Bitcoin started another attempt to break above $17,000 yesterday, but was stopped dead as it has been several times in the past.
Altcoins have pulled back after a positive few days, with Tron, QNT, and LDO losing most of the value on a daily basis.
Bitcoin Fails at $17K
Bitcoin ended the horrible 2022 with a drop below $16,400 on Friday, which was a multi-week low. As New Year’s Eve approached, the asset regained some ground and returned to $16,500. The next few days were quiet until Monday, when BTC finally started to rise in value.
After adding around $200 the next day, Bitcoin continued to rise and approached $17,000 hours ago. This became its highest price point since December 20.
However, as the bulls prepared to challenge and ultimately break that level, the bears stepped in and reversed BTC’s trajectory.
As such, the cryptocurrency is now trading a few hundred dollars below that level, but its market capitalization has remained above $320 billion. Its dominance over alternatives has also regained some ground and stands at 39.7%.
BTCUSD. Source: TradingView
ADA Jumps 12% Weekly
Like Bitcoin, Cardano was also quiet during the final days of 2022. However, ADA started to add value with the start of the new year and is now up more than 12% on a weekly scale. The asset is trading at $0.27 and is among the few in the green of the larger-cap alternatives on a daily basis.
By contrast, Dogecoin, Polygon, Ripple, Litecoin, Shiba Inu, Uniswap, and Avalanche have declined by as much as 4%. TRX is down 8%, perhaps due to Justin Sun’s relationship with struggling crypto platform Huobi.
Quant and LidoDAO are the other larger-cap alternatives with notable daily losses of more than 5%.
All of these price drops have resulted in a $5 billion decline in the cumulative market capitalization of all crypto assets, which is now down to $815 billion.
Overview of the cryptocurrency market. Source: quantify crypto
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TradingView cryptocurrency charts.
This post Cardano Up 12% Weekly, Bitcoin Stopped At $17K (Market Watch)
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