Bitcoin, Ethereum, Ripple all end the week with slight declines
Only Tezos bucks the trend with 11 per cent rise
It has been a quiet week on the cryptocurrency markets with most of the leading coins registering small falls.
Following on from its recent surge on October 25, which was sparked by vocal support for blockchain from the Chinese President, Xi Jinping, (BTC) has remained pegged at between $8,600-8,800 (£6,680-6832).
In the last 48 hours its price has begun to slip slightly below the $8,600 price mark. It showed a loss of 1.75 per cent on Thursday and appears to be dropping even more.
Some experts have speculated that the price will fall more. Bloomberg analyst Mike McGlone thinks the overall trend is downwards. “The best way to describe the market is it is retracing last year’s bear market. It’s in no hurry to take out the old highs – there’s a hangover of the residual selling from the parabolic rally in 2017. There’s just a lot of people who bought it, got way too overextended, who will be responsive sellers.”
Overall there appears to be optimism over Bitcoin’s long term future. A poll of over 350 financial professionals undertaken by blockchain analysis company Chainalysis, which was published yesterday, has revealed that over half of them are backing Bitcoin to outperform the S&P 500 stock index in 2020.
Other cryptocurrencies have also been gently declining in the past few days. (ETH) is currently at $183 (£142), a loss of around 1.7 per cent on the week, while on Thursday Ripple (XRP) was also down – in this instance by 2.62 per cent to $0.270 per coin.
The only altcoin to buck the trend is Ethereum rival Tezos (XTZ). Its 11 per cent jump is part of ongoing gains following the news that a Tezos-backed exchange-traded product (ETP) was successfully launched on the largest stock exchange in Switzerland, SIX, by cryptocurrency firm Amun AG.
FURTHER READING: How to trade Bitcoin