Cardano is up 7% as Bitcoin battles for the $ 56,000 mark: analysis

Cardano is up 7% as Bitcoin struggles near the $ 56,000 price point and LUNA continues to make new highs with the most recent high of $ 70.

After several unsuccessful attempts to break above $ 59,000, BTC continues to struggle below $ 57,000, with most altcoins stabilizing at the daily level, with the exception of Cardano’s 7% spike and Terra’s highs. Cardano rose 7% while the second largest cryptocurrency hit a new high of less than 1% a few days ago. It failed to break above the $ 4,800 mark, however, and another denial saw ETH rise to just under $ 4,600, which is where it currently stands.

Binance Coin, Polkadot and Ripple are also in the red, with some persistent price declines evident, including Dogecoin up 6%, Avalanche down 8.3% and Shiba Inu down 4%. DOGE is about to break below $ 2.20 while AVAX is below $ 110; Cardano is up 7% in one day and is now above the $ 1.6 price level. On the other hand, Terra continues to grow strongly and has an impressive track record with a further increase of 8%. LUNA hit a new high below $ 70. Small and mid cap altcoins are in the red and Immutable X lost the most value in a single day as a 10% drop pushed IMX to $ 7.2. Voyager Token is down 9%, Horizen is down 9%, Kucoin Token is also down 9%, Essential Awareness Token and Audius are both down 8% and Aaave is down 7%.

When Bitcoin struggled below USD 59,000 a week ago, it failed to go above it despite numerous attempts. From November 29th^NS, BTC tried three times in vain to break the resistance at the level. The final attempt came on Wednesday, but the bears blocked movement, pushing BTC south again. This time around, the cryptocurrency lost more than $ 3,000 and fell below $ 56,000 in just a few hours. it ricocheted off and topped $ 57,000 for a few hours but then fell to $ 56,500 at press time. Market capitalization remains below $ 1.1 trillion with altcoin dominance at 41%.

As reported yesterday, Solana and DOGE posted slight gains, with Terra performing best after a double-digit gain, while LUNA set a new all-time record a few hours ago at $ 65, an increase of 60% in a week, and it looks like this as if Luna just kept going.