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Bitcoin was immune to overnight volatility in global markets

People shelter against rain in Hangzhou. Photo: ChinaFotoPress/Getty Images

Despite increased volatility across global markets last night, the world’s biggest cryptocurrencies stayed clear of the drama.

Escalating tensions between the US and North Korea have rattled major assets classes this week.

Overnight, US stocks snapped out of their recent calm streak, falling by 1% as bond yields rallied and money moved into safe haven fiat currencies such as the Japanese yen.

But while that was happening, the price of Bitcoin (the world’s biggest cryptocurrency) was little changed.

In fact, it edged higher and a short time ago was trading around its recent record high above $US3,440.

Investing.com

Across the board, there was relatively little movement among the world’s biggest cryptocurrencies by market capitalisation (calculated as the number of coins on issue multiplied by their individual value).

Bitcoin off-shoot Bitcoin Cash didn’t fare so well, falling by almost 10% to $US275 as users reported problems trying to sell their coins.

Bitcoin Cash was set up last week following a split of the currency, as a group of Bitcoin developers created a separate version in an effort to speed up transaction volumes.

But Ethereum, the world’s second biggest cryptocurrency, also experienced minimal volatility.

The price of an ether token, which trade on the Ethereum blockchain network, was holding steady at just below $US300 after hitting a high of $US308.08 overnight.

Although cryptocurrencies can be subject to wild swings in value, the pricing moves overnight suggest that they have little correlation to traditional market moves.

The table below shows the latest valuations of the world’s 10 biggest cryptocurrencies.

Aside from Bitcoin Cash, the latest price moves to the downside were relatively muted (and for Neo, China’s first open-source blockchain, the opposite was true — it had a big night):

Here’s the list (via coinmarketcap.com):

Source: coinmarketcap.com

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