Cryptos Kick Off November Trading with a Steady Pace

Cryptos Kick Off November Trading with a Steady Pace

Created by TradeOr

3rd Party Analysis 02 Nov 2021

Key Takeaways:

  • Bitcoin and altcoins move mostly sideways early November with prices hugging the flatline
  • Price acceleration, however, is expected to hit the market as the month progresses

What’s Today’s News in Crypto?

The cryptocurrency market entered the month of November with a relatively steady pace. Investors and traders in the digital asset space seemingly took some time to digest recent developments. Moreover, market participants paused to catch their breath after a dizzying October rally and to focus on the new month.

That said, crypto tokens were mostly trading sideways on Monday, the first trading day of the month. In more detail, the entire market cap remained pinned near $2.6 trillion, while major cryptocurrencies gravitated toward their opening levels with no sudden moves.

Still, the Ethereum coin managed to log a session in the green as it climbed about 1% in the quiet session. The price of ether gyrated near the flatline during the entire session. In the late hours, however, the second-biggest coin flipped in the green and closed above $4,300 a coin.

Dogecoin, in the meantime, slipped modestly by about 2% on the day and finished near $0.27.

What’s the Price of Bitcoin?

Bitcoin, the leading cryptocurrency, did not attract any attention throughout the day as it hovered near $60,000. Ultimately, the price of the flagship token closed lower by less than 1% at $60,600 per coin. That said, earlier in the session, bitcoin pushed to an intraday high of $62,500, or a 3% daily gain.

In continuation of yesterday’s slow-paced trading, bitcoin floats near unchanged levels early Tuesday. More precisely, the price of the original digital asset gravitates toward $61,500, slightly higher on the day. Still, the coin remains well-bid a few days after markets celebrated 13 years of the release of the Bitcoin white paper.

Against that backdrop, crypto market enthusiasts expect November to bring heightened volatility and continued price acceleration. After bitcoin logged its best monthly performance by gaining $17,500, or 41%, in October, hopes for a strong November are high.

Not only that, but the November performance is expected to bring a new all-time high as the market keeps growing. Adoption, on the other hand, is showing no signs of stopping.

How to Buy Bitcoin?

With this in mind, new players on a retail and an institutional level are expected to join the crypto market this month. On that note, check our Buying Bitcoin guide to familiarize yourself with all details before joining the crypto rally.