Crypto markets surged on reports of an Iran truce, with XRP and ETH each gaining roughly 9% and BTC up ~4%, reflecting a sharp reduction in geopolitical risk premium that had been weighing on risk assets. The differential between altcoins and Bitcoin is notable — XRP and ETH outperforming BTC by more than 2:1 suggests beta-chasing behavior typical of short-covering rallies rather than new capital formation.

The key question is whether the truce holds and translates into sustained risk appetite, or whether the move exhausts itself quickly as geopolitical situations remain fluid. Watch BTC's ability to hold its gains relative to altcoin reversals as a signal of whether this is structural or a fade — historically, geopolitical-relief rallies in crypto have sharp follow-through for 24-48 hours before mean-reverting absent additional macro catalysts.