Bitcoin traded above US$ 65.000 again this Monday, following a positive market reaction to news of reduced tensions in the Middle East. The move put the leading cryptocurrency back into a price range last seen on Friday.
In the previous week, BTC had risen quickly from less than US$ 64.000 to US$ 67.000 in about 36 hours. After reaching the monthly high, however, it lost momentum and began posting successive declines.
Selling pressure pushed Bitcoin to approximately US$ 63.500 on Friday. On Saturday, the asset found support near that region and managed to recover part of the losses, returning to the US$ 64.000 range.
The shift in investor behavior gained strength after news of a possible reduction in tensions between the United States and Iran. Current US President Donald Trump suspended planned attacks against the country after negotiations with Oman resumed over a possible reopening of the Strait of Hormuz.
During the weekend, Bitcoin’s initial reaction was limited. The asset, however, remained above US$ 64.000 and gained strength on Monday morning, reaching US$ 65.600 on Bitstamp.
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At the time of publication, BTC remained above US$ 65.000. Bitcoin’s market capitalization once again exceeded US$ 1,3 trillion, while its dominance remained just below 57%.
Ethereum leads gains among altcoins
Among the leading altcoins, Ethereum posted one of the strongest moves. ETH reached US$ 1.980, its highest price since June 2, before giving back part of the gains.
Even after the pullback, Ethereum was up 4,5% on the day and remained above US$ 1.960. The rally also reached AAVE, ONDO, UNI and LINK, which were posting gains of 9%, 8%, 6,5% and 4,65%, respectively.
PUMP rose more than 11%, while BNB, XRP, SOL, TRX, RAIN, HYPE and ZEC also posted gains, although more moderate ones.
On the other hand, XMR and DOGE fell between 1% and 3%. SHIB dropped more than 8% in 24 hours after the strong appreciation recorded the previous day.
The total cryptocurrency market capitalization increased by about US$ 30 billion in a single day, reaching approximately US$ 2,310 trillion.