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.
BTC at $9,697 with 22% weekly gain. EOS up 28% in a day. BCH up 86% in a week. april 2018 was absolutely unhinged
BCH 86% in a week and nobody even talks about it anymore. truly a ghost chain now
BCH had real hash rate then. now its barely above the emergency adjustment threshold. the chain is kept alive by a handful of miners and pure spite
BCH up 86% weekly was insane momentum. hash_watch the chain had real miners back then, now its on life support
Halvor E. 86% weekly on BCH was just rotate capital away from BTC during the block size drama. pure narrative driven flow
april 2018 was the classic dead cat bounce. looked like a recovery, sucked everyone back in, then bled for 8 more months. the volume was pure fomo
Tom Lee calling for $20K BTC by year-end 2018 after the tax day bounce. spoiler: that didn’t happen
tom lee called for $20k and btc ended the year at $3,800. his track record is remarkable for how consistently wrong he is
EOS surging 28% daily to 15.31 was peak ICO hallucination. block.one raised 4B and shipped a ghost chain
eos_ghost_ block.one raised 4 billion and used it to buy BTC and treasuries instead of building. one of the greatest grifts in crypto history
Tom Lee calling $20k by year end at $9,697 is peak Fundstrat energy. dude never met a price target he didnt like
EOS pumping 28% daily to $15.31 aged like milk. mainnet launched and it was basically a ghost chain within 2 years
BCH up 86% that week sounds insane now but back then everyone thought Roger Ver was gonna flip BTC. wild times
EOS at $15.31 with a 28% daily pump during a bear market rally. that $4B ico looks even crazier in hindsight
that $4B ico and then block.one basically vanished. one of the biggest cash grabs in crypto history and larimer jumped ship to his next project like clockwork
ico_graveyard block.one raised 4B and then literally held a meetup in DC. thats all they did with the money. biggest cash grab in crypto history no contest
ETH at $708 with a 40% weekly gain during what turned out to be a dead cat bounce. the leverage was mostly futures traders getting squeezed. spot volume told a different story
spot_check the futures volume vs spot divergence during that rally was insane. everyone thought it was a recovery but it was margined longs getting squeezed
tom lee was the perma bull the entire way down from 20k to 3.8k. called the bottom at every single resistance level. genuinely impressive consistency
Petra H. tom lee called 20k by year end while BTC was at 9697. it went to 3200 instead. his track record is historically terrible on bear calls
tom_caller_ tom lee also called 114K by end of 2018. he is never right on downside predictions. his calls are long-only hopium