Cryptocurrencies rise, Bitcoin nears $70,000

Bitcoin climbed 1.25% to $69,857

Cryptocurrency prices rose in Tuesday trading as market concerns eased after US President Donald Trump said the war with Iran would end very soon and oil prices would fall.

Bitcoin climbed 1.25% to $69,857 at 10:01 a.m. Mecca time, moving closer to the $70,000 level for the first time in four days.

Ether, the world’s second-largest cryptocurrency by market value, rose 0.48% to $2,043.37, while XRP gained about 0.34% to $1.378.

So far this month, Bitcoin has outperformed gold. Although the cryptocurrency fell at the start of the conflict, it is now up about 7%, while the precious metal has declined roughly 2%.

Pratik Kala, head of research at Apollo Crypto, said Bitcoin had shown strong performance since the start of the war, with the $68,000 level acting as very strong support. He expects a notable move above $73,000, potentially pushing the cryptocurrency toward $87,000, the next major resistance level, according to Bloomberg.