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The latest developments on the Middle East front resulted in enhanced volatility in the cryptocurrency market once again, as bitcoin was stopped at $109,000, pushed south by a few grand, and is trying to recover now.
The altcoins are mostly in the red today, aside from WBT, which has extended its massive run.
BTC’s Up and Down
The geopolitical tension in the Middle East harmed the primary cryptocurrency at the end of the previous business week. At the time, the asset traded close to $108,500, but Israel’s initial attack caught the market off guard, and bitcoin slumped by several grand to under $103,000.
Although Iran retaliated on the next day and the attacks have continued, BTC managed to recover some ground during the weekend and stood between $104,000 and $106,000.
The start of the current business week was a lot more positive as bitcoin jumped past $107,000 on Monday and kept climbing in the evening to a multi-day peak of $109,000. However, as US President Trump advised for the immediate evacuation of Tehran, BTC slumped back down to under $106,400.
It has reclaimed some ground since then and now trades close to $107,000, but it’s still slightly down on a daily scale. Its market cap has dropped to $2.120 trillion on CG, while its dominance over the alts has increased slightly to 61.6%.
BTCUSD. Source: TradingViewWBT Defies the Odds
Most altcoins have turned red on a daily scale, led by the recent high-flyer, HYPE. The asset, which charted yet another all-time high yesterday, is down by over 5% since then to $42. Even more painful declines come from the likes of PEPE, PI, TAO, ONDO, ICP, and KAS.
SOL, SUI, AVAX, ADA, ETH, DOGE, and LINK are also in the red, albeit in a more modest manner. In contrast, XRP, BNB, TRX, and BCH have charted some gains.
WBT stands in a league of its own, having surged by another 30% in the past 24 hours to tap a fresh peak above $50.
The total crypto market cap has shed around $40 billion since yesterday and is down to $3.440 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCryptoBinance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
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