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Bitcoin price drops following record highs this weekend

Following Sunday evening’s high of $7,575.72, Bitcoin’s price has dropped back to pre-weekend levels. By 3:55 PM UTC on Mondat, Bitcoin was trading at around $7,268.26. The trading volume of the infamous cryptocurrency also dropped on Friday, from $3.6 billion down to $2.7 billion.

Alternative cryptocurrencies to bitcoin, such as those listed on CoinMarketCap.com’s remaining top 10 cryptocurrencies, all indexed gains. This is fairly unusual, as most cryptocurrencies have mostly moved in lockstep with bitcoin.

Etherium Classic – rising by 10.51%, NEM – rising by 13.35%, and Bitcoin Cash – rising by 9.18% were the largest gainers, with the last hour’s trade finishing at $14.90, $0.1882 and $637.93 respectively.

General investor consensus on the predicted future of Bitcoin’s price is that it will increase as we approach the end of 2017. However, one influential analyst, the derivatives trader and technical analyst Tone Vays, said on Sunday that Bitcoin has reached its monthly high and its value is unlikely to increase.

On a video posted on YouTube by the analyst, Vay went on to say “The chances that we are going to have four more weeks that are going to close higher than this week’s candle are very, very difficult,”. Vay also went on to discount the role of the upcoming Segwit2x hard fork as grounds for a bullish outlook on Bitcoin’s value.

In other news, Jameson Lopp, founder and lead developer of Blockchain security company BitGo, said this week that Bitcoin globally ranks 32nd in its value of circulation, putting the popular cryptocurrency just behind the UAE and Finland, and in front of Singapore and South Africa. It’s also been reported that Bitcoin exchanges in China have been altering their business models in light of the state’s regulatory crackdowns.

Bitcoin’s near-term future is very much in debate, with proponents of gains and losses being prophesied on both sides of the spectrum. One thing for sure is that investors will be closely monitoring the cryptocurrencies candle for clues as the year comes to a close.

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Frances is a writer for Crypto Daily™, and she is responsible for bringing you the latest news on everything that is related to the Crypto world. She has a keen interest in Cryptocurrencies, and has many years of experience writing in all different roles. She is incredibly passionate about writing, and this combined with her interest into the finance, and virtual currency sector means that you are kept up to date with all of the latest news and information regarding all cryptocurrencies.