There have been significant fluctuations in the cryptocurrency market in the last 24 hours. Bitcoin renewed its record by reaching $79,388 on Wednesday evening. However, after this level, there was a rapid correction and the Bitcoin price fell to $ 77,794 as of Thursday morning. While the volatility in Bitcoin was not limited to this cryptocurrency alone, it was also reflected in the market in general.
Market Movements and Bitcoin Divergence
Bitcoin, which has been trading in a total range of around $1,900, hit a daily low of $77,464 on Thursday morning. Bitcoin, which recorded an increase of 0.4 percent in the last 24 hours, has increased by 4 percent on a weekly basis. The picture is different for other major cryptocurrencies. While Ether decreased by 0.7 percent and was traded at $2,344, XRP decreased by 1.7 percent to $1.42, Solana lost 1.5 percent to $85.83, and BNB decreased by 0.6 percent to $635. Throughout the week, there was no altcoin that stood out other than Bitcoin; Most major coins remained within 2 percent, either positive or negative.
While increases in the cryptocurrency market are usually experienced simultaneously in different coins rather than a single asset, this time the notable difference was that Bitcoin rose alone. Experts attribute the fact that the rally was seen in only one coin to the narrow investor interest.
Global Developments and Political Impacts
Another important factor affecting the crypto market was geopolitical developments. While the Brent oil price continued its course above 95 dollars, the naval blockade imposed by the USA on Iranian ports and Iran’s closure of the Bosphorus increased uncertainty in the market. It was also reported that the Iranian military opened fire on commercial ships passing through the waterway. It is anticipated that the indirect effects of these developments on global financial markets and cryptocurrencies may continue.
The ceasefire declared by United States President Donald Trump on April 7 is still in effect. However, Vice President JD Vance’s visit to Islamabad was canceled due to Iran not sending a delegation. White House Spokesperson Karoline Leavitt announced that Trump did not give a specific time period for the offer from Iran.
Expert Opinions and Market Expectations
Different opinions are expressed regarding the current state of the market. While Bitpanda CEO Lukas Enzersdorfer-Konrad explained Bitcoin’s move approaching $80,000 with maturity and institutional investor support for the industry, he also emphasized that strict regulations provide confidence.
“We interpret Bitcoin’s rise to these levels as a sign that the digital asset market is strengthening and supported by more institutional interest.”
However, some circles in the market point out that the rise did not spread to altcoins and especially the negative funding rates that have been continuing for 47 days in the futures market. This indicates that selling pressure has recently become more prominent in the derivative market rather than the spot market.
According to experts, if the Bitcoin price drops below $76,000, the recent peak of $79,388 could be a short-term top before the next upward move. For a new upward trend, either positive developments regarding Iran or positive signals that will trigger new capital inflow to the market will need to emerge.
