnings report. Brazil has blocked the use of crypto assets for cross-border payments.
