The cryptocurrency market received a significant boost from recent news from the Middle East.
Bitcoin climbed above $78,000, while certain altcoins like MemeCore (M) jumped by double digits over the past day.
The performance of the primary cryptocurrency has lately been closely tied to the global geopolitical tension, more specifically, the military conflict between the USA (supported by Israel) and Iran.
Several hours ago, the American President Donald Trump revealed that the ceasefire (which was supposed to end soon and be followed by renewed attacks) will be extended until the Iranian officials can come up with “a unified proposal.”
The news triggered an evident uptick for BTC, whose valuation soared to roughly $78,500, the highest since the start of February. Currently, it trades at around $78,000 (per TradingView’s data), representing a 2.5% daily increase and a 6% jump over the last week.
Following the latest pump, BTC’s market capitalization has surpassed $1.56 trillion, while its dominance over altcoins remains largely unchanged at around 57.8%.
The de-escalation news has also been beneficial to the altcoins, many of which have outperformed BTC on a daily scale. The top performer today (April 22) is MemeCore (M), whose price has spiked by 22% and now trades at an all-time high of $4.30. The token is now undoubtedly the second-biggest meme coin, trailing only behind Dogecoin and leaving Shiba Inu far behind.
Other altcoins that have posted solid gains over the past 24 hours include RAIN (+11%), PENGU (+7%), XMR (+7%), BCH (+6%), and others. On the opposite end of the chart are DEXE, down 11% foon the day, followed by KAS with a 2% decline and HYPE, which slipped by 1.5%.
The total cryptocurrency market capitalization has risen by 1.6% in the last day to around $2.7 trillion.
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