Crypto Today: Biticoin retreats after hitting all-time high beyond $8,100
The bitcoin prices continued scaling higher over the weekend and reached an all-time high level of $8,101.91 on Sunday, albeit has retreated back to $8,000. The move followed a recent slump from the previous high of $7,562.47 on Nov. 5 to $5,650 on Nov. 12.
News surrounding the cancellation/upgrade of the SegWit2x appeared to be a key catalyst behind a sudden spike in volatility over the past two weeks. Against the backdrop of CME Group’s announcement to launch BTC/USD future contracts, entry into the mainstream financial markets is now believed to be fueling the ongoing rally.
Bitcoin’s market share of the total cryptocurrency stood roughly around 56%, followed by Ethereum at just over 14%.
The Ethereum market is also beginning to show signs of life, with prices for the ETH/USD pair pushing through the $350 region and looking good to play catch up with bitcoin.