The broader cryptocurrency market has rallied over the last 24 hours as fears of an escalating war in the Middle East begin to ease.
Ethereum (ETH) has gained 10% and is back trading above the key support level of $2,000 U.S. Dogecoin (DOGE) has surged 16% to trade at $0.10 U.S. per token.
Other leading cryptocurrencies such as XRP (XRP) and Solana (SOL) are also participating in the rally and have seen their prices jump 5% or more in the past day.
Bitcoin (BTC), the largest crypto by market capitalization, has increased more than 7% and is back above the key support level of $70,000 U.S., currently changing hands at $72,675 U.S.
Analysts attribute the sudden reversal in cryptocurrencies to concerns abating that the war between the U.S., Israel and Iran will drag on.
Crypto prices have also jumped higher as oil prices have begun to moderate after spiking earlier in the week.
The big move higher is benefitting the stocks of cryptocurrency companies.
On March 4, the stock of cryptocurrency exchange Coinbase Global (COIN) and serial Bitcoin acquirer Strategy (MSTR) each rose more than 10%.
Some analysts continue to warn investors to exercise caution with cryptocurrencies, noting that there are few near-term catalysts likely to drive a sustained rally in digital tokens.
