Altcoins Post Double-Digit Gains as Bitcoin (BTC) Reclaims $70K: Market Watch

Bitcoin went through another volatile trading session yesterday after the latest developments on the US-Iran war front, going from under $68,000 to a multi-day peak of almost $72,000 before it lost some traction.

Several larger-cap alts have charted impressive gains on a 24-hour scale, with ETH going to $2,150 and SOL rising above $90.

BTC’s Latest Volatile Session

After last week’s rejection at $76,000, bitcoin managed to remain at around $74,000 for a day or so before it tumbled below $71,000 in the hours heading to the second FOMC meeting of the year. Its rebound was short-lived as Powell’s hawkish words sent it south once again toward $70,000.

It remained between $69,000 and $71,000 on Saturday, but Trump’s warning to ‘obliterate’ Iran’s power plants if it doesn’t safely reopen the Strait of Hormuz pushed it toward $68,000. Once the futures markets opened on Sunday evening and Monday morning, bitcoin dipped again to under $67,500.

It traded around $68,000 yesterday before Trump announced that the US and Iran had reached some sort of a de-escalation deal and paused all military action against the latter’s power plants. However, immediate reports from Iran denied these claims, saying there were no negotiations between the two parties.

Bitcoin first rocketed to $71,800, where it was rejected and driven down to under $70,000, but ultimately reclaimed that level and now sits around $71,000.

Its market cap is up to $1.420 trillion on CG, while its dominance over the alts has increased to 56.7%.

BTCUSD March 24. Source: TradingView

Alts With Big Gains

Ethereum has outperformed bitcoin over the past 24 hours, gaining 6% to over $2,150. XRP has flipped BNB once again, going past $1.40 after a 4% increase. SOL, DOGE, ADA, and LINK have charted even more impressive gains.

TAO has emerged as the top performer daily, skyrocketing past $300 after a 17% surge. APT, FET, ZRO, and RENDER complete the double-digit price increase club. In contrast, SIREN has plunged by over 70% from its all-time high marked 36% hours ago and now fights to stay above $1.00.

The total crypto market cap has added almost $100 billion in a day, and now stands above $2.5 trillion on CG.

Cryptocurrency Market Overview March 24. Source: QuantifyCrypto

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