The total cryptocurrency market capitalization increased by roughly $100 billion within a single day as prices across major digital assets moved higher.
After falling to around $65,500 on Monday morning, Bitcoin reversed its trend and surged by more than $5,000, reaching $71,000 for the first time since last Friday.
Ethereum has also moved back above the important $2,000 level. BNB is approaching $650, while XRP remains above $1.40 despite continued outflows from exchange traded funds linked to the asset.
Bitcoin Climbs Back Above $71,000
The crypto market has experienced intense volatility in recent days, largely influenced by the rapidly escalating tensions in the Middle East.
The turmoil began on February 28 when Bitcoin dropped sharply to $63,000 following military action by the United States and Israel against Iran. Buyers soon regained control of the market and pushed the price to a one month high of about $74,000 by Wednesday.
However, the rally could not be sustained given the cautious mood among investors. Bitcoin gradually began to lose momentum. By the weekend it had slipped to around $68,000 and the decline continued early Monday, when selling pressure drove the price down to $65,500 as traditional financial markets reopened.
Bitcoin quickly recovered from that drop and returned to the $68,000 range. Later in the evening it attempted to break above $70,000 after comments from US President Donald Trump suggesting that the conflict with Iran could end soon. Although the first attempt failed, the asset eventually crossed that psychological level and climbed to slightly above $71,000 shortly afterward.
Bitcoin’s market capitalization has now risen to approximately $1.42 trillion, while its dominance over alternative cryptocurrencies stands above 57 percent.
Ethereum Holds Above $2,000 as Hyperliquid Leads Gains
Ethereum has continued its gradual recovery, rising more than 3 percent over the past day to trade above $2,050 at the time of writing. BNB has recorded a similar increase and is now approaching the $650 level.
XRP is trading above $1.40 despite another significant withdrawal from Ripple related exchange traded funds recorded yesterday. Dogecoin has also gained about 5 percent during the day and is currently priced near $0.095.
Among the top 100 cryptocurrencies, Hyperliquid has delivered the strongest performance, jumping about 11 percent to nearly $35. Other altcoins posting notable gains include XLM, SUI, ZEC, SHIB, AVAX, AAVE, and NEAR.
Overall, the combined value of the cryptocurrency market has grown by approximately $100 billion in the past 24 hours and is now approaching $2.5 trillion.#crypto#cryptonews https://t.me/coinsignalpublic https://coinsignals.net
