Bitcoin witnessed significant price fluctuations due to geopolitical tensions, dropping below $60,000 before recovering to $65,000 after reports suggested Iran would not imminently retaliate against Israel. This recovery brought Bitcoin’s market capitalization close to $1.3 trillion, with its dominance over altcoins standing at 51.7%. On-chain data revealed a surge in BTC accumulation, with over 27,700 BTC moving to long-term wallets, indicating strong investor confidence.
Other cryptocurrencies also experienced volatility alongside Bitcoin. Ethereum (ETH) dipped below $2,900 before climbing back to around $3,100, marking a 3% increase. Notably, Solana (SOL), Toncoin (TON), and Internet Computer (ICP) emerged as top performers among larger-cap altcoins. SOL jumped by nearly 10%, TON surged by 17%, and ICP enjoyed a 10% increase. The only notable losers in the top 100 were CORE, MKR, and RBN, all recording around a 5% loss on the day. This positive momentum in the altcoin market contributed to the total crypto market capitalization gaining about $100 billion, reaching $2.430 trillion.
Outside the top 100, Ontology, Propy, and Railgun exceeded gains of 30%, while ChainFlip (8%) and Artrade (11%) were down. In the memecoin space, Dogwifhat and Bitcoin Wizards stood out with gains of 20% and 70%, respectively. Dogecoin (DOGE), the popular memecoin, also showed signs of recovery, reclaiming the $0.15 mark. This rebound was supported by a noticeable increase in trading volume and a bullish divergence on the RSI, suggesting a strengthening technical setup for DOGE.
