Traders have woken up today with just one question on their mind. ‘Why is crypto up today?’ is what everyone is asking right now after Ethereum opened today at $2,260 after a near +18% move over the past 24-hours.
Per CoinGecko data, yesterday ETH was hovering at $1,930 before an explosive candle out of nowhere took it to a session high of $2,325, a move that saw over $3Bn in liquidations, quickly making it the 8th largest in recorded history, but still a long way behind the $19Bn record from October 2025 when Trump threatened 100% tariffs on China.
Metrics displayed on CoinGecko show a 24-hour price change of +18.8%. It lists a 24-hour trading volume of $31.9Bn, up +415.05%, and a market capitalization of $272.8Bn.
The broader crypto market has surged +7.5% overnight, with the total market cap at $2.45 trillion, highlighting Ethereum as one of the strongest performers during this 24-hour market pump.
In the last 24 hours:$BTC hits $70,000: +9% $ETH hits $2,300: +23%
The largest crypto “short squeeze” EVER. pic.twitter.com/VRZ8ndrweE
— Crypto Rover (@cryptorover) August 20, 2026
Why is Crypto Up Today? Trump Claims America Will Remain the ‘Undisputed Leader’ in Bitcoin and Crypto
President Donald Trump spoke yesterday with executives from firms such as Coinbase Global Inc., Payward Inc., and Blockchain.com Group Holdings Inc.
Crypto and prediction markets are two growing sectors that the Trump administration has sought to boost with an industry-friendly regulatory framework.
The meeting follows an SEC proposal this week to exempt certain digital asset offerings from securities registration statements, as the regulator moves ahead with crypto plans after landmark legislation stalled in Congress.
President Trump just said the US has discussed plans to buy “sizable” amounts of Bitcoin and other cryptocurrencies.
He went on to say, after today’s White House crypto meeting, that “we’re going to ensure America remains the undisputed leader, not only in Bitcoin and crypto,… pic.twitter.com/I7jMDFBBjx
— Simply Bitcoin (@SimplyBitcoin) August 19, 2026
The agency said exemptions are meant to help companies at the startup and at the fundraising stages of their growth. Bitcoin’s increase was the largest since March 4, and it recently traded at $68,476, the highest since June 1.
Following the meeting, the President spoke with the press, saying, “We will ensure that America remains the undisputed leader, not only in Bitcoin and crypto, but also in technologies like prediction markets and artificial intelligence.”
Trump went on to say that the US plans to buy “sizable” amounts of Bitcoin and other cryptocurrencies, sparking a flurry of trading activity that sent Ethereum surging above $2,000 and Bitcoin climbing to $69,900.
It was this speech from the President that caused the pump and quite clearly answers the ‘why is crypto up today’ questions that most traders have been asking over the past 24-hours.
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Ethereum Price Forecast: Reading the Move Above $2,000
The August 19 close placed Ethereum above $2,000 after the asset had opened at that level. Historical data show ETH USD trading largely below $2,000 during the preceding month, with daily closes ranging from $1,844.98 to $1,954.71 between July 19 and August 18.
The move has renewed attention on the path toward $3,000, but the supplied market data do not establish a price target or forecast. The available figures instead document a sharp daily advance, higher reported volume, and a closing price that remained below that threshold.
Coinbase’s trading metrics recorded 27,568 trades executed in the past day, with 16,951 buyers and 12,069 sellers. Its buyer-ratio panel showed 61% buyers. Search interest peaked at 8,396 queries, while Ethereum ranked as the second most popular digital asset on the platform.
Coinbase listed Ethereum’s market dominance at 11.75%, with a circulating supply of 121 million ETH and no maximum supply. The page also reported $136.38Bn in seven-day volume and $238.23Bn in 30-day volume.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Daniel Frances is a technical writer and Web3 educator specializing in macroeconomics and DeFi mechanics. A crypto native since 2017, Daniel leverages his background in on-chain analytics to author evidence-based reports and deep-dive guides. He holds certifications from The Blockchain Council, and is dedicated to providing “information gain” that cuts through market hype to find real-world blockchain utility.