Geopolitical tensions have been increasing worldwide. However, many are surprised by the change in the price of Bitcoin that such tensions have caused. This is not the first time that the price of Bitcoin has reacted to world events. The same happened during the trade war between the United States and China, a time when Bitcoin's inverse correlation with Yuan increased.
At the time of publication, Bitcoin was priced at $ 8656, with a 24-hour trading volume of $ 20.6 billion.
At the time of writing, Bitcoin had noticed an 11% increase during the week, surpassing most of the smaller crypto assets. And although the recovery of Bitcoin did cause a domino effect in the cryptocurrency market, there were some isolated cases of extreme price movement.
Bitcoin Cash SV (BSV) began its rise on January 13 and since then has managed to register a three-digit bomb of 120.92%. This jump in price made BSV the highest performing provider among major crypto assets, and now BSV is the fourth largest cryptocurrency in CoinMarketCap. According to a Coin Metrics report, the price increase could be "due to speculation about positive developments around the legal developments of Craig Wright, a vocal advocate of Bitcoin Cash SV."
Following the example of BSV, the other bifurcated currency, Bitcoin Cash (BCH), grew almost 24%, while Litecoin (LTC) registered an increase of 13%, reporting the highest earnings during the week.
However, the increase was not limited only to the main cryptocurrencies, as medium-capitalized crypto assets such as Dash and ChainLink increased by more than 30% and 25%, respectively. On the other hand, the average limit has been governed by two high performance artists for several weeks, Ethereum Classic (ETC) and ZCash (ZEC). ETC observed a growth of 14%, while ZEC increased by 16%.
However, on a three-month basis, most currencies were at or near historical lows; most currencies, apart from Bitcoin, since their volatility seemed to stabilize and could have had an upward trend.
“This reflects the proliferation of leveraged products and how investor interest has increasingly focused on Bitcoin. The volatility of almost all crypto assets is now in line with Bitcoin. ”