(Bloomberg) — Bitcoin, the oldest and largest cryptocurrency, has asserted itself over rival coins as Russia’s invasion of Ukraine sent convulsions through asset markets. Since crypto tokens started rallying on Monday, Bitcoin’s 16% advance over the past four days beat smaller coins like Ether, XRP and Litecoin by a wide margin.
“Bitcoin enjoys a special status in the current juncture as it represents the only cryptocurrency that is perceived as a substitute to gold and thus as a hedge to a catastrophic scenario,” said JPMorgan Chase & Co.
strategists led by Nikolaos Panigirtzoglou.
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
