Bitcoin surged past the $75,000 mark for the first time since mid-March, adding over $4,000 to its price in the past 24 hours. The rally occurred amid reports that the United States and Iran could reopen negotiations. Most major altcoins followed Bitcoin higher, with Ethereum reclaiming $2,400 and the memecoin RAVE posting a standout 60% gain.
Bitcoin reached a monthly peak of $75,000 as geopolitical developments influenced its price. The asset had previously pumped to $73,000 after a two-week US-Iran ceasefire was announced, then retreated following unsuccessful peace talks.
It found support at the $70,500 level before the latest rally. New reports that Iran and the US could reopen negotiations soon preceded the jump toward $75,000.
Bitcoin’s market capitalization now stands at $1.5 trillion. Its dominance over altcoins has increased to 57.3% according to market data.
Most altcoins have turned green over the past day, with Ethereum leading the charge from the larger caps. It touched $2,400 earlier today for the first time in over two months.
Ripple and BNB each gained approximately 3.5%. They continue their competition for the fourth-largest cryptocurrency by market cap.
Other notable gainers include HYPE, LINK, CC, RAIN, PEPE, UNI, and SUI. The token RAVE, however, outperformed with another 60% surge that drove its price over $14.
The cumulative market cap of all crypto assets added over $100 billion in a day. It now sits above $2.6 trillion as quantified by market trackers.
