Prices of Bitcoins have been able to maintain stability despite the fall in the value of other Altcoins such as Ether and Bitcoin cash.
Bitcoin on Wednesday fell to $6,228 on Bitfinex and over the 24-hour period, it traded as high as $6,307.80. This brought Bitcoin’s trading range to $105. On that same day, Bitcoin had a dominance rate of 57.9%, the highest since December.
Ether, the world’s second largest cryptocurrency fell 8% to a low of $170.34
This fall in the value of Altcoins has caused the value of the digital currency market to be pushed to as little as $186.2 Billion on CoinMarketGap. This is the lowest the market has fallen in value since November 2017.
Experts believe Bitcoin has been able to maintain stability and held its value because traders all going in for Bitcoin as a safe haven.
“There seems to be movement to bitcoin as the safe haven in the market,” said Charles Hayter, co-founder, and CEO of digital currency data platform CryptoCompare.
According to experts, other Altcoins will not be able to stand the test of time as compared to Bitcoin. This they believe is due to the fact that these Altcoins will find it difficult to recover after this decline.