Cardano is up 6% while Bitcoin is still near $ 49,000: analysis
Cardano rebounded 6% in value as Bitcoin remained at $ 49,000 and most altcoins were still up yesterday. So let’s take a closer look at today’s Cardano ADA news.
Bitcoin consolidation continues as the asset still cannot break the $ 50,000 price and the rest of the altcoins are economically unstable, with Terra and Cardano being the only exceptions.
Cardano is up 6% while LUNA is up a similar percentage. The main cryptocurrency has shown increased volatility in the past few days as it tries to break above $ 50,000 a few times, but every time it tries to move it encounters a significant retracement due to the volatility of the bears.
The final example came on Friday after it was reported that the United States hit the highest rate of inflation in about 40 years. On the flip side, BTC has just hit $ 50,000 and fell instantly. As a result, BTC traded below $ 47,000 for the third time in a week, but rebounded pretty well yesterday when it started another surge towards $ 50,000 a few hours ago. Currently, the cryptocurrency is unbreakable at over $ 49,000 and its market capitalization is just under $ 950 billion. Altcoins are also volatile, but this doesn’t happen on a daily basis. Ethereum has fallen below $ 4000 on a few occasions but is currently on the sidelines.
Binance Coin is up 2.5% in one day and is currently at $ 565. Shiba and Avalanche are in the green today, while Cardano is the most bullish coin among the large-cap altcoins. ADA rose 6% to hit nearly $ 1.35, but in contrast, Solana, Polkadot, Ripple, and Dogecoin all suffered slight losses. Terra, on the other hand, is down the most in one day at 6% and now LUNA is below $ 60. More volatility came from mid-caps and low-cap alts like Gala by 17%, Quant by 24%, OKB by 11%, and Near Protocol by 13%. The crypto market also remained stable at $ 2,250 trillion.
As reported a day ago, yesterday’s inflation news from the US pushed BTC back to $ 50,000, but then Bitcoin fell by $ 3,000, so it’s now hovering at $ 47,000. Most altcoins are in the red on the daily scale as the ETH drops to $ 4000 helpful. The cryptocurrency couldn’t top and hovered at $ 47,500 when the U.S. Bureau of Labor Statistics announced that its highest inflation rate in 40 years is 6.8%.