Despite escalating geopolitical tensions in the Middle East, the cryptocurrency market has maintained a sideways trend with little volatility following last week's sharp decline.
According to CoinMarketCap, a global cryptocurrency market site, as of 9 AM, BTC was priced at $105,581, up 0.11% from the previous day. While down 0.20% week-on-week, it is interpreted as forming a solid support line considering market uncertainty.
Ethereum rose 0.58% to $2,547.78 in 24 hours, showing a rebound after the Middle East crisis. XRP increased 1.20% to $2.16. Notably, SOL surged 5.58% to $152.84, standing out among top market cap cryptocurrencies.
In contrast, stablecoins USDT and BNB remained relatively stable at $1.00 and $648.29 respectively. While some altcoins are showing an upward trend, the total 24-hour trading volume decreased by 2.03% to $8.075 billion, suggesting investors are maintaining a wait-and-see approach. The 'Fear and Greed Index' remains neutral at 50.
After Israel's sudden attack on Iran on the 12th, Bitcoin dropped 5%, Ethereum 10%, and XRP 7%, causing market turbulence. However, prices quickly stabilized afterward.
Some analysts suggest this market resilience is linked to strategic buying by institutional investors. In fact, Bitcoin spot ETFs have seen consecutive five-day inflows, with a net purchase of $1.3 billion in a week. Michael Saylor's strategic sharing of Bitcoin holdings on social media, hinting at additional purchases, is also believed to have stimulated investment sentiment.
