The cryptocurrency market surged by approximately $100 billion in a single day, recovering from recent geopolitical pressures. Bitcoin reversed a Monday morning drop to $65,500, climbing over $5,000 to briefly touch $71,000. Ethereum reclaimed the $2,000 level, while other major assets like BNB and XRP also posted gains amidst broader market optimism.
The total cryptocurrency market capitalization added roughly $100 billion in a day. This followed a period of significant volatility linked to escalating tensions in the Middle East.
Bitcoin had dumped to $65,500 on Monday morning when legacy financial futures markets opened. The asset then reversed its trajectory, jumping by over five grand to tap $71,000 for the first time since the previous Friday.
The rebound occurred after former President Donald Trump’s remarks that the war with Iran is almost over. Bitcoin’s market capitalization climbed to $1.420 trillion, with its dominance over altcoins above 57%.
Ethereum continued its gradual ascent, reclaiming the coveted $2,000 level and trading above $2,050. BNB approached $650, while XRP remained above $1.40 despite continuous ETF outflows.
DOGE gained 5% daily to sit at $0.095. HYPE surged the most from the top 100 alts, pumping by 11% to nearly $35. Other notable gainers included XLM, SUI, ZEC, SHIB, AVAX, AAVE, and NEAR.
The cumulative market cap of all crypto assets is now close to $2.5 trillion. This marks a sharp recovery from the recent downturn that began with a nosedive to $63,000 for BTC on February 28.
