The cryptocurrency market surged after U.S. President Donald Trump announced a ceasefire agreement between Iran and Israel. Bitcoin (BTC), the world’s leading digital asset, briefly climbed above $106,000 after slipping below $100,000 for the first time in 45 days. The bullish trend extended to altcoins, with Ethereum, Solana, and Sui gaining up to 13% in a single day.
Market analysts believe the ceasefire eased fears of global oil supply disruptions and helped restore geopolitical calm. This shift boosted investor confidence and drew capital back into risk assets like cryptocurrencies.
Despite some profit-taking at higher levels, Bitcoin remained strong. At last check, it was trading at $105,077.64, up 3.56%, with a 24-hour trading volume of $64.85 billion, according to CoinMarketCap. Over the past 24 hours, Bitcoin traded between $99,705.75 and $106,116.86. Its market capitalization stood at $2.09 trillion, reinforcing its position as the largest cryptocurrency.
Edul Patel, co-founder and CEO of Mudrex, said Bitcoin gained bullish momentum after Trump’s ceasefire announcement. “The ceasefire removed immediate concerns about oil disruption and brought back geopolitical stability, leading investors to return to risk assets,” Patel noted.
He added that attention now turns to U.S. Federal Reserve Chair Jerome Powell’s speech later today. If Powell signals a dovish stance or possible interest rate cuts, Bitcoin could break through the $107,700 resistance level, with new support around $103,200.
Vikram Subburaj, CEO of Giottus Crypto Platform, echoed these views. He said the crypto market resumed its risk-on behavior following the ceasefire between Israel and Iran. “Equity markets are bouncing, gold is dipping, and sentiment has turned bullish. Bitcoin has returned to its previous consolidation zone above $105,000, which could pave the way for its next upward move,” Subburaj said.
Ethereum (ETH), the second-largest cryptocurrency by market cap, also saw strong investor interest. It was last trading at $2,409.36, up 7.43%, with a trading volume of $25.37 billion. Ethereum moved between $2,191.42 and $2,434.24 in the last 24 hours.
Other top-performing cryptocurrencies included Sui (SUI), up 12.63%, Solana (SOL), up 7.84%, Ripple (XRP), up 6.85%, Cardano (ADA), up 6.78%, Hyperliquid (HYPE), up 4.42%, and Binance Coin (BNB), up 3.12%. The U.S. dollar-pegged stablecoin Tether (USDT) was trading slightly higher at $1, up 0.04%.
Top Trending Cryptocurrencies
As of Tuesday morning, the most searched tokens on CoinMarketCap included Solana (SOL), Ethereum (ETH), Movement (MOVE), Sei (SEI), BUILDon (B), and Caila (CA).
