CoinDesk Launches 2017 Year in Review Opinion and Analysis Series
Bitcoin Price Dilemma: Bull and Bear Paths in Play
Omkar Godbole
Dec 13, 2017 at 14:00 UTC
NEWS
Fresh off all-time highs, bitcoin is trading sideways and showing signs of bull exhaustion.
As per CoinDesk's Bitcoin Price Index (BPI), the world's largest cryptocurrency by market capitalization is trading at roughly $16,850. But despite the high price, according to data source CoinMarketCap, BTC has only gained a meager 0.70 percent in value in the last 24 hours, a slight move that contrasts with a stellar performance for alternative currencies.
For example, XRP, the cryptocurrency that powers the Ripple network, is up 67 percent on the day, while ether is up 25 percent and looking higher.
As noted yesterday, the stellar performance of ether, litecoin and other alternative currencies could attract new buyers, thus capping the upside in BTC. Also, comments on social media indicate investors are expecting sideways action followed by a drop after the bitcoin futures listing by the CME Group this Sunday.
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