The cryptocurrency market saw a strong rebound on Thursday as major digital assets rallied following improving global sentiment. Rising optimism in financial markets, easing geopolitical tensions, and strong institutional inflows pushed crypto prices higher, with Ether, Solana, XRP, and several other altcoins posting notable gains.
Bitcoin Breaks Key Resistance
Bitcoin led the rally by decisively breaking above the $72,000 level, marking its highest price since the February 5 crash. The move also represented the first successful breakout above the $70,000 resistance level, which had rejected the asset multiple times during the past month.
By Thursday afternoon in Asian trading hours, Bitcoin was trading around $72,180, rising 5.9% in the past 24 hours and 5.4% over the week.
Several factors helped fuel the rally:
Easing fears around global geopolitical tensions
Strong inflows into U.S. spot Bitcoin ETFs
Recovery in global equity markets
Since the beginning of March, over $700 million has flowed into U.S. spot Bitcoin ETFs, showing continued institutional demand for crypto exposure.
Altcoins Join the Rally
The bullish momentum extended across the broader crypto market, with several major altcoins recording strong gains.
Ether surged 7.5%, reaching $2,114, reclaiming the important $2,000 level for the first time since late February.
Dogecoin jumped 7.5%, trading around $0.095.
Solana climbed 5.3% to $89.91.
XRP rose 4.2% to $1.41.
BNB gained 3%, reaching about $650.
WhiteBIT Coin advanced 5.6%.
One exception was Tron, which lagged behind the broader market with a more modest 1.4% increase.
Global Markets Help Lift Crypto
The rally in crypto coincided with a rebound in global equities. Asian stock markets surged after suffering heavy losses earlier in the week when the Iran–Israel conflict first escalated.
South Korea’s benchmark stock index jumped 11%, rebounding from its largest drop on record in the previous trading session.
Meanwhile, Wall Street had already started recovering after economic data helped ease concerns about inflation, improving overall investor confidence.
Geopolitical Tensions Still Present
Despite the market rebound, the geopolitical situation in the Middle East remains unresolved. Military operations between Iran, Israel, and U.S. forces continue, with officials indicating that the conflict could last several weeks.
However, markets appear to be adjusting to the situation. Oil prices have retreated from earlier spikes, and shipping through the Strait of Hormuz has stabilized with U.S. tanker escorts in place.
Investors increasingly believe that the worst-case scenario of a major regional escalation is becoming less likely, allowing risk assets like cryptocurrencies to recover.
Market Outlook
The breakout above $72,000 could signal renewed bullish momentum for the crypto market if investor sentiment remains positive. Strong ETF inflows, improving macroeconomic conditions, and reduced geopolitical fears may continue to support digital assets in the near term.
However, traders remain cautious as geopolitical developments and global economic data could still influence market direction in the coming weeks.