The cryptocurrency market is currently witnessing a modest rebound after a massive plunge on Saturday amid heightened tensions in the Middle East, U.Today reported. The largest altcoin Ethereum (ETH) has managed to recover to the $3,000 level after falling to $2,878. Meme coin Dogecoin is now trading at $0.1591 after plummeting to $0.1358. Shiba Inu has now recovered to $0.000022 after plummeting to $0.00001904. Other major cryptocurrencies like XRP, Cardano (ADA), and Avalanche (AVAX) have also gained, but are still down sharply over the past 24 hours. Bitcoin price has reportedly fallen by more than 8% after Iran attacked Israel with drones and missiles. However, industry leaders like Mike Novogratz are convinced that this is just a temporary correction and expect the market cycle to continue. However, the direction of the crypto market may depend on whether there will be further escalations in the Middle East. Currently, the market capitalization of the entire crypto market has fallen below $2.5 trillion, having previously been close to $3 trillion.
