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The cryptocurrency market is experiencing an uptick today due to a reduction in tensions in the Middle East. Out of the top 100 cryptocurrencies, 98 have seen price increases over the last 24 hours. Additionally, the total market capitalization of cryptocurrencies has risen by 2.9% in the past day, now reaching $3.23 trillion. The overall trading volume in the crypto market stands at $150 billion.
TLDR:
Crypto Winners & Losers
The cryptocurrency market has finally shifted towards positive performance today. All of the top 10 coins by market capitalization are up, with significant gains.
Bitcoin (BTC) has increased by 3.5%, currently trading at $105,471. In comparison, the coin was valued at $101,924 at the same time yesterday.
In addition, Ethereum (ETH) has risen by 7.5%, now priced at $2,422, making it one of the top performers in its category once again.
XRP (XRP) recorded the highest gain in this category, rising 8.1% to a price of $2.2.
Furthermore, nearly all of the top 100 coins experienced price increases during this timeframe, with almost 30 of them achieving double-digit gains. The standout performer is Sei (SEI), which saw a 36.1% increase to $0.2801. SPX6900 (SPX) follows closely with a 27.8% rise to $1.31.
Conversely, OKB (OKB) and WhiteBIT Coin (WBT) are the only two coins that experienced declines, with drops of 3% and 0.8% to $51.84 and $47.96, respectively.
The market experienced a downturn nearly two weeks ago due to a significant escalation of conflict in the Middle East. The ongoing geopolitical instability has created uncertainty across various markets.
After more than a week since Israel’s attack on Iran, US President Donald Trump announced last night that a cease-fire between the two nations had commenced. However, uncertainty persists as Israel has not commented, and Iran has fired shots.
President Trump states that the Israel-Iran ceasefire is “in effect.” Follow live updates. https://t.co/bv18k3sEzW
— CNN (@CNN) June 24, 2025
Nonetheless, the reduction in geopolitical tensions has heightened interest in higher-risk assets, which benefits BTC.
‘People Are Accumulating, Not Panic Selling’
Regarding altcoins, Tom Bruni, Editor-in-Chief and VP of Community at Stocktwits, noted that one of the most intriguing developments is Bitcoin’s dominance, which has been increasing for 33 months and has reached a 4.5-year high of 65.73%.
Typically, such a spike would indicate that altcoins are “dying off.” Despite many altcoins underperforming, the overall market capitalization remains near historical highs. “This indicates that capital is still flowing into altcoins, even if their performance has not matched up,” Bruni stated in an email.
“Given the aggressive moves by firms like BlackRock and Fidelity into Bitcoin, it is surprising that altcoins have not fared worse,” he added. “On-chain data suggests that this is likely due to most altcoins with market caps exceeding $1 billion continuing to grow with long-term holders. Investors are not panic selling as in previous cycles; they are accumulating.”
Meanwhile, Glassnode reported that the number of Loss Sellers has increased by 29% since June 10. However, Conviction Buyers are also on the rise.
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Since June 10, the number of $BTC investors categorized as Loss Sellers has risen by 29% (from 74K to 95.6K), indicating growing pressure on weaker hands. However, Conviction Buyers have also increased, suggesting that sentiment is not collapsing. Some are cutting losses, while others are actively reducing their cost basis. pic.twitter.com/cwuN8TBAe2
— glassnode (@glassnode) June 23, 2025
James Toledano, Chief Operating Officer at Unity Wallet, discussed the effects of rising tensions in the Middle East on the markets. Over the weekend, this created anticipated economic uncertainty.
“The connection between oil prices and the Bitcoin market is becoming increasingly clear,” Toledano remarked. Higher oil prices lead to increased energy costs, which directly affect Bitcoin mining profitability and network dynamics. If the cost of production rises due to this, it could support prices but also heighten volatility.
“Even the hint of rising oil prices can cause Bitcoin prices to drop, as we observed over the weekend before markets adjusted upward this morning, possibly factoring in potential crude oil price increases.”
However, the recent decline, combined with sustained institutional inflows and an increasing correlation with gold, indicates “a maturing narrative. Its ability to rebound quickly, similar to equities recently, also reflects its mainstream financial adoption,” Toledano noted.
Levels & Events to Watch Next
As of this writing, BTC is trading at $105,471. It reached an intraday high of $105,927 earlier this morning (UTC), recovering from the all-time low of $100,183. Currently, it is 5.7% lower than its May all-time high of $111,814.
The coin is set to test the resistance level of $106,000. If it surpasses this, it will retest $107,580 and $109,041. Conversely, the next support level is at $103,965. If this level is breached, it may drop to $102,199 and $100,487.
Bitcoin Price Chart. Source: TradingView
Simultaneously, Ethereum is currently priced at $2,422, marking a significant increase from the daily low of $2,206. The intraday high is now recorded at $2,425.
Additionally, the sentiment in the cryptocurrency market has returned to neutral territory, moving away from the briefly experienced fear zone. The Fear and Greed Index has risen from 37 yesterday to 47 today. Fear is no longer driving prices lower, with investors now looking for further signals. There is potential for a return to the greed zone.
Source: CoinMarketCap
On June 23, US BTC spot exchange-traded funds (ETFs) recorded inflows of $350.43 million. BlackRock and Fidelity topped the list with inflows of $217.6 million and $105.66 million, respectively.
Source: SoSoValue
On the same day, US ETH ETFs saw inflows of $100.78 million, with Fidelity bringing in the highest amount of $60.48 million.
Source: SoSoValue
Additionally, American investor and entrepreneur Anthony Pompliano announced a $1 billion business merger to establish a Bitcoin-native firm, ProCap Financial. He stated that the company secured $750 million “from some of the leading institutional investors on Wall Street.”
Today, I am announcing a $1 BILLION merger to create ProCap Financial, a bitcoin-native financial services firm.
The company will be publicly traded on Nasdaq following the proposed business combination between my private company ProCap BTC, LLC and Columbus Circle…— Anthony Pompliano
(@APompliano) June 23, 2025
Moreover, the Hong Kong multifamily office VMS Group is reportedly planning to allocate up to $10 million to Re7 Capital, a London-based hedge fund focused on decentralized finance strategies.
“We believe this is the right moment [to enter crypto] due to increasing demand and clearer legislative and governmental support from various jurisdictions, along with significant institutional backing and endorsement,” stated VMS managing partner Elton Cheung.
Quick FAQ
- Why did crypto move with stocks today?
Both the cryptocurrency and stock markets experienced gains over the past day. The S&P 500 rose by 0.96%, the Nasdaq-100 increased by 1.06%, and the Dow Jones Industrial Average climbed by 0.89%. These increases followed the de-escalation in the Middle East, alleviating investor concerns.
- Is this rally sustainable?
The current macroeconomic and geopolitical landscape is unstable and could shift in either direction. As a result, the market will respond accordingly. Nevertheless, analysts maintain a long-term bullish outlook.
The post Why Is Crypto Up Today? – June 24, 2025 appeared first on Cryptonews.
