Is this the beginning of a genuine trend reversal, or just the market’s most crowded short squeeze finally catching up with itself?

Crypto markets staged their strongest rally in months on Wednesday, August 19, with virtually no major asset left behind. Total crypto market capitalization jumped roughly $113 billion, or about 6%, in a single day, and altcoins collectively reclaimed the $1 trillion mark. Bitcoin surged from around $64,000 to an intraday high of $69,749—its first time above $69,000 since June and, by Bloomberg’s count, its largest one-day gain since March. Ether was the standout, breaking out of its August trading range above $2,000 and accelerating to roughly $2,290, a nearly 20% single-day move and the biggest of the…