Bitcoin consolidation continues as the asset is unable to break through the $ 50,000 mark in a decisive manner. Most alternative coins are unusually stable today, with Cardano and Terra as a few exceptions. ADA is up 6%, while LUNA is down by a similar percentage.
Bitcoin Still at $49K
The primary cryptocurrency displayed enhanced volatility in the past several days as it tried to overcome $50,000 on several occasions, but each time was met by a substantial retracement propelled by the bears.
The latest such example came on Friday following reports that the United States had hit its highest rate of inflation in about 40 years. Still, 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 off rather nicely as reported yesterday and initiated another leg up that led to nearing $50,000 once more hours ago.
Right now, however, the cryptocurrency is unable to break it and stands at just over $ 49,000, and its market cap is just under $ 950 billion.
Stable Alts: Cardano Spikes 6%
The alternative coins were also quite volatile lately, but this is not the case on a daily scale. Ethereum dipped below $4,000 on a few occasions but now stands just over that line.
Binance Coin is up 2.5% in one day and is located at $ 565. Avalanche and Shiba Inu are also slightly in the green, while Cardano is the biggest winner of the larger cap alts. The ADA jumped 6% and approached $ 1.35.
In contrast, Solana, Ripple, Polkadot, and Dogecoin see minor losses. Terra, on the other hand, has dropped the most in a day – 6%. Consequently, LUNA now sits below $60.
More fluctuations come from the low and mid cap alternatives. Quant (24%), Gala (17%), NEAR Protocol (13%) and OKB (11%) lead in terms of daily increases.
Somewhat expectedly, the crypto market cap is also relatively stable at $2.250 trillion.
