According to Investing.com, Bitcoin surpassed the $78,000 mark during the trading session on Wednesday, 9.49 ET (13.49 GMT), following a 3.7% increase from its previous price of $78,712.4.
The world’s largest cryptocurrency has been on an upward trend for the third consecutive day.
Solana and Cardano experienced a 3.8% and 2.7% rise, respectively, while Polygon saw a minimal increase of over 1%.
Among meme tokens, Dogecoin gained 3%.
US-Iran Tensions and Corporate Demand
The surge in Bitcoin’s price can be attributed to the ongoing US-Iran tensions and increasing corporate demand. The uncertainty surrounding the potential escalation of tensions between the two countries has led investors to seek safe-haven assets, driving up the demand for Bitcoin.
Corporate Adoption
Additionally, the growing corporate adoption of Bitcoin as a legitimate investment and store of value has also contributed to its price surge. Major corporations such as Tesla, Square, and Microsoft have recently announced their investments in Bitcoin, further validating its status as a legitimate asset class.
(Contribution by Ayushman Ojha)
