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. 

Cryptocurrency Overview. Source: Coin360.com

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. 

Major Crypto Headlines

Telegram Won’t Have To Show The SEC Its Bank Accounts, Court Rules. One of the most highly-discussed projects, Telegram, won’t have to show its bank records to the SEC. The court has ruled against the Commission’s request, but Telegram would still have to make sure that its banking records are compliant with the existing regulations. 

Japan’s SBI And GMO To Cooperate With The World’s Largest Bitcoin Mine. Two of Japan’s biggest corporations, SBI Holdings, and GMO Internet Inc, have found their way into the Bitcoin mining sector. They will reportedly cooperate with a Frankfurt-based company that’s the owner of the world’s largest Bitcoin Mine – Northern Bitcoin AG. 

All 4 Past Januaries Started A Different Altcoin Trend, Will January 2020 Ignite A New Altcoin Season? The month of January has historically marked different trends when it comes to altcoins. With 2020 just beginning, it’s interesting to see whether or not this year altcoins will manage to make a bigger recovery or if they will continue to struggle altogether. 

Significant Daily Gainers And Losers

Quant (16%)

Quant has surged by more than 16% over the past 24 hours, making it the best performing cryptocurrency throughout the period. At the time of this writing, it trades at around $3.86 and sits on a total market cap of $46.6 million. It has also seen a trading volume of around $1.4 million, most of which is coming from the Hotbit cryptocurrency exchange. 

Horizen (15.9%)

Horizen is another well-performing cryptocurrency. It saw a daily spike of a bit less than 16% and it trades at $8.52. The market cap of the altcoin is a little bit less than $70 million while its daily traded volume sits at $1.9 million. The largest part of it comes from the world’s leading exchange, Binance. 

Decentraland (-8%)

Decentraland is the worst-performing cryptocurrency throughout the past 24 hours. Unfortunately, it lost about 8% of its value and it currently trades at around $0.033. The project has a market cap of about $35 million and it’s ranked as the 95th largest one. However, the 24-hour volume is impressive, sitting at more than $15 million, most of which is coming from OKEx.