Bitcoin Stays Pinned Near $57K; Ether Within 2% of Record High

Bitcoin Stays Pinned Near $57K; Ether Within 2% of Record High

Created by TradeOr

3rd Party Analysis 02 Dec 2021

Key Takeaways:

  • Bitcoin price remains flat near $57,000 in first days of December as altcoins gain
  • Ether, the second-biggest crypto, edges higher to reach within 2% of all-time high

What’s Today’s News in Crypto?

Bitcoin has given way to alternative coins this week. The price of the orange coin has underperformed most other major tokens, especially Ether. To this end, the Ethereum coin rallied over the past several days.

As a result, Ether’s price has gained more than 20% in five days to reach levels near $4,800 per token. More importantly, price approached Ether’s all-time high of $4,860 but fell short by just 2% before crossing it.  Nevertheless, the coin powering the Ethereum network has outperformed bitcoin last month and even this year.

Bitcoin, on the one hand, logged a loss of roughly 7.5% for the month of November. Longer-term, the price of bitcoin is up about 100% since January. Ether, on the other hand, advanced nearly 9% in November. Moreover, the annual return so far for the second-biggest coin is about 540%.

In other words, traders and investors have been rotating to alternative coins, rather than the original cryptocurrency.

What’s the Price of Bitcoin?

Presently, the price of bitcoin hovers fairly flat near $57,000 per token. On this note, the coin traded relatively muted on the first day of December as market participants digested recent developments. In more detail, choppy trading has defined crypto markets recently as new Covid-19 jitters have weighed on sentiment.

Despite short-term price swings and lingering uncertainty, global adoption continues to grow as the crypto space develops. On that front, analysts remain bullish on bitcoin and the wider digital asset market. Further, many crypto participants are now entering the market to buy the dip in bitcoin’s price under $60,000.

Heading into the close of the year, some crypto backers are even expecting a new all-time high for bitcoin. For this to happen, the orange coin would need to gain about 18% to reach its current all-time high of $69,000 apiece.

With this in mind, make sure you check our guide on buying bitcoin. In it, you will get an idea of how easy it is to invest in digital assets and become a crypto trader.