according to the news at CNBC here is why:
the coin has seen better days. After surging last December to around $19,500, bitcoin has declined more than 50 percent since the start of the year. On Thursday, amid increased regulatory scrutiny in the cryptocurrency space, the coin fell yet again this time below $8,000, where bitcoin had hovered for several weeks. Late Friday, bitcoin changed hands around $7,400.
Regardless, Bogart(a partner at blockchain capital) said it's still a buy. In fact, he said it's the only coin traders should be buying as the coin becomes more mainstream.
Many of the other forms of cryptocurrency, Bogart said, are "over-promising and under-delivering. Meanwhile you have a few that are kind of excelling at their use cases. Bitcoin being one of them." Bogart recommended selling coins like Cardano, TRON, IOTA and NEO.
"A lot of those tokens are overvalued," Bogart said. "They could be go up significantly, but they also have significant headwind." Alternatives like ethereum, ripple, bitcoin cash and EOS, however, he described as "neutral" and he told investors to hold for now.
what are your insights why does bitcoin still a buy in spite of all the losses?
despite of all losses bitcoin still a buy in the market because,in terms of price value and popularazation bitcoin is still the best and rank no 1 coin in crypto market otherwise even due bitcoin value is still going down,the others coins also affected and all will turn to red zone and i thinks that they carried away because of loosening of bitcoin price , therefore i conclude that bitcoin is mainstream of all coins in the cryptocurrency because if its dump all carried over and if its pump all crypto coins will become profitable.