Cryptos Edge Higher After Trading Sideways Over the Weekend

Cryptos Edge Higher

Created by TradeOr

3rd Party Analysis 25 Oct 2021

Key Takeaways:

    • Cryptocurrencies aim to retake record market cap of $2.6tn as they move higher on Monday
    • Bitcoin pushed back near $63,000 after sliding to a weekend low of $59,500 per coin

    What’s Today’s News in Crypto?

    After the biggest week for bitcoin and the launch of two Bitcoin ETFs, major cryptocurrencies drifted lower over the weekend. However, buying momentum returned early on Monday and lifted the entire market value back near its record of $2.6tn.

    That said, crypto traders and investors maintain their optimism that the digital asset space is poised to continue moving higher. Market participants today weigh the recent developments over bitcoin. More precisely, the debut of two Bitcoin futures exchange-traded funds in the stock market.

    The ProShares Bitcoin Strategy ETF and the Valkyrie Bitcoin Strategy ETF were the first Bitcoin-centered products to land on Wall Street. Additionally, the two funds, carrying the same name but coming from different firms, are set for their first full week of trading.

    On that note, mainstream money managers and institutional investors will carefully monitor their performance. So far, they have cheered the presence of Bitcoin products in the stock market. Not only that, investors are even expecting more crypto to arrive soon.

    What’s the Price of Bitcoin?

    All the enthusiasm over the Bitcoin-linked ETF pushed the price of the original cryptocurrency to a record high on Wednesday. It’s worth noting that the new peak of $67,000 arrived about three months after bitcoin dropped 55%.

    In more detail, during the month of April, bitcoin jumped to an all-time high of $64,800. Near the end of July, however, the orange coin was trading at its yearly lows under $30,000.

    With that in mind, crypto backers piled into the token and bitcoin skyrocketed about 130%, adding hundreds of billions to its market value.

    Presently, the price of bitcoin is gravitating towards $63,000, up about 2.7% early on Monday. Over the weekend, the leading digital asset slipped to a seven-day low of $59,500 per coin.

    How to Buy Bitcoin?

    As the cryptocurrency market is continuously expanding, it is getting easier to buy bitcoin. In this regard, check our comprehensive guide on How to Buy Bitcoin. The insights will give you all you need to know before making your bitcoin purchase.

    Are you looking to buy alternative cryptocurrencies? Then, check our introduction on buying various digital assets where you will learn specific characteristics for every major token.