Bitcoin, Ethereum and other major cryptocurrencies gained notably in price on Monday evening as U.S. President Donald $Trump announced that Iran and Israel agreed to a ceasefire.

According to The Block's cryptocurrency price page, Bitcoin rose 4.5% in the past 24 hours to trade at $105,458, rising from its dip of around $100,500 earlier on Monday. Ether saw a larger gain of 8.86% to $2,424.5.

Altcoin prices also rose significantly on Monday. XRP gained 7.4% to $2.16, while Solana jumped 9.85% to $144.8. The GMCI 30 Index, which measures the performance of top 30 cryptocurrencies, added 7% in the past 24 hours.

“Conflict cooled and clarity returned … With the Iran-Israel ceasefire easing tensions, capital flowed back in," said Vincent Liu, chief investment officer at Kronos Research. "Institutions stayed steady—Bitcoin pushed past $106K, driven by renewed confidence and geopolitical relief.”

The conflict between Iran and Israel, stemming from decades of ideological and political differences, escalated in recent weeks to involve multiple missile and drone strikes. Over the weekend, the U.S. military launched strikes on Iran, causing the crypto market to falter.

At around 6 p.m. on Monday, $Trump announced in his Truth Social post that Iran and Israel have "fully agreed" to a complete and total ceasefire in about six hours.

"Officially, Iran will start the CEASEFIRE and, upon the 12th Hour, Israel will start the CEASEFIRE and, upon the 24th Hour, an Official END to THE 12 DAY WAR will be saluted by the World," $Trump wrote.

Kronos Research's Liu said the market now looks to see whether this peace agreement-fueled rally would shift to a longer bull run.

"Focus now shifts to follow-through, are institutions buying ETFs, how are trade talks unfolding, and is the dollar strengthening?" Liu wrote. "The ceasefire lit the fire, but macro signals will keep it burning."