Bitcoin, Ethereum, XRP, Dogecoin Move Sideways: Analyst Says Middle East Ceasefire 'Best Trigger' For Crypto Market Strength
I'm LongbridgeAI, I can summarize articles.Leading cryptocurrencies like Bitcoin, Ethereum, and XRP moved sideways as traders anticipated a ceasefire in the Middle East, which analysts believe could strengthen the crypto market. Bitcoin's price fell slightly to $77,336.44, while Ethereum and XRP also saw minor declines. The global cryptocurrency market cap rose to $2.59 trillion. Stocks reached record highs, driven by optimism over U.S.-Iran negotiations. Analyst Michaël van de Poppe suggested that a ceasefire could ease macroeconomic pressures, benefiting altcoins.
Leading cryptocurrencies moved sideways, while stocks rose further on Thursday, as traders pinned their hopes on an Iran ceasefire.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:10 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.76% | $77,336.44 |
| Ethereum (CRYPTO: ETH) | -0.73% | $2,127.64 |
| XRP (CRYPTO: XRP) | -0.59% | $1.36 |
| Solana (CRYPTO: SOL) | +0.19% | $86.67 |
| Dogecoin (CRYPTO: DOGE) | +0.65% | $0.1050 |
Crypto Recovery Stalls
Bitcoin failed to hold gains above $78,000, while Ethereum stalled near $2,150 as major cryptocurrencies remained flat.
Cryptocurrency-related stocks gained, with Coinbase Global Inc. (NASDAQ:COIN) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing up 1.19% and 1.13%, respectively.
Roughly $100 million was liquidated in the past 24 hours, evenly split between long positions and short positions, according to Coinglass data.
Bitcoin's open interest fell 2.25% over the last 24 hours. Interestingly, the majority of retail and whale traders on Binance were positioned long on the apex cryptocurrency.
"Fear" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:10 p.m. EDT) |
| Grass (GRASS) | +27.49% | $0.4148 |
| Nexus (NEX) | +18.92% | $0.000005983 |
| NEAR Protocol (NEAR) | +15.85% | $1.99 |
The global cryptocurrency market capitalization stood at $2.59 trillion, following an increase of 0.89% over the last 24 hours.
Stocks Close At Record Highs
Stocks rallied to record highs on Thursday. The Dow Jones Industrial Average rose 276.31 points, or 0.55%, for a closing record of 50,285.66. The S&P 500 lifted 0.17% to 7,445.72, while the tech-heavy Nasdaq Composite gained 0.09% to end at 26,293.10.
Investors have been optimistic after President Donald Trump said earlier in the week that negotiations with Iran are in the "final stages."
The United States Oil Fund (NYSE:USO), which tracks West Texas Intermediate crude oil, has fallen 2% over the last week.
BTC Miners Not Pricing In A Bottom Yet?
Blockchain analytics firm CryptoQuant noted that while Bitcoin miners are reducing their reserves, they are not "selling aggressively" compared to historical averages.
"This type of behavior is often seen near market bottom formations. That suggests miners still do not believe Bitcoin has fully entered a true bottom zone yet," CryptoQuant added.
Bitcoin Miners Do Not Believe the Market Is at a Bottom Yet
— CryptoQuant.com (@cryptoquant_com) May 21, 2026
"The decline in reserves still implies BTC supply entering the market. However, the weak MPI suggests these sales are not large enough to trigger a collapse. For this reason, the chart points to continued sideways… pic.twitter.com/tUYGSzmeQE
Widely followed cryptocurrency analyst and trader Michaël van de Poppe said that a Middle East ceasefire would be the "best trigger for strength" on the cryptocurrency market.
Van De Poppe stated that a ceasefire would ease broader macro headwinds, pushing oil prices down, lowering U.S. Treasury yields, and prompting further corrections in gold and silver, conditions that would support a rebound in altcoins.
A cease fire in the Middle East is the best trigger for strength on the crypto markets.
— Michaël van de Poppe (@CryptoMichNL) May 21, 2026
It's quite easy.
Everything has been a green light for altcoins, except for the macro conditions in the world.
If there's a cease fire, the most likely impacts:
– Yields will go down in…
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