Leading cryptocurrencies rose alongside stocks on Tuesday on hopes that trade tensions between the U.S. and China would ease.

What Happened: Bitcoin drove the surge, surpassing $93,000 for the first time since the first week of March.

The rest of the market followed suit, with Ethereum, which was previously immune to Bitcoin's advances, soaring nearly 12% in the last 24 hours.

Bitcoin's April gains shot up to 12.3%, a marked recovery from the 12% dip in the first quarter of 2025.

The rally hit bearish traders hard as nearly $516 million in short positions were wiped out in the last 24 hours.

However, if Bitcoin reversed to $90,000, over $677 million in bullish long bets were at risk of liquidation.

Bitcoin's Open Interest lifted 12.18% in the last 24 hours to a new monthly high, while funds locked in Ethereum's futures contract soared 15%.

Interestingly, over 60% of Binance traders with open Bitcoin positions were betting against the leading cryptocurrency, according to the Long/Short Ratio.

The market sentiment dramatically shifted from "Fear" to "Greed," according to the Crypto Fear and Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $2.92 trillion, following an increase of 5.75% in the last 24 hours.

Stocks staged a sharp recovery on Tuesday. The Dow Jones Industrial Average rose 1,016.57 points, or 2.66%, to end at 39,186.98. The S&P 500 jumped 2.51% to close at 5,287.76, while the tech-focused Nasdaq Composite gained 2.71% to end at 16,300.42.

The rebound came after U.S. Treasury Secretary Scott Bessent hinted at a potential de-escalation in trade hostilities with China during a JPMorgan-hosted event in Washington.

In other news, the International Monetary Fund downgraded its 2025 economic growth forecast for the U.S., citing Trump's tariff policies, while modestly raising its inflation forecast.

Analyst Notes: Influential cryptocurrency analyst Ali Martinez highlighted the zone between $95,600 and $98,290 as the next key resistance for Bitcoin.

#Bitcoin $BTC just hit $90,000, and based on on-chain data from @intotheblock, the next key area of resistance is between $95,600 and $98,290! pic.twitter.com/tYDjUmTCfH

— Ali (@ali_charts) April 22, 2025

Another well-known chartist, going by the pseudonym CrediBULL Crypto, warned against premature celebration.

"Really going to depend on BTC here. A pullback soon and we will likely reject. If BTC keeps pushing, however, there's a chance we will get through," the analyst said. "Well we are still right up against our supply zone- so can't celebrate just yet.

Well we are still right up against our supply zone- so can't celebrate just yet.
Really going to depend on $BTC here. A pullback soon and we will likely reject. If BTC keeps pushing however there's a chance we will get through.
Note a rejection isn't anything to be scared of-...  pic.twitter.com/yliPEUsFpQ

— CrediBULL Crypto (@CredibleCrypto) April 22, 2025