Market Watch: Cardano Spikes 7%, Bitcoin Struggles at $56K

Market Watch: Cardano Spikes 7%, Bitcoin Struggles at $56K

Following a few unsuccessful attempts to overcome $59,000, bitcoin continues to struggle below $57,000. Most alts are untypically stable on a daily scale, aside from a 7% spike from Cardano and yet another all-time high from Terra.

ADA Jumps 7%: LUNA New ATH

The second-largest cryptocurrency came less than 1% away from registering a fresh all-time high just two days ago. However, it failed to conquer $4,800, and the subsequent rejection drove ETH to just below $4,600, where it’s currently situated as well.

Binance Coin, Ripple, and Polkadot are also slightly in the red. More substantial price losses are evident from Dogecoin (-6%), Avalanche (-8.3%), and Shiba Inu (-4%). Consequently, DOGE is close to breaking below $0.20, AVAX is just beneath $110, and SHIB stands at $0.000042.

In contrast, Cardano surged by 7% in a day and sits well above $1.6 now. Terra, on the other hand, continues with its impressive performance as of later with another 8% increase. Consequently, LUNA tapped a new ATH at just under $70.

Most lower- and mid-cap alts are in the red today. Immutable X lost the most value in a day as a 10% drop has pushed IMX to $7.2. Voyager Token (-9%), KuCoin Token (-9%), Horizen (-9%), Stacks (-8%), Basic Attention Token (-8%), Audius (-8%), and Aave (-7%) follow.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Bitcoin Suffers Below $57K

Ever since bitcoin fell below $59,000 a week ago, it has been unable to break above it, despite the numerous attempts. Since November 29th, BTC has tried three times to overcome the resistance at that level but to no avail.

The latest attempt came on Wednesday, but the bears quickly intercepted the move and pushed bitcoin south again. This time, the cryptocurrency lost more than $3,000 of value in hours and dumped below $56,000.

It bounced off and briefly exceeded $57,000 hours later but has retraced to $56,500 once again as of writing these lines. Its market capitalization is still well beneath $1.1 trillion, and the dominance over the alts is below 41%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView