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Market Watch: Bitcoin Still Around $42K, Cardano (ADA) Sees 20% Correction in 2 Days

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Bitcoin’s consolidation of around $42,000 continues as the asset is still unable to break above that level. Most altcoins are slightly in the green on a daily scale, except for Cardano. ADA has lost 20% of value in the past few days.

ADA in Red as Altcoins Aim for Recovery

Most alternative coins suffered in the past few days. Ethereum went from around $3,300 to just over $3,000. Now, though, the second-largest cryptocurrency has recovered some ground and stands above $3,100 after a minor increase on a daily scale.

The majority of the larger-cap alts are in a similar position. Binance Coin, Solana, Ripple, Terra, Polkadot, Dogecoin, Avalanche, and Shiba Inu are all slightly in the green.

In contrast, Cardano’s native token has retraced by 3.5% in a day. ADA reached a multi-week peak at $1.65 a few days ago after an impressive run. Since January 18th, though, the token has dropped by roughly 20% to $1.33 as of now.

More impressive gains come from FTX Token (8%), Cosmos (7.5%), Osmosis (7.2%), and Hedera (6%).

The crypto market cap has remained relatively still since yesterday and is still below $2 trillion.

Bitcoin Consolidates at $42K

The primary cryptocurrency has been untypically stable in the past several days after getting rejected at $44,000 on Sunday. It dropped by a few thousand dollars since then and reached a weekly low at just over $41,000, as reported yesterday.

Bitcoin bounced off and jumped to above $42,500 rather quickly but went on the downhill once again shortly after. Since then, BTC has remained around $42,000.

Consequently, its market capitalization has failed to reclaim the $800 billion mark. Moreover, BTC’s dominance over the altcoins is at 40% after getting slightly reduced this week.

   
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  • bitcoinBitcoin (BTC) $ 29,609.00 1.47%
  • ethereumEthereum (ETH) $ 1,976.81 0.28%
  • tetherTether (USDT) $ 0.999887 0.03%
  • cardanoCardano (ADA) $ 0.519609 0.64%
  • dogecoinDogecoin (DOGE) $ 0.083684 0.02%
  • tronTRON (TRX) $ 0.080915 5.44%
  • daiDai (DAI) $ 1.00 0.01%
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  • crypto-com-chainCronos (CRO) $ 0.189653 1.71%
  • leo-tokenLEO Token (LEO) $ 4.89 0.35%
  • matic-networkPolygon (MATIC) $ 0.660640 2.42%
  • ftx-tokenFTX Token (FTT) $ 29.78 0.11%
  • bitcoin-cashBitcoin Cash (BCH) $ 195.04 1.35%
  • moneroMonero (XMR) $ 195.68 4.65%
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