Crypto Today: Bitcoin stalls corrective slide, but still below $ 8000 mark
Bitcoin, the world’s largest cryptocurrency clocked fresh record highs at $ 8310 in early Asia before getting aggressively sold-off on the back of profit-taking, as markets believe the rally may be overdone. At the time of writing, BTC/USD drops -3.30% to $ 7975 levels, having stalled its corrective slide at $ 7790.
The ongoing bullish streak in Bitcoin gained extra legs after the Derivatives exchange operator CME Group released early specifications for its planned bitcoin futures product. So far this month, the prices have rallied hard, reaching record-breaking highs on the back of upbeat projections from Goldman Sachs, citing that Bitcoin could soon breach $ 8000 mark, which it did on Nov 16th. Also, the reports of cancellation of the SegwWit2X upgrade continues to drive the optimism around the most traded digital currency with a market capitalization of over $ 131 billion, as reported by coinmarketcap.com.
Meanwhile, the second most dominant digital currency is Ethereum, ETH/USD, also moving in sync with Bitcoin. Ethereum market capitalization sits at $ 95 billion and trades at $ 360.10, down -2% on the day, after having failed again near $ 373.50 levels for the third day in a row.