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Cryptos Bounce Back After Selloff, Bitcoin Aims to Regain $60K

Cryptos Bounce Back

Created by TradeOr

3rd Party Analysis 29 Nov 2021

Key Takeaways:

  • Crypto assets bounce back Monday after a selloff on Friday caused by new virus fears
  • Bitcoin price jumps near $58K early in the session, aims to regain $60K apiece

What’s Today’s News in Crypto?

Bitcoin is trying to stage a recovery after it tumbled right after the wider financial markets were knocked on Friday. The world’s biggest cryptocurrency was able to hold the line for a while as stocks were getting hammered. The reason for the major selloff in the markets was a new and potentially more dangerous Covid-19 variant, Omicron, that could probably evade vaccines.

On this note, bitcoin showed resiliency while traditional investors were scrambling to find safety. A few hours into the session on Friday, however, bitcoin finally cracked. In more detail, the orange coin slipped about 8% on the day to reach a six-week low of $53,500 per coin.

Further, the broad cryptocurrency market moved in lockstep and also tumbled. Ether, for example, dived 13% to hit a one-month low of $3,900. Later, the Ethereum token recovered slightly and price bounced back above $4,000 to $4,100.

Still, about $300 billion were wiped from the digital asset market. Early on Monday, the market cap stands at levels slightly below $2.6 trillion, after tokens jumped to start the week.

What’s the Price of Bitcoin?

Presently, the price of bitcoin is trading higher by about 3% around $58,000 apiece. With this in mind, the flagship crypto accumulated fresh buying momentum over the weekend as market participants piled into it.

More precisely, bitcoin’s price remained pinned near $55,000 Saturday and Sunday as traders digested the news that caused the major drop. Crypto proponents are now aiming to get bitcoin back to the $60,000 milestone and pare last week’s losses.

To this end, the market is still in the unknown as to where to take it from here. The Omicron Covid-19 variant is likely to define the week ahead as developments unfold.

Still, bitcoin and crypto enthusiasts continue to believe the market will snap back from the drop given the bright outlook. In practice, investment banks, professional money managers and funds pile on the waiting line to enter the crypto space.

It’s worth noting that investing in crypto has become fairly easy for the retail trader. In that context, consider heading over to our cryptocurrency guide so you can get an idea which coins are hot now.