U.S. Markets open in 4 hrs

Crypto Prices Mixed; Too Soon to Call Bitcoin a Safe-Haven, Analysts Say

Investing.com - Cryptocurrency prices were mixed on Thursday in Asia. Brian Belski, chief investment strategist at BMO Capital Markets, said it is too soon to call Bitcoin a safe-haven asset.


Bitcoin traded 3.1% higher to $12,010.2 by 11:10 PM ET (03:10 GMT).


The move upwards pushed Bitcoin's market cap up to about $210B, or about 68% of the total cryptocurrency market cap.


Bitcoin has now jumped almost 20% in the past seven days. Some called it a safe-haven asset as it surged while stock markets in the U.S. plunged earlier in the week amid escalating Sino-U.S. trade dispute.


However, Belski disagreed.


“Bitcoin has been excessively volatile, especially the last couple of years. It’s the sexy kind of thing to go to now. I don’t base my investments on sex appeal. I base my investment on longer-term perspective,” Belski said in an interview with CNN.


“And I think the longer-term perspective, in terms of Bitcoin being that safe haven, I think it’s way too soon to call that.”


Elsewhere in cryptocurrency trading, Ethereum dropped 0.7% to $224.84, XRP was down 0.4% to $0.31144, while Litecoin fell 1.8% to $91.431.


Related Articles

Coinone Exchange Partners With Two Firms for Improved Safety Measures

New Jersey Issues Stop Orders to Two ICOs in Operation Cryptosweep

Report: Around 300 Addresses Contain 80% of Tether Supply