Leading cryptocurrencies rallied, while stocks closed at new records on Wednesday on the Iran ceasefire extension, even as Strait of Hormuz tensions simmer.



<figure class="wp-block-table"><table><thead><tr><th>Cryptocurrency</th><th>24-Hour Gains +/-</th><th>Price (Recorded at 9:20 p.m. EDT)</th></tr></thead><tbody><tr><td>Bitcoin (CRYPTO: BTC)</td><td>+2.39%</td><td>$78,191.58 </td></tr><tr><td>Ethereum (CRYPTO: ETH)                </td><td>+1.77%</td><td>$2,366.07</td></tr><tr><td>XRP (CRYPTO: XRP)                         </td><td>-0.39%</td><td>$1.42</td></tr><tr><td>Solana (CRYPTO: SOL)                         </td><td>+0.11%</td><td>$86.48</td></tr><tr><td>Dogecoin (CRYPTO: DOGE)             </td><td>+0.81%</td><td>$0.09597</td></tr></tbody></table></figure>



<h2>Crypto Market Gains Momentum</h2>



Bitcoin nearly topped $80,000 before easing off to the low $78,000s. Trading volume spiked 36% over the last 24 hours.



Ethereum topped $2,400, also supported by strong buying pressure,  while XRP and Dogecoin moved sideways.



Shares of Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NASDAQ:COIN) closed up 9.39% and 5.25%, respectively.



Over $460 million was liquidated in the past 24 hours,with $350 million in bearish positions alone wiped out, according to Coinglass data.



Open interest in Bitcoin futures rose 8.64% over the last 24 hours to $61.57 billion. Whale and retail traders on Binance, however, were &#34;extremely bearish&#34; on BTC, placing more shorts than longs.



&#34;Fear&#34; sentiment persisted in the market, according to the Crypto Fear &amp; Greed Index.



Top Gainers (24 Hours) 



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency (Market Cap&gt;$100 M)</td><td>Gains +/-</td><td>Price (Recorded at 9:20 p.m. EDT)</td></tr><tr><td>USD.A1 (CHIP)      </td><td>+137.06%</td><td>    $0.1323</td></tr><tr><td>Spark (SPK)                 </td><td>+32.76%</td><td>    $0.03881</td></tr><tr><td>Unibase (UB)           </td><td>+24.71%</td><td>    $0.05752</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $2.61 trillion, following an increase of 1.65% in the last 24 hours.



<h2>Stocks Close At New Highs</h2>



Stocks surged back to record highs on Wednesday. The Dow Jones Industrial Average lifted 340.65 points, or 0.69%, to end the session at 49,490.03. The S&amp;P 500 rose 1.05% to a record close of 7,137.90, while the tech-heavy Nasdaq Composite lifted 1.64% to end at 24,657.57, also hitting an all-time high.



Investors remained on edge even though President Donald Trump extended the two-week ceasefire with Iran. Iran's IRGC Navy stated it seized two vessels and fired on a Greek-owned vessel for &#34;disrupting order and safety&#34; in the Strait of Hormuz.



Meanwhile, the U.S. continued its naval blockade, with the military intercepting at least three Iranian-flagged tankers in ‌Asian waters, according to a report by Reuters.



Oil prices sharply rose back up, with West Texas Intermediate crude futures climbing to $97 per barrel before retreating to $93 later in the session.



<h2>Real Rally To Begin Soon?</h2>



Widely followed cryptocurrency analyst and trader Ali Martinez noted Bitcoin forming a &#34;bullish reversal pattern.&#34;



The Morning Star candlestick pattern typically appears at the bottom of a downtrend, signaling a potential shift from selling pressure to buying momentum.



&#34;Even though it’s a strong signal, the data shows that price often takes a small “breather” [averaging around 8%] shortly after the move before the real rally begins,&#34; the analyst added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div>
<blockquote>Bitcoin $BTC forms a bullish reversal pattern! Bitcoin is currently developing a Morning Star candlestick pattern on the monthly chart. This is essentially a three-day sequence that signals the sellers are exhausted, and the buyers are taking back control. This is one of my… pic.twitter.com/LleaZCwzpE— Ali Charts (@alicharts) April 22, 2026</blockquote>
</div></figure>



Julio Moreno, Head of Research at CryptoQuant, interpreted Bitcoin’s recent price increase as &#34;completely driven&#34; by the perpetual futures market, while spot demand stayed lukewarm.



&#34;There are risks of a correction if traders start taking profits while spot demand continues to contract,&#34; Moreno predicted.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div>
<blockquote>Speculative rally: The recent Bitcoin price increase is completely driven by demand in the perpetual futures market. Meanwhile, spot demand is still contracting (although at a slower pace). The same happened on January, when Bitcoin peaked at $98K. There are risks of a… pic.twitter.com/HDt157QJwJ— Julio Moreno (@jjcmoreno) April 22, 2026</blockquote>
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Read Also:

Scott Bessent Says In 'Matter Of Days' Iranian Oil Wells Will Be Shut As US Blockade Chokes Kharg Storage Capacity




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Photo Courtesy: vinnstock on Shutterstock.com

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Leading cryptocurrencies, including Bitcoin and Ethereum, saw gains amid tensions in the Strait of Hormuz, with Bitcoin nearing $80,000 before settling at $78,191.58. Stocks also reached record highs, with the Dow up 340.65 points. Analysts suggest Bitcoin may experience a brief pullback before a significant rally, as it forms a bullish reversal pattern. However, concerns about spot demand and potential corrections persist, with over $460 million liquidated in the past 24 hours. The global cryptocurrency market cap rose to $2.61 trillion, reflecting a 1.65% increase.

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Bitcoin, Ethereum Rally, XRP, Dogecoin Hold Steady Amid Brewing Strait Of Hormuz Tensions: Analyst Sees BTC's Real Rally After A Small 'Breather'