Algorand, Stable Lead Double-Digit Altcoin Surge as Bitcoin Tops $69K
Experts cite portfolio rebalancing and geopolitical easing as driving the crypto market rally, though caution persists.
By Akash GirimathEdited by Stephen GravesApr 1, 2026Apr 1, 20262 min read
In brief
- Algorand, Provenance Blockchain and Stable jumped by double digits as Bitcoin rallied to an intraday high of $69,135, liquidating over $326M in positions.
- The rally is driven by a "positioning reset" after weeks of cautious sentiment, Decrypt was told.
- Myriad users assign just a 44% chance to Bitcoin retesting $84K next, reflecting lingering uncertainty.
Bitcoin's start-of-the-month rally has pushed it close to $70,000, with altcoins and the broader crypto market following suit.
Algorand, Stable and Morpho have taken the top spots, notching 23%, 17% and 13% gains over the past 24 hours respectively, according to data from price aggregator CoinGecko. Other tokens including, Provenance Blockchain, Jupiter and Render have achieved gains of over 5% in the past day.
The total cryptocurrency market capitalization has grown 2.7% in the past 24 hours to hit $2.44 trillion, with over $326 million in positions liquidated according to CoinGlass data.
“What we’re seeing at the start of April isn’t really a repeatable calendar rally,” but more a positioning reset,” Wenny Cai, Founder and CEO of decentralized derivatives exchange SynFutures, told Decrypt. “After weeks of cautious sentiment and under-allocation, capital is starting to rotate back into higher-beta assets, especially altcoins.”
Volatility like that happens around the “turn of a new month or quarter, when portfolios get rebalanced, and traders put risk back on,” Cai explained.
Bitcoin has reacted appropriately, ending its five-month losing streak by closing March at a 1.81% gain. Over the past 24 hours, it reached an intraday high of $69,135 before retracing to around $68,690, up 3.1% on the day.
From a geopolitical standpoint, U.S. President Donald Trump’s de-escalation messages, over the past week, including Tuesday's announcement involving the U.S. potentially withdrawing from Iran in the next “two to three weeks,” according to a BBC report, have also played a pivotal role in triggering a risk-on rally across the broader financial markets.
Despite the easing geopolitical outlook, experts said Bitcoin’s structure remains weak.
“We’re still operating in a period of elevated instability, and that’s unlikely to change quickly,” Georgii Verbitskii, founder of crypto investor app TYMIO, told Decrypt. “Even if there is some de-escalation, the situation around key trade routes like the Strait of Hormuz is complex and could remain a source of uncertainty for a prolonged period.”
That could leave markets at the behest of geopolitical headlines.
Users on prediction market Myriad, owned by Decrypt’s parent company Dastan, remain skeptical of Trump’s de-escalation talk, putting a 55% chance on U.S. boots on the ground before May.
Bitcoin’s outlook also remains bleak, with investors assigning only a 44% chance that the leading crypto’s next move could push it to retest $84,000 next.
