Bitcoin (BTC) hits 11-week high, popular altcoin soars 22%: Market Watch

The last time BTC traded at these levels was in early February.

The cryptocurrency market received a significant boost from recent news from the Middle East.

Bitcoin has surpassed $78,000, and certain altcoins such as Memecore (M) have risen by double digits over the past day.

Further rise in BTC

The performance of major cryptocurrencies has recently been closely tied to global geopolitical tensions, more specifically the military conflict between the United States (backed by Israel) and Iran.

Hours earlier, US President Donald Trump said he would extend the ceasefire – which was supposed to end soon, followed by a new attack – until Iranian officials could come up with a “unified offer.”

This news triggered a clear rally in BTC, increasing its valuation to around $78,500, its highest value since early February. It is currently trading at around $78,000 (according to TradingView data), representing a daily increase of 2.5% and a 6% increase compared to last week.

After the latest pump, BTC’s market cap has surpassed $1.56 trillion, but BTC’s dominance over altcoins remains largely unchanged at around 57.8%.

These alternatives are today’s stars

The de-escalation news is also good for altcoins, many of which are outperforming BTC on a daily scale. The top performer today (April 22) is MemeCore (M), whose price has soared 22% and is currently trading at an all-time high of $4.30. This token is currently arguably the second largest meme coin, only behind Dogecoin and well ahead of Shiba Inu.

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Other altcoins that posted solid gains in the past 24 hours include RAIN (+11%), PENGU (+7%), XMR (+7%), and BCH (+6%). On the other side of the chart, we have DEXE, which is down 11% on the day, followed by KAS, which is down 2%, and HYPE, which is down 1.5%.

The market capitalization of cryptocurrencies rose 1.6% over the past day to approximately $2.7 trillion.