Bitcoin, Ether Slide but Prospects for 2022 Remain Strong

Bitcoin, Ether Slide

Created by TradeOr

3rd Party Analysis 17 Dec 2021

Key Takeaways:

  • Bitcoin price slides under $48,000 while Ether hovers near $3,900
  • Prospects for growth in 2022 remain strong with mainstream adoption likely to accelerate

What’s Today’s News in Crypto?

Bitcoin and the wider cryptocurrency market slipped early on Friday as market participants took a more cautious approach. This said, the mood has been jittery this week with major tokens swinging around the flat line.

Bitcoin, for example, has been gyrating near $50,000 as investors are unable to produce a clear break above the threshold. Further, the original cryptocurrency is pointing to a modest loss for the week. In detail, if bitcoin closes today below its Monday open of $50,000, this would be the token’s fifth consecutive week in the red.

Still, prospects remain bright even though momentum has gradually waned over the week. Major cryptocurrencies are expected to continue rising, analysts say, as mainstream interest is increasing daily. Moreover, the market is still early in its adoption cycle and many more people are projected to join next year.

What’s the Price of Bitcoin?

In that context, bitcoin’s price today is pressured and is currently trading near $47,000 per coin. In other words, the flagship token has declined about 30% from its all-time high set Nov. 10. According to crypto enthusiasts, this level could be seen as an attractive opportunity to hop in and buy the dip. Still, bitcoin boasts an annual gain of about 60%.

Ether, on the other hand, is presently trading near $3,900 per token. That places the Ethereum network’s native coin among the biggest winners this year with over 400% gain since January. To this end, Ether rallied more than 570% this year to hit a record high of $4,860.

What is the Future of Cryptocurrency?

With this in mind, we move forward to next year. Bitcoin, Ether, and the broad crypto asset market are expected to continue growing as they enjoy widespread acceptance. More precisely, the entire cryptocurrency market, now comprising of about 400 million people, is likely to see millions of users join.

Not only that, but investment banks and other financial institutions are eager to play a role in the fast-developing crypto asset class.

This said, be sure to check our bitcoin buying guide. In it, you’ll see how easy it is for anyone to join the market and become a crypto investor.