The crypto market is under the ephoric impact of the U.S.-Iran ceasefire decision showing signs of a strong rally on Wednesday. Bitcoin price is up by nearly six percent over the last day. At press time, the most expensive crypto asset was trading at $72,400 with its seven day average price having spiked by over 5.6 percent.
Ether, that had been range bound at $2,100 for weeks, finally clocked a price hike amid a wider market surge. At the time of writing, ETH was up by 8.06 percent to trade at $2,250. Like Bitcoin, Ether’s weekly price average also rose by over five percent following the ceasefire announcement in the early hours of Wednesday.
Cryptocurrencies are trading as high-beta macro assets, sensitive to liquidity, rate expectations, and geopolitical stability. In conversation with Coin Headlines, market experts said that a sustained uptrend requires continued geopolitical stability, liquidity expansion, policy clarity, and consistent capital inflows.
“Technically, Bitcoin faces supply near the $72,000–$73,000 zone after an extended move above key moving averages, indicating possible consolidation or retracement toward $69K. Ethereum trading near $2,233 shows a cleaner breakout structure, indicating relative strength and potential outperformance if risk appetite holds,” said Riya Sehgal, Research Analyst, Delta Exchange.
Majority altcoins reflected greens on Wednesday. These include XRP, Solana, Dogecoin, Cardano, and Bitcoin Cash — all of which reflected profits touching five percent over the 24 hours. Monero, Stellar, Litecoin, Shiba Inu, and Cronos are also up by around four percent.
Zcash, meanwhile, registered a stark rally of 24.7 percent in the last 24 hours. The price of the token has come to $332.9 as of press time. Avalanche, NEAR, and Ethena tokens are also up by around ten percent each.
The relief rally has managed to envelop the majority of altcoins into the green blanket. In the backdrop of this development, the crypto market cap rose by 4.83 percent to bump up the market valuation of $2.46 trillion, showed data by CoinMarketCap.
“Bitcoin’s rally above $70,000 looks less like a clean breakout and more like a reflexive bounce driven by positioning and sentiment extremes. The so-called ‘bottom’ signals insider exits, miner selling, and even pessimism from figures like Willy Woo do suggest exhaustion on the downside. But these are not fundamentals; they’re psychological indicators. What matters more is liquidity and macro alignment,” Sathvik Vishwanath, Co-Founder and CEO, Unocoin told Coin Headlines.
Source: CoinMarketCap
Over 117,430 traders were liquidated in the last 24 hours with total liquidations hitting $633.2 million, data by Coin Glass showed.