Cryptocurrency prices today: Bitcoin, Ether down marginally
Premium- Cryptocurrency prices today: Bitcoin, the largest cryptocurrency in terms of market capitalisation was marginally down Sunday at $38,905
Cryptocurrencies have been close to the headlines since Russia invaded Ukraine, with the ever-volatile bitcoin in demand in Russia and beyond.
Bitcoin, the largest cryptocurrency in terms of market capitalisation was marginally down Sunday at $38,905. It slumped for the past three days after jumping 17% from Monday through Wednesday.
Crypto aficionados see bitcoin as "digital gold," a handy place to store cash during war or disaster. Bitcoin, the argument goes, has a limited supply and runs on a global computer network beyond the reach of governments and is therefore safer than traditional currencies.
Things are never that simple. Bitcoin's safe-haven chops are unclear: It often behaves more like risk-on assets such as stocks.
Investors say that during the war bitcoin's characteristics have stoked demand and helped it outperform other traditional havens. Gold is up 2.6% while the US 10-year Treasury yield has fallen 8.7% since last Wednesday.
Yet the moves may do little to settle arguments over bitcoin's safe-haven credentials, analysts said.
"We don't think BTC is being viewed as a safe haven, nor should be, but instead its appeal is it's a supply capped, credit free, digital bearer asset that is proving to be a viable alternative to traditional finance in this current environment," said Richard Usher at crypto firm BCB Group.
Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, declined 0.6% to $2,632. On the other hand, dogecoin price also tanked 0.4% at $0.123343 whereas Shiba Inu was down 1.1% to $0.00002394.
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Leading altcoins lower, Polkadot and Solana were mixed over the last 24 hours, according to data from CoinGecko.
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