After sharp declines on Sunday and Monday, cryptocurrencies rebounded mid-trading on Tuesday, June 24, supported by increased risk appetite in the markets after the announcement of a ceasefire between Israel and Iran. Trading volumes rebounded, with Ethereum, Solana, and Ripple leading the top 10 cryptocurrency gains, with gains exceeding 7%.
The US President announced in a social media post this morning an immediate ceasefire between Iran and Israel. Israeli Prime Minister Netanyahu announced his agreement to the truce and that his country had achieved its goal of the war. Tehran responded by saying that it would not initiate a firefight unless Israel did. In a related development, and in a move to support institutional demand for digital currencies, Bank of Korea Vice Governor Ryu Sang-dae stated that it is advisable to allow regulated banks to issue won-based stablecoins and gradually expand into the non-banking sector. This is in line with the promises made by new South Korean President Lee Jae-myung following his election as the new chairman, calling on local companies to issue stablecoins and establish legislation aimed at establishing regulatory infrastructure.
The combined market capitalization of the cryptocurrency market, according to Coingecko, which lists more than 17,000 digital currencies, rose about 2.1% on Tuesday, bringing the market capitalization to $3.37 trillion.
Bitcoin is trading at $105,276,000, up about 3.62% today after testing the $98,950 level, its lowest level since early May, on Monday, bringing its market capitalization to $2.093 trillion. Ethereum, the second-largest digital currency, is up about 7.27%, trading at $2,417,000, with a market capitalization estimated at $291 billion. XRP, or Ripple, is the highest-gaining cryptocurrency among the top 10 coins today, up approximately 8.84% and trading at $2.18 with a market cap of $134 billion.
Dogecoin is up approximately 7.56%, trading at $0.1636, with a market cap of $24 billion. Cardano is up approximately 6.89%, trading at $0.5827 with a market cap of approximately $20 billion.
Solana is up approximately 7.82%, trading at $144 with a market cap of $76 billion. Sui is up approximately 10.87%, trading at $2.79, with a market cap of $11 billion.