Cardano Jumped By 6% As Bitcoin’s Consolidation Continues

Cardano jumped by 6% as Bitcoin’s consolidation continues and Solana charted some gains as well so let’s read more today in our latest altcoin news today.

Bitcoin jumped above $31,000 but was then stopped in its tracks and it is now below the $30,000price point. Most altcoins are calm on a daily scale with Cardano being among the very few exceptions after the 6% increase. Last week was one of the most violent for the main cryptocurrency in recent history as it chased an 18-month low of $25,300 despite recovering a few thousand dollars and the week closing in red making it seven in a row. This came when the price increase of yesterday pushed it above $30,000 and the asset jumped to a multi-day high of $31,000 where it stood for a little bit but then failed. The rejection drove it south by  $2000 and in a matter of hours BTC crashed to around $29,500 now it sits a few hundred dollars upwards and near the $30,000 mark.

BTCUSD. Source TradingView

Bitcoin’s market cap is now down over $100 billion in one week and situation at $565 billion. The dominance of the altcoins increased during the recent corrections and remains above 44%. the alternative coins had similar retracements to BTC since the start of the month and ETH went from over $3000 to $1700 in a matter of days. It is managed to bounce off and reclaim the $2000 position in the next few days and remained there as well. Binance Coin is close to $300 after a minor increase on the day and DOT, DOGE, AVAX, XRP, and SHIB are in the green as well.

Cardano jumped by 6% and Solana also increased by 4.5%. the market cap continues to struggle below the $1.3 trillion level and the metric lost about $500 billion since the correction started in May.

Cryptocurrency Market Overview. Source Quantify Crypto

As recently reported, Bitcoin failed to reclaim the $30,000 recently as traders looked forward to a stable weekend. The data from Tradingview shows that the BTC/USD pair lingered below the $30,000 price point which is becoming its resistance as of late. The pair reached shy of $31,000 before retracing while the end of the market trading week was accompanied by the new warnings of a new macro low. However, not everyone stayed on the sidelines.

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