The Bitcoin (CRYPTO: BTC) price currently stands at US$72,518.
That sees the world's first and biggest crypto up 9.6% over the past week. A week that sees the S&P/ASX 200 Index (ASX: XJO) down 1.1%.
As for the token's performance following the United States and Israel's airstrikes on Iran on 28 February and the ensuing broader Middle East conflict, Bitcoin's price is up around 10.5%. Bitcoin was trading for around US$65,600 before news of the attack broke.
Interestingly, the gold price has gone the other direction. Gold is currently trading for US$5,023 per ounce, down around 5% since the outbreak of the fighting.
Still, the gold price is up more than 67% over 12 months, while Bitcoin has tumbled around 14% over this time.
And despite the past week's rebound, the world's top crypto by market cap remains down more than 42% from its 7 October all-time high of US$126,199.
Image source: Bitcoinist
What the experts are saying about the Bitcoin price amid the Iran conflict
With the Bitcoin price up some 10% since the initial missile attack on Iran, a number of analysts say the digital token is beginning to live up to its haven promise.
According to Alex Kuptsikevich, chief market analyst at FxPro (quoted by Bloomberg):
It appears that Bitcoin is beginning to attract attention as a safe-haven asset, rising amid volatility in financial markets. The bulls are clearly trying to stir up the market to trigger a new short squeeze during the weekend, a period of reduced volatility.
Cici Lu McCalman, principal consultant and founder of Venn Link Partners, added:
Bitcoin has shown notable resilience, rebounding above $70,000 after briefly dipping below $63,000 during the initial risk unwind on Iran war. While the recovery is encouraging, price action still looks more like stabilisation than a full confidence to risk-on positioning.
As for further potential increases in the Bitcoin price, crypto investors may need to see some calm return to global energy markets and the broader geopolitical outlook.
"The macro backdrop remains unsettled, with oil volatility and lingering geopolitical uncertainty keeping risk sentiment cautious in the short term," Rachael Lucas, an analyst at BTC Markets, said.
How about Ethereum?
Like the Bitcoin price, the Ethereum (CRYPTO: ETH) price has outperformed gold and global equities since the outset of the Iran conflict.
On 28 February, Ethereum was trading for US$1,950. Today, the world's number two token is fetching US$2,171, up more than 11% since the fighting began.
But the Ethereum price remains down more than 56% since notching its own all-time high of US$4,954 on 25 August.
