Bitcoin breaks through $72,000, driving the crypto market higher; Ethereum, Solana, and XRP all rise collectively.

On March 5, news reports indicate that as tensions in the Middle East show signs of easing, global risk asset sentiment has significantly improved, and the cryptocurrency market has also strengthened. Bitcoin price broke through the $72,000 mark, reaching a new high since the sharp correction in early February, while mainstream digital assets such as Ethereum, Solana, and XRP generally rose.

Data shows that during Thursday’s Asian trading session, Bitcoin rose to approximately $72,180, up about 5.9% in the past 24 hours, with a weekly increase of about 5.4%. This is the first time Bitcoin has successfully stabilized above this level after multiple rejections near $70,000 last month. Analysts believe that the market’s risk appetite is recovering, institutional funds are continuing to flow in, and global stock markets are rebounding, all supporting this rally.

Mainstream cryptocurrencies are rising in tandem. Ethereum increased about 7.5% to $2,114, marking its first return above the $2,000 threshold since late February. Solana rose approximately 5.3% to around $89.9, XRP increased about 4.2% to $1.41. BNB rose about 3% to around $650, and Dogecoin surged approximately 7.5%. Most major tokens experienced a clear rebound, indicating that market funds are flowing back into digital assets.

Market sentiment shifts are closely related to the macro environment. Previously pressured by escalating conflicts in Iran, global financial markets have shown signs of recovery after risk expectations eased. Asian stock markets generally rose that day, with South Korea’s main index rebounding about 11% after a historic decline the previous trading day. US and European stock index futures saw slight declines in early trading, reflecting ongoing assessment of the situation.

Although the conflict has not yet fully ended, investors’ concerns about further escalation have decreased. Military actions between Iran and Israel continue, and the US has also participated in some operations. US President Trump publicly stated that the US is making “good progress” in related actions and has received support from allies.

Meanwhile, tensions in the energy markets have also eased. With the US escorting oil tankers, transportation risks through the Strait of Hormuz have decreased, and oil prices have retreated from early-week highs. Analysts believe that, in the absence of the worst-case scenario, markets are gradually shifting from initial shocks to a phase of price recovery, which also creates a favorable external environment for Bitcoin and mainstream crypto assets’ rebound. (CoinDesk)