Bulls take charge as Bitcoin reclaims $106k: What's driving crypto markets?

Bulls took charge in the crypto market following US President Donald Trump’s announcement of a ceasefire agreement between Iran and Israel. The flagship currency, Bitcoin (BTC), briefly reclaimed the $106,000 mark after falling below $100,000 earlier for the first time in 45 days. The rally extended to other altcoins, as major altcoins like Ethereum, Solana, and Sui rallied up to 13 per cent in a day.  Market analysts suggest that the ceasefire alleviated immediate concerns about global oil disruptions and restored geopolitical stability, elevating the confidence of the crypto bulls.

 

Bitcoin, however, has seen profit booking at higher levels but continues to trade with substantial gains. Last check, Bitcoin was quoted trading at $105,077.64, higher by 3.56 per cent, with a trading volume of $64.85 billion, according to data from CoinMarketCap. The flagship currency has fluctuated in the range of $99,705.75 - $106,116.86 in the last 24 hours. Bitcoin's market cap stood at $2.09 trillion, cementing its position as the largest cryptocurrency by market cap.

Traders eye US Fed speech

Bitcoin, Edul Patel, co-founder and CEO of Mudrex, said, has gained bullish momentum after Trump announced a ceasefire agreement between Iran and Israel. "The ceasefire alleviated immediate concerns about global oil disruptions and restored geopolitical stability, prompting capital to flow back into risk assets," said Patel.

 

The focus, Patel said, now shifts to US Fed Chair Powell’s speech later today. A dovish signal hinting at rate cuts could push Bitcoin past the $107,700 resistance, with support moving up to $103,200.

 

Echoing similar views, Vikram Subburaj, CEO, Giottus Crypto Platform, said that the crypto markets have re-engaged their risk-on stance after a ceasefire announcement between Israel and Iraq. "With equity markets bouncing and gold taking a hit, the wider sentiment has turned bullish. Bitcoin is back to its previous consolidation zone above $105,000, which should now set the stage for the next move up," said Subburaj.

Ethereum and other altcoins rally

Meanwhile, Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalisation, was seeing buying interest from investors. At the last check, Ethereum was trading at around $2,409.36, up 7.43 per cent, with a trading volume of $25.37 billion. Ethereum has traded in the range of $2,191.42 - $2,434.24 in the last 24 hours.

 

Among other popular cryptocurrencies, Sui (SUI) was trading higher by 12.63 per cent, Solana (SOL) was higher by 7.84 per cent, Ripple (XRP) by 6.85 per cent, Cardano (ADA) up 6.78 per cent, Hyperliquid (HYPE) up 4.42 per cent, and Binance Coin (BNB) was trading higher by 3.12 per cent.

 

Meanwhile, the US dollar-linked stablecoin Tether was trading at $1, up 0.04 per cent.

Top trending cryptocurrencies today

Solana (SOL), Ethereum (ETH), Movement (MOVE), Sei (SEI), BUILDon (B), and Caila (CA) were among the top trending crypto coins on CoinMarketCap on Tuesday morning.