Market visualization by Coin360
Bitcoin (BTC) is down just over 1 percent, trading around $6,340 at press time. After a period of protracted stability, the top coin has seen a short-lived burst of price action of late, growing Nov.7 to break above the $6,500 mark.
Bitcoin has since corrected downard to trade close to the start of its weekly chart, where it is seeing virtually no price percentage change to press time. On the month, Bitcoin is down a mild 3.6 percent.
Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index
Bitcoin pioneer Jeff Garzik – reportedly the “third-biggest contributor” to Bitcoin’s code and one of Bitcoin creator Satoshi Nakamoto’s key collaborators – gave an interview today in which he reflected that:
“[Bitcoin] hasn’t evolved in the direction of high-volume payments, which is something we thought about in the very early days: getting merchants to accept Bitcoins. But on the store-of-value side it’s unquestionably a success.”
The market’s largest altcoin Ethereum (ETH) has also sustained a fractional loss, down just over percent to trade at $211. Correlating with Bitcoin, the altcoin saw an intra-week spike at around $220 Nov. 7, and has since jaggedly shed value down to its current price point.
Nonetheless, on the week, the asset remains a strong 6 percent in the green, with monthly losses at around 7.2 percent.