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Bitcoin Rally Slows Down, Price Retreats from Record High

Bitcoin Rally Slows Down, Price Retreats from Record High

Created by TradeOr

3rd Party Analysis 22 Oct 2021

Key Takeaways:

    • Bitcoin’s price surge has cooled down as the token slips to Friday levels near $63,000
    • Ethereum’s native token, ETH, almost tops previous high but stops just $20 short

    What’s Today’s News in Crypto?

    A slight cool down in the red-hot cryptocurrency rally halted the price of bitcoin on Thursday and early Friday. After bitcoin hit an all-time high of $67,000 on Wednesday, the original cryptocurrency retreated from its peak the next day.

    Despite several attempts from bitcoin bulls to sustain the rally, bitcoin’s price declined on Thursday. In other words, the orange coin broke its three-day winning streak and lost about 5% on the day. However, the increased volatility over the past few days is causing wild fluctuations in the price.

    Presently, it is not unusual for bitcoin to trade at a certain price and after a minute that price could be higher by $400. On that note, the elevated uncertainty in the short term is something cryptocurrency backers have learned to live with.

    What’s the Price of Bitcoin?

    The price of bitcoin currently is roughly $63,500 per token. Despite the slight pullback from yesterday, the flagship token is still performing remarkably well this month. Since October started, bitcoin has gained about 45% from levels near $43,000.

    Longer-term, the orange coin has advanced almost 120% from its opening price in January.

    Ethereum Jumps Near Record

    While bitcoin traders are working on price discovery, Ether is increasingly jittery over the second half of the week. On Thursday, for example, Ethereum’s native token surged about 5% in a matter of a few hours.

    Furthermore, the second-biggest crypto-asset almost eclipsed its previous all-time high of $4,790 set in May. In more detail, Ether jumped to a session high of $4,370, or just $20 short of its record. Nevertheless, the native cryptocurrency on the Ethereum network remains well-bid, presently trading near $4,200.

    What is the Future of Cryptocurrency?

    The future of cryptocurrencies, according to analysts, has brightened significantly in the past three weeks. In such a relatively short period, major milestones were achieved that helped the crypto market tremendously.

    Among them, a regulatory stance from US regulators that promises to be crypto-friendly. Also, hedge fund managers and legendary investors like Paul Tudor Jones and George Soros have backed bitcoin. Even Russia’s President, Vladimir Putin, said cryptos have value. And, in conclusion, the first-ever Bitcoin futures ETF arrived on Wall Street, opening the doors for millions of crypto market participants.

    Against this backdrop, are you looking to invest in bitcoin or an alternative cryptocurrency? Simply head over to our Cryptocurrency 2021 guide that will give you all the insight you need.