Market update: Bitcoin above $107,000, altseason called off?
The crypto market is edging up: total market cap now $3.27 trillion, up 0.6% versus yesterday.
The crypto market is edging up a bit: total market capitalization is now $3.27 trillion, a rise of 0.6% from yesterday. Still, the November 2021 all-time high isn't in sight; the market is short by about $440 billion in value to reach a new all-time high.
Bitcoin shows resilience again. In the early hours today, the price briefly touched $107,000 and is currently hovering around $106,300, up 0.8% on the day. This solidifies Bitcoin's market dominance, which has risen to 64.6%, about 1.4 percentage points higher than a month ago.
Notably, altcoins, despite the ceasefire in the Israel-Iran conflict, are recovering only slowly. In previous geopolitical tensions, like the trade war this spring, Bitcoin often served as a safe haven for investors. Risk-averse capital flows out of volatile altcoins toward “digital safe havens” like Bitcoin and, to a lesser extent, gold.
Meanwhile, U.S. spot Bitcoin ETFs continue to show support for the price. Yesterday saw a net inflow of $588.6 million, the eleventh straight day of positive inflows into BTC index funds.
Ethereum, on the other hand, lags behind. The number two by market cap sits at $2,440, down 3.9% over the past week. XRP climbs slightly by 0.5% to $2.17—perhaps helped by the surprising return to social media of Ripple co-founder Arthur Britto, who has been largely unseen since 2011.
Despite the modest rebound, cautious optimism prevails. The Fear & Greed Index sits at 66, officially placing sentiment in the “Greed” zone, but just barely.
The big question: will the calm in the Middle East hold? Both sides say they won’t strike as long as the other stays quiet. Still, the conflict could escalate: CNN reports Israel’s stated war objective—destroy Iranian nuclear facilities—has not been achieved. A reading that is sharply disputed by U.S. President Trump.
For now, Bitcoin seems to be riding geopoliticial uncertainty, but whether that groundswell is solid enough for an altseason remains doubtful for now.
