Bitcoin prices have been maintaining stability, even as many alternative protocol assets or "altcoins" suffer notable declines. As bitcoin trades within a reasonably tight range, altcoins like ether and bitcoin cash have been falling to multi-month lows. These sharp declines have pushed the value of the digital currency market to as little as $186.2 billion today on CoinMarketCap.
At this point, the broader market has fallen to its lowest value since November 2017, additional CoinMarketCap figures show. In addition, it is down more than 75% from its all-time high of more than $830 billion reached in January. When explaining why bitcoin has been holding value while the broader crypto market falls, some analysts claimed that traders have been flocking to bitcoin as a safe-haven."There seems to be movement to bitcoin as the safe haven in the market," said Charles Hayter, co-founder and CEO of digital currency data platform CryptoCompare.