The cryptocurrency market saw a strong rebound today as major digital assets moved sharply higher within a few hours, pushing the total crypto market capitalization above $2.4 trillion.

Bitcoin led the rally, breaking above $71,000 after gaining about 5% in the last five hours, adding nearly $70 billion to its market capitalization. 

At the same time, Ethereum climbed above $2,050, rising roughly 5.6% and adding around $14 billion in value. XRP also moved higher, trading near $1.40 as the rally spread across major altcoins.

In total, the crypto market added more than $100 billion in value within just a few hours.

Short Liquidations Trigger Rapid Price Surge

One of the main reasons behind the sudden rally was a wave of short liquidations.

As…