Bitcoin just missed its $300 price target today before pulling back.
Bitcoin bulls are starting to voice some doubts after the cryptocurrency lost steam in what seemed like an inevitable run to a record high of $100K.
“While we are seeing strong buying pressure from institutional investors, particularly from entities like MicroStrategy as part of their ongoing accumulation strategy, the broader crypto ecosystem is seeing a diversification of capital flows from both institutional and non-institutional participants,” said Chris Newhouse, director of research at Cumberland Labs.
As Bitcoin stabilizes, interest is growing in other digital assets, such as the second-largest cryptocurrency Ethereum and XRP, which have lagged behind the No. 1 cryptocurrency during its record-breaking price surge following President-elect Donald Trump’s victory.
This comes after Trump became an advocate for cryptocurrencies, which has increased expectations of the passage of favorable US regulations for the often controversial cryptocurrencies.
