Bitcoin Stabilizes Near $60,000 After Three Days of Decline

Bitcoin Stabilizes Near $60,000 After Three Days of Decline

Created by TradeOr

3rd Party Analysis 18 Nov 2021

Key Takeaways:

  • Bitcoin price stabilizes above the $60,000-mark after spending three days in decline
  • The crypto market attempts to bounce back from early-week losses

What’s Today’s News in Crypto?

Bitcoin, the world’s biggest cryptocurrency, is aiming to recover its losses accumulated over the past three days. This said, the orange coin stepped into the week on shaky grounds and soon after Monday trading began, the token started dropping.

As a result, three days later, the price of bitcoin has retreated about 10% to reach a November low of $58,400. Further, since bitcoin peaked at $69,000 last Wednesday, its price has dropped by roughly 13%.

Other major tokens were also knocked from their record highs this week. The Ethereum coin, for example, slipped from its peak of $4,860 set last week to $4,060 on Wednesday. In other words, the price of Ether declined about 16% from its all-time high.

Broadly, the value of the entire crypto market dropped from $3 trillion to $2.6 trillion in the span of about eight days.

It’s worth mentioning that crypto traders are essentially living in high volatility. Over the years, bitcoin has lost over 80% of its value at least three times. After every selloff, however, bitcoin has recovered and surpassed a previous record to reach an all-time high of $69,000.

What is the Future of Cryptocurrency?

Nevertheless, the bold bullish predictions for the future of cryptocurrency remain intact. Many crypto analysts point to strong fundamentals for the crypto market. With this in mind, they project bitcoin’s price to continue on its upward trajectory.

Moreover, many traders and investors are confident to enter at current levels believing it’s the right time to buy the dip. If you think the same, be sure to check how to best get into bitcoin by reading our Buy Bitcoin guide.

Besides bitcoin, other digital currencies are expected to grow in value as well. Ether, for example, is projected to cross its recent all-time high of $4,860 by the end of the year. You can read more about getting into alternative coins in our Cryptocurrency guide with some of the best cryptos in 2021.

What’s the Price of Bitcoin?

Presently, the price of bitcoin hovers around $60,000 per coin. With this in mind, the weekly performance of the original cryptocurrency is showing a loss of roughly 6%. If bitcoin fails to climb above its weekly open of $64,200, the asset will log its first negative week in almost two months.