The rally in Bitcoin came to an abrupt end Tuesday, as investors appeared to take profit on the recent rally which saw the digital currency surge above $4,400 for the first time in its history.
On the U.S.-based Bitfinex exchange, bitcoin rose to $4051.2, down $194.3 or 4.58%, easing from its all-time high of $4,430.9 posted earlier during the session.
Despite the tick lower in Bitcoin, the digital currency remains one of the top performing assets over the year, boasting gains of about 400%, as investor interest in the cryptocurrency space soared, following news that software upgrade SegWit was ‘locked in’ last week.
SegWit short for “segregated witness – a software upgrade to speed up transactions on the bitcoin network – is set to roll out on the bitcoin network over the next few weeks.
Bitcoin could come under further pressure, however, as there is a possibility of yet another split in Bitcoin in November, when second phase SegWit is implement.
Bitcoin Cash mirrored Bitcoin’s move lower, falling 0.25% to $297.
Meanwhile, Ethereum, fell by 4.36% to $284.84.
Investing.com
