Bitcoin is increasingly looking topped-out as excitement fades over the recent launch of the first futures products to focus on the cryptocurrency. As per CoinDesk's Bitcoin Price Index, the cryptocurrency was last seen trading at $17,000, down from the record high of $19,783 set on Dec. 17. Overall, bitcoin has depreciated by 4 percent in the last 24 hours, according to data source CoinMarketCap, but it's perhaps the movement behind that figure that's most notable.
Bitcoin's 24-hour trading volume has jumped above $19 billion – its highest since Dec. 8. The high volume sell-off indicates strong hands are at play and price weakness could extend over the coming weekend.
Apparently driving the price drop is the rotation of money out of bitcoin (BTC) and into alternatives such as bitcoin cash (BCH) – as shown by the massive gains in the BCH/BTC pair in the run-up to Coinbase's decision to list the cryptocurrency on its exchange platform.
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