Why Is the Crypto Market Up Today? Bitcoin, ETH, XRP and SOL Surge
The cryptocurrency market kicked off the week with significant Ethereum gained 5.8% to $2,720. Meanwhile, XRP climbed 8.58% to $1.49 and Solana increased by 7.55% to $116.26.
This rally was fueled by a 2.8% drop in Brent crude prices to approximately $101, following President Trump’s decision to cancel planned strikes on the Houthis. Additionally, a massive wave of short liquidations impacted 115,490 traders, totaling $769.80 million in liquidated positions. Of that total, $647 million consisted of short positions, with Bitcoin accounting for $421.5 million and Ethereum for $180.31 million.
Capital has begun rotating into altcoins, evidenced by Bitcoin dominance at 58.94% and an Altcoin Season Index of 51/100, which is up 35% week-over-week. Assets like NEAR have surged nearly 20%, with several other tokens rising over 10%. However, the sustainability of this trend depends on the U.S. PCE inflation data scheduled for release on September 26, which will likely influence crypto adoption and liquidity across DeFi and centralized exchanges.
The global crypto market has started the week on a strong note, with total market cap rising around $769.80 million. Short positions accounted for an 85% share of the losses, around $647 million.
Bitcoin led the liquidations with $421.5 million, while Ethereum followed with $180.31 million. In the latest hour alone, liquidations reached $634.62 million, with about 84% coming from short positions.
Bitcoin, Ethereum, XRP and Solana Surge
Following the surge, Bitcoin climbed to $85,000, its highest level since January, gaining 5.57%.
Ethereum also jumped 5.80% to $2,720, while XRP surged 8.58% to $1.49. Solana followed with a 7.55% gain, reaching $116.26.
Are Altcoins Outperforming Bitcoin?
Bitcoin dominance has risen slightly to 58.94%, while the CMC Altcoin Season Index stands at 51/100. The index has climbed 35% over the past week, showing stronger interest in altcoins, although it remains below 75.
As Bitcoin led, capital rotated into higher-beta altcoins. Tokens like NEAR Protocol have gained around 20%, while TAO, SUI, AVAX, HBAR, and ADA have all risen more than 10%.
The rally now faces another test with the U.S. PCE inflation report due September 26. Continued weakness in oil prices could support crypto if it helps ease inflation
