Bitcoin Price Steady for the Week as Adoption Advances

Bitcoin Price Steady

Created by TradeOr

3rd Party Analysis 03 Dec 2021

Key Takeaways:

  • Bitcoin continues to trade in a range as December trading kicks off on a calm note
  • Ethereum keeps some gains for the week, up about 6% since Monday to trade at $4,550

What’s Today’s News in Crypto?

The price of bitcoin is looking to close the week relatively flat to slightly negative as momentum has turned sideways. Additionally, if the orange coin declines above its weekly opening price of $57,200, this would be the token’s third week in the red.

Still, the original cryptocurrency managed to bounce back from last week’s lows near $53,500 per coin. To this end, the price jumped to a session high of $59,100 but later pulled back as traders folded their bets.

Ether, the second-largest token in the market, is looking to preserve some of its gains for the week. The Ethereum coin is presently trading near $4,550 and is up about 6% since Monday.

Ether has outperformed bitcoin not only for the week but also for the year. In numbers, the price of the flagship token has added about 100% this year. In contrast, Ether’s valuation has soared over 540% for the same period.

What’s the Price of Bitcoin?

Currently, the price of bitcoin is trading slightly below $57,000 apiece. In other words, less than 1% to the downside for the week. In that context, traders and investors are showing increased appetite to go in the market and buy the dip.

This said, make sure you check our guide on buying bitcoin. In it, you will find all you need to know about making your first bitcoin purchase.

 

What’s the Future of Cryptocurrency?

Meanwhile, investment giant Fidelity launched for trading in Canada two bitcoin ETFs. In more detail, Fidelity Canada now offers a bitcoin exchange-traded fund and a bitcoin mutual fund to Canadian market participants.

The announcement comes amid increasing demand by retail traders and institutions to get exposure to cryptocurrency. To this end, the market is expected to continue growing as it welcomes new players every day. In that context, the future of cryptocurrency remains bright and investor optimism over crypto stays elevated.