Market Watch: Bitcoin Still Around $42K, Cardano (ADA) Sees 20% Correction in 2 Days

Bitcoin’s consolidation of around $42,000 continues as the asset is still unable to break above that level. Most altcoins are slightly in the green on a daily scale, except for Cardano. ADA has lost 20% of value in the past few days.

ADA in Red as Altcoins Aim for Recovery

Most alternative coins suffered in the past few days. Ethereum went from around $3,300 to just over $3,000. Now, though, the second-largest cryptocurrency has recovered some ground and stands above $3,100 after a minor increase on a daily scale.

The majority of the larger-cap alts are in a similar position. Binance Coin, Solana, Ripple, Terra, Polkadot, Dogecoin, Avalanche, and Shiba Inu are all slightly in the green.

In contrast, Cardano’s native token has retraced by 3.5% in a day. ADA reached a multi-week peak at $1.65 a few days ago after an impressive run. Since January 18th, though, the token has dropped by roughly 20% to $1.33 as of now.

More impressive gains come from FTX Token (8%), Cosmos (7.5%), Osmosis (7.2%), and Hedera (6%).

The crypto market cap has remained relatively still since yesterday and is still below $2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Bitcoin Consolidates at $42K

The primary cryptocurrency has been untypically stable in the past several days after getting rejected at $44,000 on Sunday. It dropped by a few thousand dollars since then and reached a weekly low at just over $41,000, as reported yesterday.

Bitcoin bounced off and jumped to above $42,500 rather quickly but went on the downhill once again shortly after. Since then, BTC has remained around $42,000.

Consequently, its market capitalization has failed to reclaim the $800 billion mark. Moreover, BTC’s dominance over the altcoins is at 40% after getting slightly reduced this week.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView