After a week of ups and downs, prices show that Bitcoin might have finally managed to find some stability. Bitcoin now has seemingly come to rest at around the $6,300 mark, with it wavering somewhere between $6,100 and $6,400 over the past day or so.
Although this is nowhere near what its value was when the coin was at its peak, it is still up when you compare it to the dramatic drop in price that it went through last week. Although at the moment the coin seems to be faring pretty well, some of the leading alt coins have outperformed the Bitcoin today. Some of these include the likes of Ethereum, who saw gains of 3.75%, and XRP who saw gains of 4.5%.
Some other coins have not been fairing so well this week however. EOS, Stellar Lumens and Bitcoin cash haven’t seemed to have risen at all over the past few weeks, and although this may be considered better than a drop in price, it still would have been nice to see a little bit of movement in the right direction.
Regardless of this news, there are still a great number of people who believe that a huge reversal is just around the corner, with prices likely to be on the rise again.
When trying to explain why Bitcoin seems to be holding its value while some of the broader crypto markets have been falling around it, some analysts say this is because may traders see Bitcoin as a safe haven, and are throwing their funds in that direction. Essentially, Bitcoin is the driving force behind the market, and many people have the faith in Bitcoin’s ability to stand the test of time.
People believe that some of the lesser known altcoins will not be able to recover after this bear market, yet Bitcoins should be able to stand the test of time.