The cryptocurrency market was once again volatile on Monday morning after a flat weekend. Bitcoin (BTC) fell sharply to a monthly low below $65,000 before rebounding to near $68,000, driven by investor reactions to the latest developments in the US-Iran conflict.
Bitcoin's performance over the past week has been heavily influenced by political rhetoric, with the price soaring to $72,000 following President Trump's claims of progress in talks. However, the price fell again when Tehran denied the claims. The volatility caused BTC to fail to break through key resistance and find new support at lower levels.
Ethereum (ETH) emerged as one of the top performers, jumping 3%, breaking the psychological $2,050 mark. Despite falling below $1,950 early this morning, the strong demand for the largest altcoin shows that investor interest remains high despite the risky macro environment.
The total crypto market cap has recovered by $40 billion in the last 24 hours, now reaching a value of over $2.4 trillion. While most major assets are in the green, some altcoins such as Bitcoin Cash (BCH) are still struggling to fully recover after experiencing a sudden drop or “flash crash” yesterday.
Bitcoin’s dominance in the market remains strong at 56%, indicating that investors are still making BTC their main reference asset amid geopolitical tensions. However, the resistance at $68,000 proves that the market remains cautious about the risk of escalating conflicts that could affect risky assets.
