The prices of Bitcoin, Ethereum, and other leading cryptocurrencies experienced a significant surge on Monday evening. This rally coincided with the announcement of an Iran-Israel ceasefire by U.S. President Donald Trump. This ceasefire led to a shift in market focus towards broader macroeconomic indicators, according to crypto analysts.
Data from The Block’s crypto price page revealed that Bitcoin witnessed a 4.5% increase in the last 24 hours, trading at $105,458. This increase comes after a previous dip to around $100,500 earlier on Monday. Ethereum recorded a more significant gain of 8.86%, trading at $2,424.5.
Several altcoins also reflected this uptrend. For instance, XRP surged by 7.4% to $2.16, while Solana saw a remarkable 9.85% jump to $144.8. The GMCI 30 Index, a measure of the top 30 cryptocurrencies’ performance, gained 7% in the past day.
“With the easing of tensions in the Iran-Israel conflict, capital flowed back into the market,” noted Vincent Liu, Chief Investment Officer at Kronos Research. “Institutions held steady while Bitcoin surged past $106K, driven by renewed confidence and geopolitical relief.”
The longstanding dispute between Iran and Israel had recently escalated, involving multiple missile and drone strikes. This conflict had initially caused the crypto market to falter. However, President Trump’s announcement on Monday evening about an Iran-Israel ceasefire gave the market a welcome boost.
Liu from Kronos Research believes the market is now poised to see if this peace agreement-induced rally will evolve into a sustained bull run. “The focus now shifts to follow-throughs, institutional ETF purchases, unfolding trade talks, and the strength of the dollar. While the ceasefire sparked the rally, macro signals will keep it alight,” he added.
Disclaimer: The Block is an independent media portal providing news, research, and data. As of November 2023, Foresight Ventures is The Block’s major investor. Foresight Ventures also invests in other crypto companies. Crypto exchange Bitget is a primary LP for Foresight Ventures. Despite these affiliations, The Block strives to provide objective and timely information about the crypto industry. This article is for informational purposes only and should not be construed as financial, investment, legal, or tax advice.
