The price for bitcoin continued to fall after Wednesday’s record high. At 14:01 UTC, bitcoin was trading at $7,131.62, down 4.39% from its price 24 hours ago.

That figure is also a decline of more than $700 from yesterday’s record high of $7,848. The cryptocurrency reached that figure after a scheduled hard fork in its blockchain, which would have increased block size and transaction throughput, was cancelled. (See also: Bitcoin Price Hits New Record After November Fork Is Called Off.) 

Traders construed the development as a sign of affirmation in the original coin’s blockchain. However, they seem to have changed minds today.

Even as bitcoin and Bitcoin Cash, the cryptocurrency formed after an August fork, declined in value, prices for other cryptocurrencies were up. Among the top 10 most-traded cryptocurrencies, IOTA – a cryptocurrency that supports Internet of Things (IoT) transactions – was up by 31.08% in the last 24 hours, to $0.55.

The prices for NEO and Monera also increased, rising by 19.93% and 14.68%, respectively, to $31.95% and $0.20. The flow of funds boosted the overall market capitalization for cryptocurrencies to $205 billion.

Today’s decline in bitcoin price is premature but not unexpected. According to Alex Sunnarborg, co-founder of cryptocurrency hedge fund Tetras Capital, volatility was expected after the November hard fork as traders had planned to rebalance their portfolios into alternative cryptocurrencies after receiving new bitcoin from the fork. (See also: November 2017 Hard Fork Is Huge But Not Universally Welcomed.) 

Online publication CoinDesk has predicted a fading of bitcoin prices in the short term. “The price analysis points to a potential bearish reversal pattern,” the publication wrote, adding that bitcoin’s prices could hit $7,000 levels. But it had a favorable perspective of bitcoin’s long-term value because the fork cancellation had reduced uncertainty.

That assessment is shared by industry observers. Sunnarborg said he was bullish in the long-term and sees “significant upside” for the cryptocurrency. He pointed out several developments, from news and actual launches of bitcoin-related futures to crypto funds deploying capital and the dissolution of uncertainty with calling off of the fork as events that were positive for the currency’s future. (See also: CME To Launch Bitcoin Futures.) 

In the meanwhile, bitcoin’s path towards mainstream adoption is “pretty clunky," according to the CEO for Citigroup Inc. (C) Michael Corbat. He said the bank had witnessed “fairly limited and concentrated” interest from investors. Corbat laid faith in bitcoin’s underlying technology, blockchain, and “what it represents in terms of next things coming down the pike."

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