Bitcoin Neared $70K, Ethereum Reclaims $2.1K Level: Market Watch
Oil prices also skyrocketed after the latest developments on the US-Iran war front.
Bitcoin surged to a multi-day high of $69,600 on Monday, nearing the $70,000 mark amid heightened tensions between the US and Iran. The cryptocurrency market saw a resurgence in activity after a relatively calm weekend, which was expected to be less volatile due to the Easter holiday in the US. However, the ongoing geopolitical uncertainties, including the latest developments in the US-Iran war, kept the market on edge.
Bitcoin's weekend rally came after a highly volatile week, during which the asset dropped to a monthly low of $65,000 and then surged to $69,200 before being rejected and falling below $66,000. The market was further fueled by conflicting comments and reports from US President Trump regarding the situation in the Strait of Hormuz. Trump initially set a 48-hour deadline for Iran to reopen the strait, later extending it, and then threatened to attack Iranian power plants and bridges.
On Monday morning, a new report emerged suggesting that both parties had engaged in negotiations, though the chances of a deal were described as "slim." Despite this, Bitcoin's price surged to $69,600, triggering a similar response in oil prices, which surged above $110 per barrel. Wall Street futures also recovered from early losses, indicating that investors were seeking safe-haven assets amid the geopolitical turmoil.
As of Monday, Bitcoin's market capitalization had reached $1.380 trillion, with the cryptocurrency maintaining a 56.5% dominance over the altcoins on CoinGecko. Ethereum, the second-largest cryptocurrency by market capitalization, also performed well, surging by over 4% to reclaim the $2,100 resistance level. Other top-performing altcoins included XRP, which neared $1.35 after a 3.5% increase, and ADA, which jumped by nearly 6% to overcome the $0.25 resistance.
SOL, HYPE, and LINK were also in the green, while AVAX rose by 7% to $9.4. In contrast, RAIN plummeted by nearly 10%, marking a rare red altcoin example on a day when the overall market cap added over $60 billion, reaching $2.450 trillion on CoinGecko.
The cryptocurrency market's performance during these uncertain times highlights its sensitivity to global events and geopolitical tensions. As investors continue to monitor the situation between the US and Iran, the market is likely to remain volatile, with further developments likely to have a significant impact on the prices of Bitcoin and other cryptocurrencies.
