Defiant bitcoin hits 11-week high as rest of crypto space slumps

Cryptocurrencies are mostly lower on Thursday with bitcoin, the best-known cryptocurrency, the only major coin in the green.

In early trading, a single bitcoin BTCUSD, -2.24% was fetching $3,803.10, up 1.5% since Wednesday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange.

Bitcoin has seen its market share of all cryptocurrencies rise to 54.7%, the highest level since Sept. 20, according to data from CoinMarketCap.

What are CoinMarketCapv saying

As equity markets continued to tumble, one digital currency proponent and smart contract user said major coins would provide investors with a bet against what is lining up as a bumpy 2019 for financial markets.

There’s a growing list of investment tailwinds to consider for 2019. These include significant trade tensions, rising interest rates, political uncertainties, including Brexit, and complacent financial markets,” said Ian McLeod of Thomas Crown Art, a blockchain-based company that promotes smart contracts for art, in a morning note.

“Against this backdrop, we can expect cryptocurrencies will increasingly be seen as investors’ ‘safe havens’ in 2019 and beyond.”

Bitcoin Cash continues to slide

Altcoins—the group of more than 2,000 coins other than bitcoin—are trading lower on Thursday. Ether, ETHUSD, -4.89% is down 2.2% at $99.38, Litecoin LTCUSD, -5.22% is off 2.5% at $28.39, XRP, XRPUSD, -3.27% is lower by 0.2% at 33 cents and Bitcoin Cash BCHUSD, -11.67% continues to struggle in the aftermath of its hard fork, trading down 10.9% to $116.00

In futures trading, the Cboe Global Markets December contract XBTZ8, -5.80% was down 2.4% at $3,705, while the CME Group December contract BTCZ8, -2.16% was up 0.1% at $3,710.

 

/reuters.com

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