Bitcoin, the world��s biggest digital currency on Monday, traded higher, punching above $8,500 in early action. However, the digital-currency market more broadly wasn��t faring as well, with most virtual assets kicking off the week in decline.
After reaching a weekend high of $8,575.99, bitcoin has retreated and a single bitcoin BTCUSD, -1.87% was last worth $8,468.71, down 1% since Sunday��s levels at 5 p.m. Eastern Time on the Kraken exchange.
Despite the sluggish start to the week, sentiment remains high. The CEO of Atlas Quantum, one of Brazil��s largest crypto trading platforms, Rodrigo Marques, said in an email to MarketWatch that the move under $8,000 was an interim low for bitcoin, adding that he expects bitcoin to reach $20,000 in six months, recapturing levels it hasn��t approached since December.
Read: A recent shift in Uranus means big things for cryptocurrencies
In further positive news for bitcoin enthusiasts, futures trading showed most investors aren��t giving up on the No. 1 digital currency. ��We saw many traders roll out from May to June over the past few days,�� wrote Peter Lusk, senior instructor at the Cboe Global Markets Inc. ��Rolling futures to a further-dated contract is typical when near-term futures move toward expiration.��
Holders of bitcoin futures could have opted to exit their position and settle.
Read: The advent of bitcoin futures sparked the selloff from $20,000, says San Francisco Fed
What are altcoins and futures doing?Altcoins, or those considered alternatives to bitcoin, have stumbled out of the blocks Monday. Ether ETHUSD, -2.81% �is down 1.4% to $709.00, Bitcoin Cash BCHUSD, -5.77% has lost 4.4% to $1,242.60, Litecoin LTCUSD, -3.72% �is off 3.1% at $135.86 and Ripple��s XRP coin XRPUSD, -3.80% last traded at 69 cents, down 2.5%.
Futures are trading higher early Monday after the spot rally over the weekend. The Cboe June contract XBTM8, +2.15% �is up 3.1% at $8,515, while the May contract traded on BTCK8, +2.07% �is up 3.3% at $8,500.
CryptoWatch: Check bitcoin and other cryptocurrency prices, performance and market capitalization��all on one dashboard
Quote References BTCUSD -160.24 -1.87% ETHUSD -20.21 -2.81% BCHUSD -75.00 -5.77% LTCUSD -5.22 -3.72% XRPUSD -0.03 -3.80% XBTM8 +177.50 +2.15% BTCK8 +170.00 +2.07% Show all references MarketWatch Partner Center Most Popular
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