The world's largest cryptocurrency was last down 1.3 percent
at $65,184 after hitting a record $67,016 on Wednesday, but still above a
previous peak of $64,895 seen in April.
"We think its going to go higher and we can get to 80
or 90,000 by the end of this year easy, but that won't be without volatility,"
said Matt Dibb, COO of Singapore-based Stack Funds.
In the past few days, he said, traders were starting to pay
high rates to borrow to buy Bitcoin futures, "and that's a sign that we
could be a bit overextended, and there could be a pullback to come."
He added he anticipated traders would rotate out of Bitcoin
and into major 'Altcoins' - other cryptocurrencies.
Ether, the world's second largest cryptocurrency, rose 1
percent to $4,203 and there were also sharper gains in smaller tokens.
Market players say the latest wave of buying has been
supported by the launch of the first US Bitcoin futures-based exchange-traded
fund (ETF) with investors betting this will open a path to greater investment
from both retail and institutional investors.
Existing Bitcoin exchange-traded funds and products have
seen sharp inflows since September.
Average weekly flows to bitcoin funds totalled $121.1
million in October, up from $31.2 million a month earlier, data from
London-based CryptoCompare shows.
The three months prior to September had seen outflows following steep losses for bitcoin in May and June. -Reuters
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