Bitcoin (BTC) rose 2.86 percent from a day earlier to $72,387 as of 9 p.m. on March 13, based on Coin360. Bitcoin market dominance held at 58.84 percent.

Major altcoins also strengthened. Ethereum (ETH) rose 3.37 percent to $2,129 and Ripple (XRP) gained 2.62 percent to $1.42. Solana (SOL) posted a relatively strong rebound, rising 4.04 percent to $90.4.

Binance Coin (BNB) rose 2.47 percent to $668 and Cardano (ADA) was trading around $0.275. Dogecoin (DOGE) also continued a modest rise to $0.099. Tron (TRX) edged down 0.21 percent to $0.288, while Hyperliquid (HYPE) slipped 0.04 percent to $37.3, with some tokens weakening.

The biggest catalyst for the rise was a sharp drop in oil prices. After U.S. President Donald Trump hinted at an end to war with Iran, Brent crude fell about 30 percent within 24 hours. The decline quickly revived global risk appetite and helped push bitcoin above the $70,000 level.

Short liquidations and institutional buying also accelerated the rise. Forced liquidations totalling $327 million occurred across the market, including bitcoin-related short positions.

MicroStrategy carried out its second-largest additional bitcoin purchase this year. BitMine, led by Tom Lee, bought $122 million worth of Ethereum (ETH), adding to the rally as treasury companies moved quickly.

The crypto market's fear and greed index remains in the "fear" zone at 22. The trend's reversal is expected to hinge on the U.S. Federal Reserve's interest rate decision scheduled for March 18 local time.