Crypto Markets Added $100 Billion as Bitcoin Tapped 3-Week High: Market Watch

The cryptocurrency market enjoyed the past 12 hours or so after the US and Iran announced a cease-fire that led to bitcoin skyrocketing to a three-week peak of nearly $73,000.

Most altcoins have produced even more impressive gains, with ETH rising to over $2,250, XRP nearing $1.40, while HYPE is close to $40.

BTC Explodes

The primary cryptocurrency’s price actions as of late have been tied to the developments on the war front against Iran. The asset slipped to a month low at $65,000 last Monday after that weekend’s threats, jumped to $69,000 a few days later, only to be rejected to under $66,000 by that Friday.

The weekend was dull in terms of price movements, even though it was highly eventful in terms of statements and threats of new strikes. The most anticipated development was a deadline set by the POTUS for Iran to reopen the Strait of Hormuz by Tuesday evening; otherwise, Trump threatened to strike power plants and bridges and even wipe out an entire nation.

With just hours left to the deadline’s expiration, the two sides announced a two-week cease-fire, which led to immediate price volatility for all financial markets. While oil plunged, BTC, gold, and stocks skyrocketed. The cryptocurrency neared $73,000 for the first time in three weeks before it was stopped and pushed to under $72,000 as of press time.

Its market cap has climbed to $1.435 trillion, while its dominance over the alts is close to 57% on CG.

Alts Pump

Almost all altcoins have joined the ride north. Ethereum is up to $2,250 after a 7% increase, XRP is close to $1.40 after a 5% jump, while SOL has tapped $85 following a 6% rise. ADA and HYPE have added 7% of value, while ZEC has stolen the show with a massive 21% surge to $325.

RAIN follows suit with a 20% pump, while ZRO is up by 16% and is back in the top 100 alts by market cap. ENA, ICP, RENDER, and TAO are also part of the double-digit price increase club today.

The total crypto market cap has increased by $100 billion since yesterday and is up to $2.530 trillion on CG.

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