Bitcoin reached a 10-week high near $78,400 before retreating slightly, amid geopolitical developments involving the U.S. and Iran. The standout performer was RaveDAO’s RAVE token, which surged 40% in a day and has entered the top 20 altcoins by market cap after a staggering 9,700% gain over the past month.
Bitcoin surged beyond $78,000 for the first time since early February but was stopped there, now sitting about $2,000 below its local peak. The global crypto market cap briefly exploded by over $100 billion before receding to just under $2.7 trillion.
The cryptocurrency’s rally was partly driven by geopolitical announcements, including reports that the U.S. and Iran would reengage in negotiations. Prices climbed after U.S. President Trump and Iran’s foreign minister announced the Strait of Hormuz would be reopened.
However, Iran later denied many of Trump’s statements, contributing to bitcoin’s retracement. Bitcoin’s market capitalization currently stands above $1.530 trillion, with its dominance over altcoins remaining above 57%.
While most altcoins gave back gains made in the prior day, several posted double-digit increases. RAVE, SIREN, M, and DEXE all skyrocketed, as data shows.
RAVE rocketed by another 40% in the past day to almost $25. This follows a mind-blowing rally of 9,700% over the past month.
Major assets like Ethereum and XRP faced resistance at $2,400 and $1.50, respectively. Binance Coin returned to $635, while Solana and Dogecoin saw minor declines among the larger caps.
