Digital Assets Waver, Bitcoin Price Seeks Direction

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Created by TradeOr

3rd Party Analysis 19 Aug 2021

Key Takeaways

  • Cryptocurrencies trade little changed on Thursday, bitcoin rises mildly in the green
  • Ether hovers near $3,000 per coin after gaining over 75% in the last 30 days

Digital Assets Waver

In the early trading hours of Thursday’s session, the price of bitcoin remained mildly positive but subdued below the $45,000 mark. Bitcoin’s rally has cooled this week despite several attempts to regain the $50,000 threshold.

Cryptocurrencies on Wednesday went through a relatively calm and uneventful session as market participants remained undecided in their approach. Buyers and sellers were largely balanced throughout the trading activity yesterday with major tokens hugging the flat line.

Bitcoin opened Wednesday’s session at $44,940 and finished with a closing price of $44,500, fairly flat but still in the red for a third straight day. Since Monday, the leading token has lost about 3.9% from its price. Even though the slide over the past three days is relatively modest in crypto standards, bitcoin has been struggling to continue its ascent that lifted the coin’s value over 50% for a period of roughly three weeks.

Primarily due to the fusion of retail investors and institutional money flowing into the cryptocurrency market, crypto proponents remain confident the rally is still far from over.

Bitcoin’s yearly performance presently stands at about 55% gain, while less than a month ago, a regulation-prompted selloff had placed bitcoin into negative territory for the year.

Now that the price of bitcoin has climbed back above the month-long lid of $40,000, alternative coins have also received a considerable boost to their valuations.

All Eyes on Ether

Ether, the runner up on the cryptocurrency board, holds steady near the $3,000 mark today after sliding about 7% since Monday. The digital token powering the Ethereum blockchain has outperformed bitcoin by a wide margin this year. Ether’s price has added more than 320% since January.

About a month ago, just before the sharp upside swing was about to kick off, major crypto tokens were under pressure by a regulatory crackdown from China and environmental concerns related to the mining process.

Over a 30-day period, ether’s price has gained over 75%, as the Ethereum network was successfully upgraded. For the same period, the price of bitcoin has climbed about 53% to current market price of $44,800 per coin.

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