- At its Tuesday high, the price of bitcoin was just 12% away from its all-time peak of $64,800
- The recent rally in cryptocurrencies elevated the entire market above $2.3tn
What’s Today’s News in Crypto?
Bitcoin and cryptocurrencies hovered near unchanged levels early on Wednesday. Still, bitcoin has gained nearly 100% since its lows in July. Moreover, the token has been in a steep upside swing this month with only four days in mildly negative territory.
That said, crypto supporters remain confident that a new all-time high for the original cryptocurrency is possible before the end of the year. In order for this to happen, the price of bitcoin would need to gain another 15% from its current market price.
What’s the Price of Bitcoin?
The leading digital currency is now trading near $56,000 per coin. The price of bitcoin slipped slightly on Tuesday but remain within its recent highs. It’s worth noting that during Tuesday’s session highs, bitcoin hovered just 12% away from its all-time record set on April 14. Back then, the orange coin surged to $64,800, or a gain 121% for the year.
Presently, bitcoin has gained about 93% since early January while other tokens have rallied substantially more. Ether, for example, has added about 390% since the year started to trade at a current price of about $3,500. Ether is the cryptocurrency powering the Ethereum network and boasts a market capitalization of more than $400bn. It is also the second-biggest digital token by market value in the crypto space.
However, the recent rally has been more visible in the price of bitcoin, rather than its runner-up. Since the start of October, bitcoin has added about 30% to its price, while ether’s gains amount to 17% for the same period.
How to Buy Bitcoin?
Buying bitcoin has been getting easier as the technology is becoming more accessible and entering mainstream audiences. On that note, if you are looking to buy bitcoin, you may first want to familiarize yourself with the steps. To do so, simply head over to our How to Buy Bitcoin guide where you will learn everything you need to know.
What is the Future of Cryptocurrency?
As the fourth quarter has been largely favorable to bitcoin and other digital tokens, analysts are confident the outlook remains bright. That said, a growing number of finance professionals, money managers and investors have already hopped on the crypto band wagon.
Looking ahead, the prospects for growth in the cryptocurrency market are improving as participants await regulations. Once new rules settle in, many expect the rally to continue as it would be possible for large-scale institutions to join in.