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Bitcoin Struggles to Prove It's a 'Safe Haven', Nosediving with Broader Markets
The plunge in the price of the bitcoin, this week and since the beginning of this year, would seem to indicate that bitcoin (and other cryptocurrencies, for that matter) should not be viewed as a “safe haven” asset. According to CNBC Markets Reporter Kate Rooney, “as the U.S. stock market saw its biggest drop since February on Wednesday, the largest digital currency dropped 6 percent along with it.” Ms. Rooney further points out that bitcoin, the world's largest cryptocurrency, is down 55% since the beginning of this year and more than 67% since nearing the $20,000 mark in December.
But just don’t take Ms. Rooney’s word for it. Here are the market performances for the top cryptocurrencies as of Thursday, October 11 at 10:35 a.m. - courtesy of CoinMarketCap.com.
|
Name |
Price |
24-Hour % Change |
7-Day % Change |
|
Bitcoin (BTC)
|
$6,288 |
- 4.2% |
- 4.4% |
|
Ethereum (ETH)
|
$ 201 |
- 10.9% |
- 10.1% |
|
Ripple (XRP)
|
$ 0.41 |
- 12.3% |
- 23.6% |
|
Bitcoin Cash (BCH)
|
$ 449 |
- 11.9% |
- 13.4% |
|
Stellar (XLM)
|
$ 0.22 |
- 10.8% |
- 11.9% |
|
EOS (EOS)
|
$ 5.32 |
- 9.4% |
- 7.1% |
|
Litecoin (LTC)
|
$ 53 |
- 8.5% |
- 9.9% |
