Cryptocurrencies traded lower on Thursday, with bitcoin, the best-known cryptocurrency, falling toward a crucial support level.
A single bitcoin
was fetching $3,632.70, down 2.4% since Wednesday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange. A fall below the closely watched support at $3,500 could bring a 14-month low at $3,460 in play.
Read: Opinion: Bitcoin is close to becoming worthless
What are analysts 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.”
Read: A looming death cross for the S&P 500 highlights a stock market in tatters
Bitcoin Cash continues to slide
Altcoins—the group of more than 2,000 coins other than bitcoin—are trading sharply lower on Thursday. Ether,
is down 5.8% at $95.80, Litecoin
is off 3.4% at $28.13, XRP,
is lower by 4% at 32 cents and Bitcoin Cash
continues to struggle in the aftermath of its hard fork, trading down 13.7% to $112.40.
Read: UnitedCorp files suit against Bitmain, Roger Ver, Kraken and others over alleged manipulation during Bitcoin Cash hard fork
Bitcoin’s relative outperformance has seen its market share of all cryptocurrencies rise to 54.7%, the highest level since Sept. 20, according to data from CoinMarketCap.
In futures trading, the Cboe Global Markets December contract
finished Thursday down 5.5% at $3,587.50, while the CME Group December contract
ended the day down 3% at $3,595.
Read: Why bitcoin — by design — won’t become worthless, according to this crypto heavyweight
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