The cryptocurrency market staged a notable recovery on April 13, 2022, with Bitcoin (BTC) climbing back above the psychologically important $40,000 level. The world’s largest cryptocurrency by market capitalization rose approximately 4% over 24 hours, trading at around $41,167 according to CoinMarketCap data. Ethereum (ETH) followed suit, gaining nearly 4% to trade at approximately $3,118.
TL;DR
- Bitcoin reclaimed the $40,000 mark with a 4% daily gain, trading at $41,167
- Ethereum rose 3.8% to $3,118 as the broader crypto market turned green
- Altcoins significantly outperformed: RUNE +12%, AAVE/GRT/AVAX +8%+
- Glassnode data shows 58% of BTC transaction volume realizing profits
- Traditional markets also rose, with the S&P 500 closing at $4,447 (+1.12%)
Bitcoin Bounces Back Above Key Level
After days of bearish pressure that saw Bitcoin dip below $39,000, the leading cryptocurrency mounted a convincing comeback on Wednesday. BTC’s return to above $40,000 provided a much-needed confidence boost to a market that had been reeling from a broader risk-off environment. The recovery was supported by a positive session in traditional equity markets, with the S&P 500 gaining 1.12% to close at 4,447.
Despite the bounce, some analysts caution that the market may not be out of the woods yet. The 10-year Treasury yield held at 2.69%, while gold—a traditional safe-haven asset—also ticked higher to $1,981 per troy ounce, suggesting that underlying uncertainty persists among investors. Bitcoin’s market capitalization stood at approximately $782.6 billion, with BTC dominance at 60.6%.
Altcoins Steal the Show
While Bitcoin’s recovery was encouraging, alternative cryptocurrencies delivered the day’s standout performances. THORChain’s RUNE token led the charge with an impressive 12% gain over 24 hours, significantly outpacing Bitcoin’s 4% advance. Decentralized finance tokens also had a strong showing, with Aave (AAVE), The Graph (GRT), and Avalanche (AVAX) all posting gains exceeding 8%.
The broader market rally brought the total cryptocurrency market capitalization back to approximately $1.9 trillion, though this remained well below the all-time highs seen in November 2021. Trading volumes across major exchanges showed increased participation, suggesting that buyers were stepping back in after a period of hesitation.
What Glassnode Data Reveals About Market Positioning
On-chain analytics firm Glassnode provided additional context for the current market dynamics in its weekly report. According to the firm, investor spending behavior appears to be shifting from a dominance of loss realization toward modest profit-taking. Specifically, 58% of Bitcoin transaction volume was realizing a profit at current price levels.
Glassnode’s Net Unrealized Profit/Loss (NUPL) indicator currently sits in neutral territory—a position comparable to mid-2018 and mid-2020, both of which were transitional periods for Bitcoin’s price. The analytics firm noted that a definitive cycle low has not yet been triggered, which historically occurred during high-volume selloffs that pushed BTC well below the average cost basis of traders, typically in the $30,000–$40,000 range.
Ethereum Merge Delay Weighs on Sentiment
Ethereum’s price action came against the backdrop of a significant development update. Core developer Tim Beiko confirmed on April 12 that the long-awaited Ethereum Merge—the network’s transition from proof-of-work to proof-of-stake—would not happen in June as many had anticipated. Beiko stated that the transition is more likely to occur “in the few months after” June, adding: “No firm date yet, but we’re definitely in the final chapter of [proof-of-work] on Ethereum.”
The delay tempered some of Ethereum’s bullish momentum, though the broader altcoin rally suggested that investors remained optimistic about the network’s long-term trajectory. The Ethereum ecosystem continued to see significant developments, including Terra’s Anchor Protocol announcing its expansion to Polkadot’s Acala network and Tether launching its USDT stablecoin on Kusama, Polkadot’s canary network.
Why This Matters
Bitcoin’s reclaim of $40,000 on April 13 represented more than just a psychological milestone. It signaled that buyers remained willing to step in at lower price levels despite the macroeconomic headwinds of rising interest rates and geopolitical uncertainty. The fact that 58% of transactions were realizing profits, according to Glassnode, suggests the market is in a transitional phase—neither in full capitulation nor in a sustained uptrend.
The altcoin outperformance was equally significant. When riskier assets like RUNE and DeFi tokens rally faster than Bitcoin, it typically indicates growing risk appetite among crypto investors. However, the NUPL indicator’s neutral reading and the absence of a confirmed cycle low suggest that the market recovery may face challenges ahead. For investors, the session was a reminder that crypto markets can produce sharp bounces even within broader downtrends, and that position sizing and risk management remain essential.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making investment decisions.
RUNE doing 12% while BTC managed 4% is why you dont ignore altseason signals even in a bear market bounce
AAVE and GRT both up 8%+ on the day. DeFi tokens were the real play that week
Glassnode showing 58% of BTC transaction volume in profit at $41K tells you most on-chain activity was from the $30K buyers flipping
10-year Treasury at 2.69% and gold at $1,981. risk-on bounce in both equities and crypto on the same day was suspicious tbh