Global cryptocurrency market capitalization gained about $190 billion in 24 hours as Ethereum rose more than 18% to around $2,200 and Bitcoin nearly 8% to about $69,000. CoinGlass data showed more than $1 billion in crypto liquidations over 24 hours, including over $800 million in short positions, while more than $250 million were liquidated in a four-hour period. Among the positions closed was Hyperliquid trader pension-usdt.eth's roughly $108.18 million ETH short, which produced an estimated realized loss of $26.66 million. The rally's exact catalyst was not confirmed, with short covering, positive derivatives positioning, broader risk-on sentiment and institutional interest following approved spot Ethereum ETF filings cited as possible factors.