Crypto Market Surges on US-Iran Ceasefire Extension

The cryptocurrency market has experienced a significant surge in prices over the past day, with Bitcoin (BTC) rising above $78,000. Ethereum (ETH) is trading near $2,400, while Ripple (XRP) has hovered above the reclaimed immediate support at $1.45.

This uptrend can be attributed to the extension of the US-Iran ceasefire by President Donald Trump. The ceasefire was extended until a unified proposal from Iran's leaders and representatives can be made. This development has buoyed sentiment across the crypto market, boosting total market capitalization by 1.8% over the last 24 hours.

The overall sentiment remains in the fear territory, but a steady increase could boost risk appetite and raise the odds of an extended recovery. The Crypto Fear & Greed Index shows that sentiment has improved from extreme fear to fear, indicating a positive trend.