Ever since the United States and Israel attacked Iran on February 28, the economic and investment world has been volatile. Prices of stocks, precious metals, and cryptocurrency took a hit. However, Bitcoin’s performance turned out to be better than assets that are considered “safer”, like gold and stocks.
Bitcoin, the first and currently largest cryptocurrency, rose 7% since the war started in late February. On March 10, Bitcoin even touched the $71.000 level, as noted by CoinMarketCap. For reference, Bitcoin dipped to $63.000 on February 28, when the first strike hit Iran.
On the other hand, gold has remained stagnant since the start of the war. Kitco notes gold is currently trading at $5,180, having undergone little change since the morning of February 28.
Meanwhile, the S&P 500 is at 6,775, according to Yahoo Finance. It has dropped 1% since the start of the war. The S&P 500 is a stock market index that tracks the performance of the top 500 companies in the US stock exchanges.
Bitcoin’s rise in performance is attributed to the fact that it can be bought and sold at any time, not bound by banking hours the way traditional stocks are. When conflicts with Iran escalated over the weekend, crypto markets are the only risk asset markets available for global trading.
Other altcoins have also risen since the start of the US-Iran war. Ethereum rose 7% since February 28, trading at $2.070, while Solana also increased by 7% and reached the $87 level.
Also Read: What Are Altcoins? Definition, Types, and Investment Potential
