On Tuesday Bitcoin’s (Bitcoin) price went down 1.28% settling at the level of $4,282.77 a day after it topped a record of $4,300, gaining almost $1,000 to its rate within a week, Business Insider reported.
According to Mati Greenspan, an analyst at trading platform eToro, this turn around to negative trend can be explained by investors taking some profit after the rapid rise of the crypto currency which just hit a record of $70 billion in its market cap.
"Some profit taking is to be expected. Of course, if it gets out of hand there isn't any real support anywhere close,” he added.
Bitcoin Cash (Bitcoin.Cash) was also retrenching Tuesday morning getting 1.32% down. As well as Ethereum which was sliding 2.20% down against the dollar to $292.51.
"Bitcoin Cash is testing its usefulness. We haven't seen any sort of mass adoption of the bitcoin bastard as of yet. Unless that changes soon it could go to nil. Ethereum is building a range from $200 to $300. ICOs have slowed down so excitement has cooled as well. All things considered, it remains the crypto of choice for developers,” Mati Greenspan explained.
At the same time the market capitalization of all cryptocurrencies reached a record $138 billion on Monday.