Although the initial peace talks between Iran and the US failed last weekend, there’s renewed hope for a more permanent deal in the making, which made it yet another eventful week.
Recall that BTC had jumped last week as well after the ceasefire announcement from the two sides, and the expected peace talks that took place on Saturday. Their failure resulted in an immediate correction to $70,500 by the end of the weekend, but new reports at the start of the current business week about more positive developments on that front ignited another rally.
In fact, it took BTC just over 36 hours to surge back toward $75,000, where it faced some resistance at first but broke above it and rocketed to just over $76,000 late on Tuesday.
The bears stepped up after this impressive move, and drove the cryptocurrency south to under $73,600 yesterday in a sudden decline. However, that was short-lived as well, as BTC jumped back up to $75,600 just a few hours later after Trump announced a ceasefire between Israel and Lebanon. The asset kept climbing earlier today and broke to almost $77,000 to mark its highest price tag in approximately ten weeks.
The latest major came just minutes after US President Donald Trump announced on Truth Social that Iran had reopened the Strait of Hormuz. As a result, bitcoin’s market cap has increased to over $1.540 trillion. Its dominance over the alts is also on the rise, increasing to over 57% as of press time.
Many larger-cap alts are also in the green on a weekly scale, including ETH (6%), XRP (8%), and DOGE (6.5%). However, RaveDAO’s RAVE token has stolen the show, surging by 1,500% since last Friday. Moreover, it’s up by 7,000% monthly.
In contrast, ZEC has dropped by more than 12% in a week, followed by TAO, RAIN, and CC.
Market Data
Cryptocurrency Market Overview Weekly April 17. Source: QuantifyCrypto
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