With the price of Bitcoin rising to a new record and in touching distance of the $13,000 mark, a respected FX and crypto trader believes that while the digital currency's value is unlikely to be slowing in the near future, "Bitcoin will not be able to hold its position as the leader, and will even become obsolete, as other cryptocurrencies become better alternatives for payments and trading."

The virtual currency, which was trading at below $1,000 at the start of 2017, has capped a remarkable year. As its value went past the $10,000 last week some experts believed the asset still had far to soar, while others opined that it represented a speculative bubble with nothing tangible at its core and could burst at any time.