Investing.com – Prices of both Ethereum and Bitcoin fell on Monday, as investor sentiment soured amid expectations that both cryptocurrencies are poised to extend losses.
On the U.S.-based GDAX exchange, BTC/USD fell to $2,412.7, down $141.2 or 5.53%.
The digital currency has edged lower since hitting an all-time high of $3,000 achieved in June. Some analysts, expect bitcoin to surpass its all-time high but not before dipping below $1857.
In a note to clients, Sheba Jafari, the head of technical strategy at Goldman Sachs (NYSE:GS), wrote that “there’s potential [for Bitcoin] to extend as far as 3,915” but warned that the current period of correction could see the digital currency fall to $1857.
Fresh on the heels of posting its third weekly loss in a row last week, Ethereum followed bitcoin’s move lower, falling to $217.92, down 10.27%.
At current prices Ethereum has a market capitalisation of about $20 billion, well below Bitcoin’s $40 billion.