Thursday, January 27

Market Watch: Cardano and Polkadot Spike 8% as Bitcoin Maintains $50K


After a 24-hour hiatus below the coveted $50,000 mark, bitcoin has bounced off and reclaimed it. Most altcoins are also slightly in the green, while Cardano and Polkadot have stolen the show with impressive 8% gains on a daily scale.

Bitcoin Reclaims $50K

It was just several days ago – before Christmas – when the primary cryptocurrency struggled at $48,000 after unsuccessful attempts to overcome $50,000. The landscape changed at that point when the bulls initiated an impressive leg up that resulted in finally breaking above that level.

Bitcoin kept climbing in the following hours and came close to $52,000 for its highest price line in over two weeks. Yesterday, though, BTC dumped by a few thousand dollars and found itself below $50,000 once more.

Yet, the asset reclaimed that line in the past 24 hours by touching $51,000 earlier today. As of now, BTC stands above $50,500, and its market capitalization is north of $950 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ADA and DOT Surge 8%

Most alternative coins have mimicked BTC’s performance as of late, and the past 24 hours are quite similar. Ethereum went down to $4,000 yesterday, but a minor daily increase has reaffirmed its stance above that particular level.

Binance Coin, Solana, Ripple, Dogecoin, and Shiba Inu are also slightly in the green, while Terra has marked a minor retracement.

Avalanche has jumped by 4.5% in a day to above $115. However, Cardano and Polkadot have stolen the show with impressive 8% increases. Consequently, ADA now stands close to $1.55, while DOT has reclaimed $30.

Even more gains come from Kadena (26%), Voyager Token (15%), Zilliqa (15%), Theta (14%), Aave (13%), Oasis Network (12%), Uniswap (12%), Mina (12%), Helium (12%), Monero (11%), and others.

The crypto market cap is up by $50 billion since yesterday and is close to $2.4 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.



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