Bitcoin continues to consolidate around $42,000 as the asset is still unable to break above that level. Except for Cardano, most altcoins are slightly green on the daily scale. ADA has lost 20% of its value over the past few days.
ADA in the red as altcoins target for recovery
Most altcoins have suffered losses in the past few days. Ethereum surged from around $3,300 to over $3,000. Now, however, the second-largest cryptocurrency has recovered some ground and is holding above $3,100 after a slight increase on a daily scale.
Most of the large-cap alts are in a similar position. Binance Coin, Solana, Ripple, Terra, Polkadot, Dogecoin, Avalanche, and Shiba Inu are all slightly green.
In contrast, Cardano’s native coin is down 3.5% in one day. ADA hit a multi-week peak at $1.65 after an impressive run a few days ago. However, since January 18th, the coin has fallen by almost 20% to $1.33 so far.
More impressive gains came from the FTX token (8%), Cosmos (7.5%), Osmosis (7.2%), and Hedera (6%).
The crypto market cap has remained relatively stable since yesterday and is still below $2 trillion.
Bitcoin $42K. consolidates on
The primary cryptocurrency has been unusually stable over the past several days after being rejected at $44,000 on Sunday. As reported yesterday, it has since dropped by a few thousand dollars and just hit a weekly low of just over $41,000.
Bitcoin surged sharply and surged above $42,500, but shortly afterwards went downhill once again. Since then, BTC has been around $42,000.
As a result, its market capitalization has failed to reclaim the $800 billion mark. Moreover, BTC dominance over altcoins is 40% after a slight decline this week.
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