RATE Group | Bitcoin Wobbles on 2 Percent Drop as Altcoins Fall Harder
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Bitcoin Wobbles on 2 Percent Drop as Altcoins Fall Harder

03 Oct Bitcoin Wobbles on 2 Percent Drop as Altcoins Fall Harder

Posted at 12:44h in Bitcoin News by

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Bitcoin (BTC) stemmed losses compared to many major altcoins Wednesday, October 3, as news hit of crypto exchange Coinbase’s reported $8 billion valuation.

Market visualization

Market visualization by Coin360

Data from Cointelegraph’s price tracker and Coin360 shows Bitcoin proving a safe haven against all but one of the top ten crypto assets, losing around 1.6 percent in the 24 hours to press time.

BTC/USD had grown over the past week to hit $6,783, before a correction saw prices return to match their position on September 27, trading now at around $6,478 by press time.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Despite investors seeing potential in companies such as Coinbase going forward, the outlook for Bitcoin’s protracted bear market meanwhile remains mixed.

Analysis published October 1 gathered technical data to suggest that the largest cryptocurrency is “still overbought,” leaving room for further downside before its fortunes reverse for good.

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