The cryptocurrency market has experienced a significant uptick today, largely attributed to decreasing tensions in the Middle East. According to reports, 98 of the top 100 digital currencies have seen gains within the last 24 hours, contributing to a 2.9% rise in total cryptocurrency market capitalization, which now sits at $3.23 trillion. The overall trading volume across the crypto market currently stands at $150 billion.
Key highlights include:
- 30 cryptocurrencies recorded double-digit percentage increases.
- Bitcoin (BTC) has climbed back to $105,471, while Ethereum (ETH) surged 7.5% to trade at $2,422.
- This market recovery follows a period of uncertainty surrounding geopolitical events.
- Unlike previous market cycles, investors appear to be accumulating assets rather than engaging in panic selling.
- Market sentiment has shifted from fear to a more neutral stance, as traders await additional indicators.
Crypto Market Performance
The cryptocurrency market has turned bullish today, with all ten of the leading coins by market capitalization recording increases. Bitcoin (BTC) rose by 3.5%, moving to $105,471, up from $101,924 at this time yesterday. Ethereum (ETH) also saw a notable 7.5% increase, now trading at $2,422, solidifying its position as one of the strongest performers in the space.
XRP reported the most significant increase among the top ten coins, climbing 8.1% to reach $2.2. In total, nearly all of the top 100 cryptocurrencies have appreciated in value over this timeframe, with about 30 of them enjoying double-digit growth. The standout performer was Sei (SEI), which surged by 36.1%, priced at $0.2801, while SPX6900 (SPX) reported a 27.8% increase to $1.31.
The only exceptions to the upward trend were OKB (OKB) and WhiteBIT Coin (WBT), which experienced minor declines of 3% and 0.8%, bringing their prices to $51.84 and $47.96, respectively.
A significant downturn occurred nearly two weeks ago due to escalating conflict in the Middle East, generating widespread uncertainty across various markets. Following more than a week of heightened tensions and military action, U.S. President Donald Trump announced a cease-fire between Israel and Iran on June 24. However, lingering uncertainty persists as no official statements have been released from Israel, and reports emerged of continued military actions.
President Trump asserts that the Israel-Iran ceasefire is “in effect.” Stay updated with live reports. https://t.co/bv18k3sEzW
— CNN (@CNN) June 24, 2025
The easing of geopolitical tensions has ignited renewed interest in higher-risk investments, an area where Bitcoin is set to benefit.
Market Dynamics: An Analysis
Tom Bruni, VP of Community at Stocktwits, highlighted a noteworthy trend in the market: Bitcoin’s dominance has grown steadily over the past 33 months, recently reaching a four-and-a-half-year high of 65.73%. While such an increase often signals declining interest in altcoins, the market cap remains close to historical highs, indicating continued capital inflow into altcoins despite some underperformance.
Bruni noted, “The consistent influx of major firms like BlackRock and Fidelity backing Bitcoin is surprising, as altcoins haven’t fared worse in this climate. On-chain data suggests that many altcoins with market values exceeding $1 billion are still attracting long-term holders, indicating that investors are accumulating rather than panicking.”
Recent data from Glassnode reveals that the number of “Loss Sellers” has increased by 29% since June 10, indicating heightened pressure among those holding weak positions. Nonetheless, there is also a rise in “Conviction Buyers,” suggesting that broader sentiment remains stable.
Since June 10, BTC investors categorized as Loss Sellers increased by 29% (from 74K to 95.6K), highlighting growing tension among weaker holders. However, Conviction Buyers are also rising, indicating that negative sentiment is not overwhelming. Some are minimizing losses, while others are strategically lowering their cost basis. pic.twitter.com/cwuN8TBAe2
— glassnode (@glassnode) June 23, 2025
James Toledano, Chief Operating Officer at Unity Wallet, commented on the economic ramifications of the rising tensions in the Middle East, noting expected volatility. He articulated the connection between oil prices and Bitcoin, explaining that fluctuations in oil prices can significantly affect Bitcoin mining costs and market dynamics. Even mere speculation regarding rising oil prices can lead to downward pressure on Bitcoin values, as observed during recent market activity.
Yet, this recent market pullback, coupled with sustained institutional investments and a growing correlation with gold, indicates a maturation of the crypto narrative. Toledano remarked on Bitcoin’s capacity for rapid recovery akin to equity markets, further suggesting its integration into mainstream finance.
Looking Ahead: Key Levels and Upcoming Events
As of now, Bitcoin is trading at $105,471, having reached an intraday high of $105,927 earlier today and recovering from a recent low of $100,183. The cryptocurrency remains 5.7% below its May all-time peak of $111,814.
This current situation presents a test for the resistance level at $106,000. A successful breach could lead to retests at $107,580 and $109,041, while the nearest support level is set at $103,965. A breakdown below this could push prices down to $102,199 and $100,487.
Bitcoin Price Chart. Source: TradingView
Ethereum is also experiencing upward momentum, trading at $2,422, a significant rebound from a daily low of $2,206, with an intraday high presently at $2,425. Meanwhile, overall market sentiment in the crypto space has shifted from a fear-driven environment to a neutral stance, with the Fear and Greed Index rising from 37 to 47, indicating a potential revival of investor confidence.
Source: CoinMarketCap
In a notable day for U.S. Bitcoin spot ETFs, inflows reached $350.43 million, with BlackRock and Fidelity leading with respective contributions of $217.6 million and $105.66 million. Similarly, Ethereum ETFs saw $100.78 million in inflows, with Fidelity alone contributing $60.48 million.
Source: SoSoValue
On another front, entrepreneur Anthony Pompliano introduced a $1 billion merger aimed at establishing ProCap Financial, a Bitcoin-centric firm, stating that $750 million has been secured from leading institutional investors.
Today marks the announcement of a $1 BILLION merger to create ProCap Financial, a Bitcoin-native financial services entity.
This company aims to be publicly traded on Nasdaq upon completion of the proposed merger between my private company ProCap BTC, LLC and Columbus Circle…
— Anthony Pompliano (@APompliano) June 23, 2025
Furthermore, the VMS Group, a multifamily office in Hong Kong, is reportedly considering a $10 million allocation to Re7 Capital, a London hedge fund specializing in decentralized finance strategies. Managing partner Elton Cheung expressed confidence in entering the crypto space, citing increasing demand and supportive regulatory environments across various jurisdictions.
Frequently Asked Questions
Why did cryptocurrency prices rise alongside stock markets today?
The observed increases in both cryptocurrency and stock markets can be attributed to the easing of tensions in the Middle East. The S&P 500 rose by 0.96%, with the Nasdaq-100 increasing by 1.06% and the Dow Jones Industrial Average climbing by 0.89% as investors regained confidence.
Is this rally sustainable?
While the geopolitical and macroeconomic landscape remains uncertain, analysts maintain a long-term bullish outlook for the crypto market. The potential for varying responses to developments in this area suggests ongoing volatility as market participants continue to assess the situation.
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