Cardano Increased 6% As Bitcoin Remains Stuck Near $49K: Analysis

Cardano increased 6% in value as Bitcoin remains stuck near $49,000 with most of the altcoins remaining still yesterday so let’s take a closer look at today’s Cardano ADA news.

Bitcoin’s consolidation continues as the asset is still unable to overcome the $50,000 price point and the rest of the alternative coins are untypically stable with Terra and Cardano being the only exceptions. Cardano increased 6% while LUNA also increased by a similar percentage. The main cryptocurrency showed enhanced volatility in the past few days as it tried to overcome $50,000 on a few occasions but every time it tried to move, it was met with a substantial retracement propelled by the bears’ movement.

The last example came on Friday after the reprots that the US reached its highest inflation point in about 40 years. BTC on the other hand only touched $50,000 and dropped right away. As a result, BTC found itself trading below $47,000 for the third time in a week but it did bounce off rather nicely yesterday as it launched another leg up to $50,000 again a few hours ago. As of now, the crypto is unable to break and it is standing at just over $49,000 and the market capitalization is a little below $950 billion. The alternative coins were volatile as well but this was not the case on a daily scale. Ethereum dipped below $4000 on a few occasions but it is standing over the line now.

Binance coin increased by 2.5% in one day and now sits at $565. Shiba and Avalanche are in the green today while Cardano is the biggest gainer from the large-cap altcoins. ADA spiked by 6% and neared $1.35 but on the contrary, Solana, Polkadot, Ripple, and Dogecoin saw minor losses. Terra on the other hand dropped the most in one day by 6% and now LUNA sits below $60. More fluctuations came from the mid-cap alts and lower-cap alt like Gala which increased by 17%, Quant that increased 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 to $50,000 again but then Bitcoin dipped by $3000 so it is now hovering near $47,000. Most altcoins are in the red as well on a daily scale as ETH dropped to $4000. The past few days didn’t go well for the main cryptocurrency and tried to recover from the past week’s crash and challenged the $50,000 mark on a few occasions but that wasn’t helpful. Being unable to break above, the cryptocurrency hovered near $47,500 when the US Bureau of Labor Statistics revealed the highest inflation number in 40 years set at 6.8%.