The Bitcoin price (BTC/USD) has managed to stay near its recent highs, despite experiencing some fluctuations over the past 24 hours.
The original cryptocurrency spent the better part of the Monday session defending its weekend gains. The digital coin had a slow start, with its price falling to an intraday low of $7,208.15 in the morning session. Its performance improved in the afternoon, allowing Bitcoin to hit a one-month high of $7,317.94. However, this was immediately followed by a sharp pull-back that resulted in Bitcoin finishing the day in the red. The digital currency closed the session at $7,260.06, down from its opening level of $7,279.03.
The digital currency has edged higher in today’s morning session, moving closer to the $7,300 mark. The coin briefly topped the level earlier in the session, with its price rising to an intraday high of $7,306.47. At the time of writing, the Bitcoin price was hovering around $7,300, according to data from digital currency tracker Coinmarketcap.
Bitcoin has been struggling this year amid growing regulatory pressure, crypto exchange hacks and a bearish market sentiment. But while the coin has fallen more than 50% from its December high of around $20,000, some experts remain confident that the digital currency will succeed in the long run. Online publication TheStreet recently interviewed a number of industry experts, who expressed optimism about the coin’s future. Among them was Hermann Finnbjörnsson, founder and chief executive officer of digital asset analytics firm Svandis.
“[There's] Less than a 1% chance in my mind that bitcoin won't succeed,” Finnbjörnsson said, as quoted by TheStreet. “I think that there are a lot of reasons to be bullish on bitcoin. Banks are getting into bitcoin.”
Finnbjörnsson also expects that the Bitcoin price will hit “$10,000 by the first week of November”. He thinks that the plan of the New York Stock Exchange's parent company, Intercontinental Exchange, to launch a Bitcoin ETF on November 5, could support such a surge.
In today’s trading, the Bitcoin price stood at $7,294.83, as of 10:06 BST. The coin has gained 0.7% in the past 24 hours.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.