Bitcoin manages to scrape smaller losses on Wednesday, while altcoins continue to erase previous gains.
Bitcoin (BTC) stemmed losses compared to many major altcoins Wednesday, October 3, as news hit of crypto exchange Coinbase’s reported $8 billion valuation.
Market visualization by Coin360
Data from Cointelegraph’s price tracker and Coin360 shows Bitcoin proving a safe haven against all but one of the top ten crypto assets, losing around 1.6 percent in the 24 hours to press time.
BTC/USD had grown over the past week to hit $6,783, before a correction saw prices return to match their position on September 27, trading now at around $6,478 by press time.
Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index
Despite investors seeing potential in companies such as Coinbase going forward, the outlook for Bitcoin’s protracted bear market meanwhile remains mixed.
Analysis published October 1 gathered technical data to suggest that the largest cryptocurrency is “still overbought,” leaving room for further downside before its fortunes reverse for good.
Speaking about Coinbase’s potential deal with investor Tiger Global, Bitcoin bull Mike Novogratz said cryptocurrency was giving proof it was “not tulips.”
“Tiger's not a flake of an investor. These are smart, savvy guys,” he told CNBC on Wednesday.
Beyond Bitcoin, altcoin assets faced more testing times, with losses outpacing Bitcoin’s throughout the top ten cryptocurrencies listed on CoinMarketCap with the exception of Monero (XMR).
Ripple (XRP) led the rout, losing about 5.3 percent, followed by both Stellar (XLM) and Dash (DASH) down around 4.2 percent over a 24 hour period.
Ethereum (ETH), the largest altcoin by market cap, lost 3.8 percent to sit at around $220, still up 2.6 percent this week but against monthly losses of close to 24 percent.
Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index