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Bitcoin price volatility has returned to the forefront in recent hours due to escalating tensions in the Middle East, which is also reflected in the overall market movement.
The digital currency Bitcoin began a strong rise last week after the failure of the peace talks, rising from less than $70,500 to around $75,000. It then continued to rise above $76,000 before entering a horizontal range between $73,500 and $75,600 for several consecutive days.
The strongest breakout attempt came on Friday, when prices rose to $78,400, the highest level in about ten weeks, supported by positive statements about the reopening of the Strait of Hormuz and possible progress in talks.
But the momentum quickly faded after the news was denied, and Bitcoin began to fall again.
As military tensions escalated over the weekend, the price fell to around $73,700 before recovering some of its losses to return to nearly $75,000.
Currently, Bitcoin’s market capitalization is just over $1.5 trillion, dominating 57.4% of the entire market.
In terms of alternative digital currencies, there were mixed gains and losses, but overall maintained at the previous day’s level.
Ethereum settled near $2,300, BNB settled above $620, and Solana settled around $85.
On the other hand, analysts expect the XRP currency to see strong movements, predicting that its fluctuations may reach 35% up or down, making it the focus of current market attention.
Looking at performance, some cryptocurrencies have experienced significant declines, such as HYPE and ZEC, while other cryptocurrencies have experienced limited gains.
Overall, the total cryptocurrency market capitalization has stabilized at around $2.6 trillion, having lost more than $100 billion since Friday’s peak.
Also read:
Improvements to Existing Indicators Around the Digital Currency XRP: Details
