Crypto Market Climbs as Traders Await US Economic Data

The cryptocurrency market experienced mild volatility on Tuesday, following modest losses on Monday, as investors await upcoming US economic data.

Bitcoin (BTC) rose 1.6% over the past 24 hours to around $95,100, while Ethereum (ETH) surged nearly 4% to approximately $1,820. XRP edged up 1% to $2.29, and Solana (SOL) gained 2% to $148.

Despite these gains, the total cryptocurrency market capitalization dipped 0.3% to $3.09 trillion, according to CoinGecko.

Leveraged liquidations over the past 24 hours totaled $148 million across 86,356 traders, with BTC accounting for $30 million and ETH following with $27 million, according to CoinGlass.

U.S. spot Bitcoin ETFs recorded $591 million in inflows on Monday, with BlackRock’s IBIT fund attracting its second-largest inflow – around $1 billion – since launching in early 2024. Spot Ethereum ETFs also drew in $64 million, according to data from SoSoValue.

Up, Up and Away

All eyes are on Bitcoin this week as it hovers around the $95,000 mark, while gold has surged to $3,300 per ounce.

“For many investors, Bitcoin’s outperformance relative to gold bolsters its reputation as a high-reward hedge against uncertainty,” said Gadi Chait, Head of Investment at Xapo Bank. “As the debate around ‘digital gold’ intensifies, Bitcoin’s trajectory toward (and possibly beyond) $100K will remain a focal point for traders and institutions seeking refuge – and returns – in an unpredictable economic climate.”

What’s more telling, Chait noted, is the continued breakdown in Bitcoin’s correlation with traditional equities. “That growing independence speaks volumes about how the market is starting to view Bitcoin: not as a risk asset tied to macro swings, but as something increasingly in a category of its own,” he said.

Looking ahead, Chait said market participants will be watching closely to see if this momentum carries into May. “Upcoming economic data releases and central bank decisions will likely shape the trajectory of both traditional and alternative assets. Volatility comes with the territory, but the direction of travel hasn’t changed,” he added.