The cryptocurrency market reached $2.41 trillion on April 10, showing a moderate recovery after the previous decline. The main driver of the move was a short squeeze, during which around $248 million in short positions were liquidated, providing a sharp short-term boost to buyers and supporting overall market capitalization growth.

Bitcoin was one of the main beneficiaries of the current move, gaining around 1.4% and outperforming the broader market. Additional support came from the launch of a new ETF by Morgan Stanley, which recorded a strong first trading day and increased expectations of further institutional capital inflows into the crypto sector.

Among altcoins, Zcash stood out with a rise of approximately 17% after breaking out of a long-standing bearish channel formed since late January. The broader privacy coin sector also gained around 6.7%, reflecting increased speculative demand and growing interest in the segment.