The crypto market is rising after the conflict between Iran & Israel approached a ceasefire situation. Bitcoin price surged from the lows below $100K and marked a daily high above $106K, which elevated the market capitalization above $3.24 trillion. With this, the market sentiments also surged from fear to neutral, signaling the growing confidence among the market participants.
As the war situation escalated, Bitcoin and the other cryptos faced a huge sell-off with the uncertainty hovering over the markets. The global financial markets also faced the heat, but soon after US President Trump announced a ceasefire between the nations, the markets recovered. In a blog post on Truth Social, Trump announced that Iran and Israel have agreed to a full ceasefire, potentially ending the ‘12-day war. With this, top tokens like Bitcoin, Ethereum, XRP, Solana, and a few more rebounded, while several other categories also reacted positively.
Meanwhile, the top gainers included SEI, which surged by more than 30% with a huge rise in volume of over 180%. On the other hand, the memecoins attracted double-digit gains; SPX6900 surged by over 30%, followed by Mog Coin by over 26%, Brett by over 20%, and dogwifhat by over 22%. Meanwhile, the top memecoins, Dogecoin & Shiba Inu, are also preparing for a strong rebound that may elevate the levels within the bullish pattern.
The AI space has gained immense attention in recent times, with the tokens outperforming the top cadre tokens. However, the trader’s interest focused back on the top tokens, which kept the AI tokens under tight consolidation. Bittensor price surged by over 16%, followed by Render by over 15% and Livepeer & Theta Network by over 12% each.
On the other hand, the crypto ETFs also saw a positive netflow, as the institutions accumulated over $327 million worth of BTC and over $100.7 million worth of Ethereum. Meanwhile, the Open interest continues to descend, suggesting the traders are opting out of their positions, which does not support the bullish narrative.
The crypto market has experienced notable relief driven by external factors; however, the significant sell-off was also caused by a similar factor. This suggests the markets have risen above the pure demand and supply tactics and have a huge influence on the goings-on in the outside world. Hence, any further escalation or any announcement may increase the uncertainty, which may further result in a fresh breakdown. Hence, the market participants are expected to remain highly vigilant about the upcoming price action.
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