Credit: Pixabay – Walid Mahdadi
According to several analysts, fears of an escalation of the conflict between the United States and Iran would have caused the rally on the digital coin.
The recent rise in Bitcoin indeed occurs after Iranian missiles hit US bases in Iraq, forcing traders to reallocate capital to safe havens like gold and oil.
"We also see oil and gold rising sharply," said Joshua Green, director of trading at Digital Asset Capital Management.
Emmanuel Goh, co-founder of the Skew digital asset analysis platform, also said that Bitcoin and gold were "sustained due to mounting tensions between the United States and Iran".
"Professional investors are also back from the Christmas break and are starting to deploy capital – this is called the January effect on the stock market," he added.
Source: CoinMarketCap
During the last 24 hours, only litecoin (+ 5.79%) posted a comparable increase. Other notable cryptocurrencies like Ethereum (+ 1.24%) and Bitcoin Cash (+ 1.29%), recorded smaller gains and some such as XRP (-1.09%) are now down.
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