Bitcoin’s consolidation around $42,000 continues as the asset is still unable to break above this level. Most altcoins are slightly in the green on a daily scale, with the exception of Cardano. ADA has lost 20% in value in recent days.
ADA in Red as Altcoins Aim for Recovery
Most alternative coins suffered in the past few days. Ethereum went from around $3,300 to just over $3,000. Now, though, the second-largest cryptocurrency has recovered some ground and stands above $3,100 after a minor increase on a daily scale.
The majority of larger cap alts are in a similar position. Binance Coin, Solana, Ripple, Terra, Polkadot, Dogecoin, Avalanche and Shiba Inu are all slightly in the green.
In contrast, Cardano’s native token has retraced by 3.5% in a day. ADA reached a multi-week peak at $1.65 a few days ago after an impressive run. Since January 18th, though, the token has dropped by roughly 20% to $1.33 as of now.
More impressive gains come from FTX Token (8%), Cosmos (7.5%), Osmosis (7.2%) and Hedera (6%).
The crypto market cap has remained relatively still since yesterday and is still below $2 trillion.
Bitcoin consolidates at $42,000
The main cryptocurrency has been uncharacteristically stable over the past few days after being rejected at $44,000 on Sunday. It has fallen a few thousand dollars since then and hit a weekly low at just over $41,000 as reported yesterday.
Bitcoin bounced off and jumped to above $42,500 rather quickly but went on the downhill once again shortly after. Since then, BTC has remained around $42,000.
Consequently, its market capitalization failed to recover the $800 billion mark. Additionally, BTC’s dominance over altcoins is 40% after being reduced slightly this week.
