16 Jan Market Warch: Cardano (ADA) Explodes 8%, Bitcoin Maintains $42K Range
Bitcoin tried its hands at $44,000 hours ago but was stopped in its tracks. Most altcoins are slightly in the green, with Cardano standing out as the biggest gainer from the larger-cap ones with an 8% increase.
Bitcoin Stopped Ahead of $44K
It was just a couple of days ago when the primary cryptocurrency tapped a weekly high at $44,500 following an offensive from the bulls trying to recover most losses from the previous week.
However, the bears came to play and didn’t allow any further increases. Just the opposite, BTC started to lose value rapidly and dumped by $2,500 in hours. This resulted in breaking below $42,000 for the third time in less than seven days.
The asset reacted well at this point and jumped by over $1,000 to reclaim $43,000, as reported yesterday. It dipped below that line once more in the following hours before it initiated another leg up which resulted in nearing $44,000, but to no avail.
As of now, BTC stands around $43,000 once again, and its market capitalization sits above $800 billion.
Cardano Sees 8% Increase
Most of the larger-cap altcoins have remained relatively calm on a daily scale. Ethereum maintains $3,300 after a minor 24-hour increase. Binance Coin touched $500 yesterday but now stands just under that line.
Solana, Polkadot, Avalanche, and Terra have tapped more impressive gains. SOL is up by 3%, DOT by 4%, LUNA by 5%, and AVAX by 4%.
Cardano is the most significant gainer from the larger-cap alts. ADA has jumped by about 8% since yesterday and trades above $1.35.
In contrast, the two largest memecoins have lost the most value. Dogecoin is down by another 5% after the hype from Friday when Tesla enabled DOGE payments for its products. Shiba Inu has declined by just over 1% in a day.
More increases come from Fantom (12%), Secret (10%), Spell Token (8%), Osmosis (6.5%), Economi (6%), and others. The crypto market cap is close to $2.1 trillion.
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