After sinking to a low of $65,500 on Monday, Bitcoin quickly reversed course, surging to over $71,000 for the first time since last Friday. Ethereum has also reached above $2,000, while BNB approaches $650. XRP is valued at over $1.40 despite ongoing ETF withdrawals.

Bitcoin’s Climb to $71K

The cryptocurrency market has seen remarkable volatility due to increasing tensions in the Middle East. Bitcoin initially dipped to $63,000 on February 28, coinciding with escalated military actions involving the US and Israel against Iran, before regaining momentum and soaring to a peak of $74,000 by midweek.

However, this upward trend was short-lived as market sentiment shifted, causing Bitcoin to drop below $68,000 leading into the weekend. On Monday, the price fell further to $65,500 as traditional financial markets opened. Yet, Bitcoin rebounded swiftly, reclaiming $68,000 and later pushing back above $71,000, especially following unexpected statements from Trump about the war’s resolution.

Currently, Bitcoin’s market capitalization has risen to $1.420 trillion, maintaining a dominance of over 57% in the market.

BTCUSD Mar 10. Source: TradingView

Ethereum and HYPE Perform Well

Ethereum continues its upward trend, now surpassing $2,050 after a 3% daily increase. BNB is nearly at $650, while XRP exceeds $1.40, despite recent ETF withdrawals. Dogecoin has also gained 5%, now priced at $0.095.

Among altcoins, Hyperliquid (HYPE) has experienced the largest growth, increasing by 11% to nearly $35. The total market capitalization for all crypto assets has seen a $100 billion increase in a single day, nearing $2.5 trillion.