Key Takeaways:
- Bitcoin price remains stable near $50,000 per token as crypto market continues climbing
- Major tokens recover for a fourth-straight day on Wednesday as traders buy the dip
What’s Today’s News in Crypto?
The fast-developing cryptocurrency market is aiming higher on Wednesday, for a fourth-straight day, after a rocky weekend. This said, a steep drop on Saturday erased as much as 21% from bitcoin’s valuation. As a result, the biggest coin by market cap slipped to a two-month low at $42,000.
Ether, on the other hand, was hit by an 18% decline the same day as the market wipeout was widespread. The second-biggest token then reached a six-week low of $3,500 per coin.
Today, however, leading coins are flashing green as crypto traders are optimistic to buy the dip. To this end, bitcoin has gained about 1% early Wednesday and boasts a price tag of $50,500. In addition, the Ethereum token is up almost 3% today with price floating near $4,380.
In that context, the digital asset market has been recovering remarkably from the abrupt weekend drop. Ether, for example, already climbed above what it had lost and even gained 4%. Bitcoin, in contrast, is still under its weekend high as buyers have to add about $3,000 more to claw back the losses.
What’s the Price of Bitcoin?
Still, projections for future growth in the emerging crypto asset class remain solid. To elaborate, analysts and economists point to the market’s strong fundamentals, coupled with sky-high demand. Moreover, institutional investors like banks and funds are eager to jump in once regulations arrive.
It’s worth noting that governments around the world are working over the clock to keep up with the rapid expansion of cryptocurrency. Further, they are looking to introduce rules that are expected to allow crypto markets to continue growing.
As time goes by, many market specialists become believers in the future of digital assets. On that front, the crypto asset class is becoming more intertwined with traditional markets like stocks.
This weekend’s drop, for example, highlighted exactly this. A day after stocks on Wall Street dived, cryptocurrencies followed with their own moment of weakness.
With this in mind, the crypto asset class is becoming too big to ignore as many newcomers join the space every day. This said, be sure to check our cryptocurrency buying guide to see how easy it is to become a crypto investor.