SHIB has corrected after yesterday’s big rally, while PUMP is today’s most impressive gainer.
Bitcoin has reacted positively to the de-escalating war news from the weekend on Monday morning, jumping to over $65,000 for the first time since Friday.
Most larger-cap alts are in the green today as well, led by ETH. The altcoin leader touched $1,980 for the first time in almost two months before retreating slightly.
BTC Above $65K
The primary cryptocurrency rallied hard last week, going from under $64,000 to $67,000 within 36 hours to post a monthly peak. However, it couldn’t sustain this momentum and quickly started to lose value. It first dipped to $65,500 on Wednesday before another leg down brought it to under $65,000.
It rebounded on Friday to $65,750, where it was rejected and pushed south. The bears managed to drive it down by $2,000, where it finally found support and returned to $64,000 on Saturday. Then came the aforementioned de-escalation news in the Middle East. Trump halted the planned attacks against Iran after new talks resumed with Oman about the potential reopening of the Strait of Hormuz.
As it typically happens when such news comes during the weekend, the immediate reaction was minimal, but BTC remained above $64,000. It priced the development on Monday morning when it jumped to $65,600 (on Bitstamp). Although it failed there, it still trades above $65,000 as of press time.
Its market capitalization has reclaimed the $1.3 trillion mark, while its dominance over the alts remains just shy of 57%.
ETH Leads the Pack
The largest altcoin has pumped impressively over the past 24 hours. It touched $1,980 for the first time since June 2, and even though it has retraced slightly, it’s still 4.5% up on the day and sits above $1,960. Other notable gainers from this cohort of assets include AAVE (9%), ONDO (8%), UNI (6.5%), and LINK (4.65%). PUMP has rocketed by over 11%.
BNB, XRP, SOL, TRX, RAIN, HYPE, and ZEC are also in the green but in a more modest manner. In contrast, XMR and DOGE have slipped by 1-3%. SHIB has dumped by over 8% in the past 24 hours after its massive rally yesterday that pushed it to a multi-month peak.
The cumulative market cap of all crypto assets is up by roughly $30 billion daily to $2.310 trillion on CG.
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