The global crypto market rose about 1.15% over the past 24 hours, lifting total value to $2.33 trillion. The move came while geopolitical tension around Iran and energy markets still weighed on broader sentiment, yet the immediate trigger was a sharp reversal in crude, combined with fresh buying in altcoins and steady institutional demand. CoinMarketCap data showed Bitcoin holding near $67,885, while capital started spreading into smaller tokens.
Oil reversal eased pressure across risk assets
Earlier in the session, oil surged on supply fears tied to the Iran conflict. US crude at one point jumped nearly 30%, briefly approaching $120 a barrel. The shock hit global equities first. Japan’s Nikkei 225 and South Korea’s KOSPI both fell more than 6% at the open.
The tone changed quickly after reports said G7 countries were discussing a coordinated release of 300 million to 400 million barrels from strategic reserves, potentially managed by the International Energy Agency. That amount would equal nearly 30% of the IEA’s 1.2 billion-barrel reserve and would mark the largest coordinated release on record. After the reports, crude reversed sharply. US oil dropped about $15 per barrel in less than two hours and later slid around 11% within a single hour, sending prices back toward $100 to $104 per barrel. Lower energy prices reduced inflation pressure and helped risk appetite recover, including in crypto.
Altcoins outperformed as traders rotated capital
Another driver came from clear rotation away from Bitcoin dominance and into altcoins. The CoinMarketCap Altcoin Season Index rose 2.7% to 38, pointing to firmer interest in non-Bitcoin assets. Individual tokens posted stronger moves. SIREN gained 12.9%, while DEXE climbed about 21% after technical breakouts and a burst of attention on social media.
At the same time, Bitcoin dominance slipped to 58.27%, giving altcoins more room to run. Derivatives data suggested the rally was not being driven purely by aggressive leverage. Open interest increased 5.38%, but the average funding rate stayed negative at -0.0077%. That setup means shorts are paying longs, which can add pressure if prices keep moving higher and short covering begins.
ETF inflows kept institutional support in place
Institutional flows also helped steady the market during the latest volatility. From March 2 to March 6, spot Bitcoin ETFs recorded $568 million in net inflows. Ethereum ETFs added $23.56 million, and Solana ETFs brought in $24.05 million in new investment. Those numbers gave the market a firmer base even as geopolitical headlines dominated global trading.
Crypto is also trading closely with technology equities. Current data shows about an 85% correlation with the Nasdaq-100 ETF, QQQ, which points to macro sentiment as a major force behind short-term digital asset pricing. The market now faces resistance near $2.36 trillion, with the next move likely tied to Bitcoin stability and conditions across broader financial markets.