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

© Reuters.

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 $210 billion, 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.