2 months ago
Cryptocurrency News

Bitcoin Steady as Cryptocurrencies Slip, on Track to Close Out 2018 Bear Market

Investing.com - Bitcoin hovered around the unchanged mark on Thursday amid a small selloff in rival cryptocurrencies as investors prepared

Investing.com - Bitcoin hovered around the unchanged mark on Thursday amid a small selloff in rival cryptocurrencies as investors prepared to close their books on the 2018 bear market.

Bitcoin rose 0.1% to $3,727.20 on the Investing.com Index as of 10:53 AM ET (15:53 GMT).

The largest digital currency by market capitalization was on track to close out the year with more than a 70% annual decline.

“It was the year the bubble popped, with a resounding crash heard around the world. The entire asset class took a beating and no cryptocurrencies were spared,” Investing.com analyst Clement Thibault wrote in his yearly review of the industry.

Thibault pointed out that other digital rivals such as Ethereum, XRP and Bitcoin Cash registered even larger losses in 2018.

While this expert thinks cryptocurrencies should still be considered “viable assets”, he recommends adopting a more classic investing strategy with regard to the digital assets.

“Don’t let FOMO (fear of missing out) rule. Instead, keep a clear head and choose your bets wisely.

In other cryptocurrency trading, ethereum, or Ether, decreased 1.6% to $122.94, and Litecoin was at $29.24, off 0.4%, while XRP slipped 1.0% to $0.36063.