Crypto Market Sees Major Surge Amid US-Iran Conflict

The global cryptocurrency market has experienced a notable surge in recent days, largely attributed to the ongoing tensions between the United States and Iran.

Bitcoin, the world's most widely-held digital currency, reached an all-time high of $78,500 mid-week, although it failed to break through the crucial $80K resistance level. This significant price increase reflects the market's sensitivity to international conflicts, which can have a profound impact on global financial markets.

Other cryptocurrencies have also seen substantial gains, with Ethereum rising nearly 6% to trade at around $2,300. The altcoin sector is predominantly in the green, with notable increases observed in XRP (8%), Solana (4%), and Dogecoin (4%).

Despite these positive trends, there are a few exceptions, including Zcash which has dropped over 10%. In contrast, memecoins have seen varying trajectories, with Pepecoin up 8%.

The DeFi sector, however, has witnessed a decline in total value locked (TVL) across protocols to around $90.06 billion. This trend contrasts the market's overall upward momentum.