Monday, March 4

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

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.