The total crypto market cap added roughly $100 billion in a day.
After dumping to $65,500 on Monday morning, bitcoin reversed its trajectory and jumped by over five grand to tap $71,000 for the first time since last Friday.
Ethereum has reclaimed the coveted $2,000 level, while BNB is close to $650. XRP is above $1.40 despite continuous ETF outflows.
BTC Jumps to $71K
What a wild ride it has been in crypto, prompted by the rapidly developing and escalating tension in the Middle East. It began with a nosedive to $63,000 for BTC on February 28, when the US and Israel attacked Iran, before the bulls took control and pushed the asset to a month-high of $74,000 by Wednesday.
The subsequent rejection was almost inevitable given the current market sentiment, and BTC began to lose value gradually. After dropping to and below $68,000 by the weekend, the bears drove it further south to $65,500 on Monday morning when the legacy financial futures markets opened.
However, bitcoin rebounded almost immediately and returned to $68,000. It even challenged the $70,000 level in the evening after Trump’s somewhat surprising remarks that the war with Iran is almost over. Although it failed there at first, it reclaimed that psychological line today, jumping to just over $71,000 minutes ago.
Its market capitalization has climbed to $1.420 trillion on CG, while its dominance over the alts is above 57%.
ETH Above $2K, HYPE Soars
Ethereum continues with its gradual ascent, jumping to over $2,050 as of press time after a 3% daily increase. A similar pump from BNB has driven the token to almost $650, while XRP is above $1.40, although the Ripple ETFs saw another major withdrawal yesterday. DOGE has gained 5% daily and now sits at $0.095.
HYPE has surged the most from the top 100 alts, pumping by 11% to nearly $35. XLM, SUI, ZEC, SHIB, AVAX, AAVE, and NEAR follow suit.
The cumulative market cap of all crypto assets has added $100 billion in a day and is close to $2.5 trillion on CG now.
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