Cryptos April Rally Surges Toward 75% Gains as Bitcoin Breaks $9,600

The cryptocurrency market kicked into overdrive on April 24, 2018, with the April rally barreling toward a remarkable 75% gain. Bitcoin surged past $9,600, altcoins posted explosive double-digit gains, and the total crypto market capitalization climbed toward $420 billion — signaling what many analysts saw as the end of the brutal post-crash winter that had gripped the market since January.

TL;DR

• Bitcoin rose 7.83% in 24 hours to reach $9,697, with a 22% gain over the past seven days
• The total cryptocurrency market capitalization approached $420 billion, up nearly 5% in hours
• EOS led altcoin gains with a 28.36% daily surge to $15.31, while Bitcoin Cash gained 86.67% over the week
• Ethereum climbed 9.22% to $708, adding to a nearly 40% weekly gain
• Fundstrat co-founder Tom Lee predicted Bitcoin could reach $20,000 by year-end, citing a post-Tax Day recovery

Bitcoin Leads the Charge

Bitcoin, the world largest cryptocurrency by market cap, was the engine driving this rally. Trading at approximately $9,697 on April 24, Bitcoin had gained 7.83% in the previous 24 hours alone and a staggering 22.08% over the past seven days. Its market capitalization stood at over $164.8 billion, representing roughly 37% of the total cryptocurrency market.

The surge was particularly notable because it came just days after the U.S. tax filing deadline on April 17. Tom Lee, co-founder and head of research at Fundstrat Global Advisors, had been telling his clients that tax-related selling pressure was a major headwind for crypto prices — and once that pressure faded, the market would rebound strongly. In a note to clients, Lee declared that the winter is ending for Bitcoin, and reaffirmed his bold prediction that Bitcoin would return to $20,000 by the end of 2018.

Altcoins Steal the Show

While Bitcoin gains were impressive, several altcoins dramatically outperformed the market leader on this day. EOS was the standout performer, rocketing 28.36% higher to reach $15.31 per token with a massive $3.2 billion in 24-hour trading volume. The surge firmly cemented EOS as the fifth-largest cryptocurrency by market cap, pulling ahead of Litecoin with a valuation of $12.5 billion.

Bitcoin Cash was another explosive mover, though the picture was more nuanced. While its 24-hour performance showed a modest decline of 1.29%, its seven-day gain was an extraordinary 86.67% — trading at approximately $1,426 per token. The rally was fueled by anticipation of the upcoming May 15 hard fork that would create Bitcoin ABC, an upgraded version with a block size four times larger than standard BCH. Traders were clearly positioning ahead of the event.

Ethereum also posted strong numbers, rising 9.22% in 24 hours to $708.16 with nearly $3.6 billion in daily volume. Its seven-day gain of nearly 40% underscored the broad-based nature of the recovery.

The Post-Tax Day Theory

One of the most discussed narratives around the April rally was the post-Tax Day effect. In the United States, cryptocurrency investors who had realized gains in 2017 faced significant tax liabilities, and many had been selling holdings throughout March and early April to cover those obligations. With the April 17 deadline now passed, the selling pressure dissipated and buyers stepped back in aggressively.

The theory was supported by the data: the total cryptocurrency market had been hovering around $250 billion in early April before surging past $400 billion within weeks. While correlation does not guarantee causation, the timing was compelling enough that major financial outlets including Bloomberg and CNBC were giving the theory serious coverage.

Broader Market Dynamics

The rally was not limited to the top coins. TRON gained 26.75% in 24 hours, Cardano added 7.85%, Stellar rose 7.15%, and Neo climbed 8.04%. The total 24-hour trading volume across all cryptocurrencies exceeded $30 billion, indicating massive participation from both retail and institutional players.

Tether, the stablecoin that serves as a primary on-ramp for crypto trading, had a market cap of just $2.3 billion on this date — a fraction of what it would become in later years. This suggested that much of the trading activity was still denominated in fiat-pegged pairs rather than direct crypto-to-crypto swaps.

Why This Matters

The April 2018 rally was one of the most significant recovery attempts following the historic crypto crash that began in January of that year. With Bitcoin surging from roughly $6,500 earlier in the month to nearly $9,700, the market demonstrated that the bull was far from dead. The combination of post-tax-day relief buying, anticipation of protocol upgrades like the Bitcoin Cash hard fork, and genuine fundamental developments created a potent cocktail that pushed the entire market higher. However, as history would show, the rally was not sustainable — Bitcoin would eventually drop back below $7,000 by June. This makes April 24 a fascinating case study in how narrative-driven rallies can create powerful short-term momentum even in a broader bear market.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always do your own research before making investment decisions.