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Bitcoin, Ethereum Tick Higher Over the Weekend as Cryptos Gain Steam

Bitcoin Ether Tick Higher

Created by TradeOr

3rd Party Analysis 13 Dec 2021

Key Takeaways:

  • Bitcoin price climbs above $50,000 on Sunday as traders are eager to start the week
  • Ether, the second-biggest token, hit a milestone of $4,200 after an 8% weekend rise

What’s Today’s News in Crypto?

Bitcoin and the wider cryptocurrency market pushed higher over the weekend as traders increased risk appetite after the recent fall. The price of bitcoin, the world’s biggest crypto asset, peaked at a weekend high of $50,750. Prior to it, the benchmark token slipped at a weekend low of $46,700.

In other words, bitcoin advanced more than 8% in the past couple of days as market participants bought the dip. While the orange coin is still in decline in the short term, it has gained more than 70% this year.

More precisely, the token opened this year’s trading with a price of less than $30,000 in early January. Now, the price of bitcoin is trading at levels around $50,000. Still, this is about 29% lower than the asset’s record high of $69,000 set Nov. 10.

Ether, the second-largest cryptocurrency by value, saw its price boosted to $4,200 earlier today after an 8% weekend rise. That said, the Ethereum token has retreated a bit and is currently trading near $4,000 per coin.

What’s the Price of Bitcoin?

Early Monday, bitcoin is hovering near $49,000 after a minor pullback from the weekend highs. Nevertheless, leading tokens appear to have regained some ground after a strong selloff in early December.

Since then, sweeping volatility has taken the price of bitcoin higher by about 15%. Ether, in the meantime, has advanced about 14% for the same period.

Broadly, the entire cryptocurrency market cap is now gravitating toward a valuation of nearly $2.3 trillion. For comparison, the all-time high in early November was slightly above $3 trillion. 

What is the Future of Cryptocurrency?

The future of cryptocurrency remains bright as the nascent space is awaiting regulation from the US. Considered a key milestone in the market’s development, a US regulatory approval could propel prices to new record highs.

On this note, a global crypto outlook released by Bloomberg Intelligence places bitcoin at $100,000 in 2022. Moreover, the research presents a very optimistic view, telling US regulation is expected to benefit cryptocurrencies.

“We expect the U.S. to embrace cryptocurrencies in 2022, with proper regulation and related bullish price implications,” the report states.

Further, Bloomberg analysts say “Bitcoin appears to be on a trajectory for $100,000,” as crypto adoption continues to expand.

“We see it as more of a question of time, notably due to the economic basics of increasing demand vs. decreasing supply.”

With this in mind, be sure to check our bitcoin buying guide where you’ll see how easy it is to join crypto.