Which coins hold their value when Bitcoin falls?
Bitcoin is bouncing wildly between $14,000 and $17,000 over the past 24 hours. Continuing on its unprecedented run toward the futures trading market, which starts on 12/11, uncertainty prevails. Two schools of thought are emerging: 1) Wall Street derivatives will trash Bitcoin; 2) futures trading will lend Bitcoin much needed street cred.
The vast majority of the biggest market cap coins, including NEO and Dash, have been rising and falling dramatically along with Bitcoin’s swings. Monero, with a high of $262 and a low of $239, and Bitcoin Gold, with a high of $254 and a low of $210, have shown significantly less volatility. While Ethereum had a wide swing between $454 and $400 over the past 24 hours, it’s managing Bitcoin’s tide, trading more steadily around $444. Litecoin also endured a 10% swing but is steady around $100.
While Bitcoin Cash surged to over $1,700, it is currently trading down around $1,400 with wild swings mirroring Bitcoin’s price action, hitting a low around $1,000.
Traders who turn to Tether to staunch the Bitcoin fallout flirt with solvency issues at various exchanges.