The conflict between Iran and Israel over the weekend and concerns that the war will expand in the Middle East created a huge fluctuation in the cryptocurrency market.
Bitcoin started the weekend with a 4% decline and fell as much as 10% to $60,660 on Saturday, when geopolitical risks were at their highest. However, on the last trading day of the week, after mutual statements, the environment calmed down a bit and Bitcoin recovered to the $ 66,000 range. As a result, the resurgence of geopolitical risks in the Middle East has caused a sharp decline for Bitcoin, up to 15% in the last 5 days. However, the altcoin market was more affected by this situation.
Ethereum fell by nearly 20% to $2,852, with sales starting around $3,500 in weekend transactions. Ethereum, which closed with an increase of nearly 5% yesterday, started the new week with buyers along with the general market after the risk was priced. Ethereum, the largest altcoin, traded around $ 3,200 in the morning due to the positive news from Hong Kong.
There were sharp declines among the top 20 cryptocurrencies on a weekly basis. Double-digit losses were noted among altcoins with high market capitalization; AVAX, BCH, and ICP were the hardest hit assets, losing 20% in value. However, the cryptocurrency that was not affected by the last crisis was Toncoin, which increased its market value to 24.7 billion dollars. TON rose to $7, with a value increase of 10% in the last 24 hours and up to 30% on a weekly basis, demonstrating a positive divergence from the market.
During the geopolitical crisis over the weekend, the total cryptocurrency market value dropped to $2.2 trillion, but has now partially recovered to $2.44 trillion. The average transaction volume of the last 24 hours remains at 131 billion dollars. With the impact of the decline in the altcoin market, Bitcoin's dominance rate increased to 54%.
Crypto futures have experienced some of their biggest liquidations in recent times due to rapidly increasing panic selling. Futures liquidated in the mass sales that started on Friday reached 1.8 billion dollars over two days, according to Coinglass data, and the majority of closed futures transactions consisted of long positions.
Price movements in the crypto market over the last 24 hours show that the tension is still being priced in and displays a slightly buyer image.
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