Bitcoin’s dip below $80,000 was brief. The flagship cryptocurrency reclaimed that level yesterday after U.S. President Donald Trump announced a three-day ceasefire between Ukraine and Russia, a development that quickly reassured markets and pushed BTC back up.
While Bitcoin regained ground, a number of altcoins delivered even stronger upside moves today. Leading the advance were ONDO, SIREN, JUP, ICP, and VVV, each posting notable gains as traders rotated into risk-on positions.
BTC Taps $80K Again
The current Bitcoin rally that carried prices through late April and into early May actually began at the end of the previous month, when BTC pulled back to about $75,000 after the Federal Open Market Committee left interest rates unchanged. Over the following week, Bitcoin added roughly $8,000 and reached a near three-month high around $82,800.
Given the rally occurred in relatively choppy market conditions, several analysts cautioned that a correction might be likely. That pullback appeared over the subsequent days, with Bitcoin sliding to roughly $79,100 — a decline of nearly $4,000 from the recent local peak.
The retracement was short-lived. Markets quickly recovered, and sentiment improved following positive news from the conflict in Eastern Europe: President Trump’s announcement of a temporary three-day ceasefire between Russia and Ukraine. The ceasefire helped calm risk assets and contributed to Bitcoin’s rebound above $80,000.
As a result, Bitcoin’s market capitalization has climbed back to just over $1.6 trillion on CoinGecko, while its dominance over alternative cryptocurrencies has eased to approximately 58.1% as traders reallocated capital into other tokens.
Altcoins Rocket Higher
Broad-based strength among altcoins accompanied Bitcoin’s recovery. Ethereum reclaimed the $2,300 level after a modest uptick, while XRP and Binance Coin (BNB) continued to contest the fourth spot by market capitalization. XRP took a slight edge following a roughly 3% daily gain.
Other major layer-1 and infrastructure tokens also posted solid moves: Solana (SOL), Cardano (ADA), Chainlink (LINK), and Core (CC) advanced in the 5–8% range. Zcash (ZEC) staged a more substantial rise, jumping about 10% to reach near $630. Layer-1 challengers and DeFi staples including Sui (SUI), Uniswap (UNI), and Near Protocol (NEAR) were comfortably in the green as well.
Several mid-cap and smaller-cap projects produced even more striking returns. ONDO led with an approximately 25% increase, followed by Jupiter (JUP) at about 24%, Internet Computer (ICP) near 20%, SIREN up around 19%, Filecoin (FIL) up roughly 16%, VVV gaining about 15%, and Arbitrum (ARB) advancing roughly 13%.
These moves contributed to a substantial rise in the overall crypto market value. The combined market capitalization of all cryptocurrencies climbed by more than $40 billion from yesterday’s low, reaching roughly $2.78 trillion on CoinGecko.
Market participants will watch closely for whether the ceasefire news holds and whether risk appetite continues to broaden beyond Bitcoin to sustain this altcoin strength. For now, renewed optimism and a solid short-term rebound have pushed both BTC and a wide range of altcoins higher.