LONDON — The price of bitcoin is dipping on Tuesday morning, after big gains over the last few days.
Bitcoin is down 1.28% against the dollar to $4,282.77 at the time of writing (7.45 a.m. BST/2.45 a.m. ET).Markets Insider
The dip follows several days or big gains and record gains. Bitcoin broke through $4,000 a coin for the first time early on Sunday morning, a new record high, and continued to rise throughout Monday and early on Tuesday morning, peaking at $4,339.79. Investors are likely taking some profit after the rapid rise.
Mati Greenspan, an analyst at trading platform eToro, told Business Insider: “Some profit taking is to be expected. Of course, if it gets out of hand there isn’t any real support anywhere close.”
Elsewhere, Bitcoin Cash, the cryptocurrency that was split off from Bitcoin at the start of the month, is also retrenching. Bitcoin Cash is down 1.32% against the dollar to $299.45 at the time of writing.
Ethereum, the other major cryptocurrency by market capitalisation, is sliding too. Ethereum is down 2.20% against the dollar to $292.51.
Greenspan said: “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.”