Bitcoin slept drastically on Monday after hitting a new all-time high of $58,354 a day before, as a sell sentiment in global equities restrained risk appetite.
The world’s top crypto asset enjoyed another glorious rally during the weekend, hitting new record highs, boosting enormously (almost doubling year-to-date). Bitcoin’s market cap touched an unbelievable $1 trillion on Friday.
Bitcoin’s success has been driven by news that it is going to be accepted by the mainstream investors and companies such as Tesla (NASDAQ:TSLA) Inc and Mastercard Inc (NYSE:MA) and BNY Mellon (NYSE:BK).
Nevertheless, Bitcoin fell about 6% on Monday, and was last spotted trending down 4.4% at $54,941 (as of this writing). Bitcoin’s major competitor, Ether, decreased 7% and touched $1,798 after reaching its own all-time high on Saturday.
Investors explained that the action was majorly technical, and not triggered by any specific news.
“We did finally see some momentum gathering over the weekend, but weekend rallies haven’t been sustainable lately,” commented a cryptocurrency broker, Joseph Edwards (Enigma Securities, London).
“We do tend to think that there’s a good chance of a down week and small correction coming in off of this, although it does little to dull medium-term prospects,” he added.
Tesla CEO and founder Elon Musk, whose tweets strengthened and elevated bitcoin and ether said on Saturday that BTC price was still very hig.