Ether Rallies 8% to Climb Above $4,400, Bitcoin Advances 5%

Ether Rallies 8%

Created by TradeOr

3rd Party Analysis 24 Nov 2021

Key Takeaways:

  • Ether price surges 8% Tuesday as it pares Monday losses and hits $4,400 per token
  • Bitcoin gains 5% to peak at $58,000 in a broad-based crypto market rally

What’s Today’s News in Crypto?

The price of Ether, the second-biggest token, rallied 8% on Tuesday after a wave of buying helped lift market sentiment. As a result, the Ethereum token peaked at a session high of $4,400. The strong upside momentum, however, couldn’t be sustained. Soon after the token reached its intraday high, the price began moving sideways.

Early on Wednesday, Ethereum’s native coin slipped back under $4,300 as crypto buyers remain more on the defensive side.

Despite the recent slide, the price of Ether boasts a gain of nearly 500% for the year. So far in the month, however, the cryptocurrency is virtually unchanged, lower by less than 1% since November 1.

What’s the Price of Bitcoin?

Bitcoin, on the other hand, attempted to recover some of its previous losses. To this end, bitcoin bulls fueled a 5% move to the upside, enough for the orange coin to reach $58,000. Similarly to ETH, bitcoin retreated earlier today. That said, the orange coin is currently trading just below $57,000.

It is important to note that traders are quick to buy the dip. In other words, buyers pile into digital assets right after prices slide to a new low. For example, bitcoin dipped on Tuesday to a low last seen in mid-October. Shortly after the fresh low, market participants flocked to the flagship token, resulting in the sharp climb we saw yesterday.

What is the Future of Cryptocurrency?

While the short-term market mood seems rather gloomy, growth prospects for digital assets remain highly positive. In fact, with the quick rate of crypto adoption, many analysts point to new record highs for major tokens by the end of the year.

Against this backdrop, traders and investors in the fast-developing market use the current dip to accumulate more cryptocurrency.

With the growing popularity of tokens, it’s becoming increasingly easy to get your hands on bitcoin and so-called altcoins, or alternative coins.

Moreover, buying bitcoin or ether could now be done in just a few clicks. Before that, however, be sure to check our comprehensive guide on buying cryptocurrency. In it, you will learn the basic steps needed to enter crypto land.