Bitcoin took a swing at $47,000 but failed in its tracks and retraced by around a thousand dollars shortly after. Most altcoins are untypically stable, aside from Cardano. ADA charted an impressive daily increase and has returned within the top seven largest digital assets by market cap.
Bitcoin Failed at $47K
It was precisely a week ago when bitcoin initiated a notable leg up, in which it spiked from below $45,000 to just under $48,000. A day later, the asset even jumped above the latter and charted its highest price tag in three months.
However, it failed to continue upwards and consolidated between $47,000 and $48,000 for a few days. The situation changed on late Thursday and early Friday when BTC dumped by several thousand dollars to a multi-day low of $44,000.
The bulls came to play at this point and pushed bitcoin north. In a matter of hours, the cryptocurrency had recovered most losses and was close to $47,000 once again. After another brief retracement in the past 24 hours, BTC shot up above that particular level, but the bears intercepted the move and drove it south.
As of now, BTC stands at just over $46,000, and its market capitalization has remained well below $900 billion.
ADA Back in Top 7
Most of the altcoin space has calmed after the recent price turbulence. Ethereum marked a three-month high a few days ago above $3,500 and has remained around that level ever since.
Binance Coin, Dogecoin, and Shiba Inu are slightly in the green from the larger cap alts. In contrast, Solana, Terra, Ripple, Avalanche, Polkadot, and CRO have produced minor price declines.
Cardano is the most substantial gainer from the top 10 digital assets with a near 5% daily increase. Consequently, ADA sits above $1.2 and has become the seventh-largest cryptocurrency by market cap.
On a 24 hour scale, Moonbeam has surged the most (15%), followed by Oasis Network (11%), Mina (11%), and BORA (10%). The crypto market cap stands still above $2.150 trillion.
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Cryptocurrency charts by TradingView.