The consolidation of Bitcoin continues as the asset cannot decisively break the $ 50,000 mark. Most altcoins are uncharacteristically stable today, with Cardano and Terra being the few exceptions. ADA is up 6%, while LUNA is down a similar percentage.
Bitcoin still at $ 49K
The major cryptocurrency showed increased volatility in recent days, as it tried to break above $ 50,000 on several occasions, but each time it encountered a substantial pullback driven by bears.
The latest such example came on Friday after reports that the US has hit its highest inflation rates in about 40 years. However, BTC only touched $ 50,000 and fell almost immediately.
As a result, bitcoin found itself trading below $ 47,000 for the third time in a week. However, it bounced quite well as reported yesterday and kicked off another stage that brought it closer to $ 50,000 once again hours ago.
However, as of now, the cryptocurrency cannot break it and stands at just over $ 49,000, and its market cap is just under $ 950 billion.
BTCUSD. Source: TradingView
Stable highs: Cardano Spikes 6%
Alt currencies were also quite volatile lately, but this is not the case on a daily basis. Ethereum fell below $ 4,000 on a few occasions, but is now slightly beyond that line.
Binance Coin is up 2.5% in one day and stands at $ 565. Avalanche and Shiba Inu are also slightly in the green, while Cardano is the most significant winner of the higher-cap alts. The ADA soared 6% and has approached $ 1.35.
In contrast, Solana, Ripple, Polkadot, and Dogecoin see minor losses. Terra, on the other hand, has fallen the most in one day: 6%. Consequently, LUNA now has less than $ 60.
More fluctuations come from the low and mid cap alts. Quant (24%), Gala (17%), NEAR Protocol (13%) and OKB (11%) lead the way in terms of daily increases.
Unsurprisingly, the crypto market capitalization is also relatively stable at $ 2.25 trillion.
Cryptocurrency market overview. Source: Quantify Crypto SPECIAL OFFER (sponsored)
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TradingView cryptocurrency charts.
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Bitcoin amid $ 49K, Cardano (ADA) surges 6%