Bitcoin Spikes To $8,400 As US-Iran Clash Intensifies, Altcoins Crashing: Daily Market Watch

Bitcoin’s price went on a rampage. Just five days ago, it was trading at around $6,850, and today, it went over $8,400 to settle at where it currently trades at around $8,270. With an increase of around 5% for the past 24 hours, Bitcoin seems to mark a good start to yet another year. 

As Cryptopotato reported, $8,400 was a significant resistance and we have yet to see a definitive close above it. Should that level fall, the next one to look forward to is $8,650. 

BTC/USD. Source: TradingView

Another interesting thing to note is that Bitcoin’s dominance has also increased over the past few days and it now sits above 69%. 

This means that altcoins have failed to capture the momentum and have stalled instead. That’s the case against the USD. However, when trading against BTC, most of the large-cap cryptocurrencies are painted in red. 

Coin360 Overview-min (5)
Cryptocurrency Overview. Source:

As can be seen above, some of the altcoins are charting notable decreases against BTC. Ethereum is down upwards of 4%, XRP is down about 6.6%, EOS is down about 2.6%, and so forth. 

The latest surge comes after another very serious political event. Iran carried out a ballistic missile attack on airbases which housed US forces in Iraq. The move was a retaliation for the US killing General Qasem Soleimani. As a result, the prices of both gold and oil surged and it appears that investors are turning to Bitcoin as a safe haven as well. 

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