Cardano (ADA) Drops 13% Weekly, Bitcoin Flat at $19K (Weekend Watch)

By akohad Oct16,2022


After the enhanced volatility at the end of the working week, bitcoin has calmed and stands firm at $19,000.

Most altcoins are also quite stagnant now. On a weekly scale, though, there’re some evident winners, such as Huobi Token, and losers, like Cardano.

Bitcoin Calms at $19K

The latest US inflation numbers – 8.2% – announced on Thursday returned some of the recently lost volatility in the crypto markets, pushing bitcoin from $19,000 south to a multi-week low of $18,200.

That was just the start of it, as the asset bounced off and skyrocketed by almost $2,000 in hours. This resulted in a price jump to $20,000 for the first time in over a week.

However, the bears reminded of their presence at this point and drove BTC south once more. The rejection came along with the massive losses on Wall Street on Friday and pushed bitcoin down to $19,000. Since then, the cryptocurrency has remained relatively stable and sits just north of that line.

Similar to yesterday, its market capitalization has stalled below $370 billion, and its dominance over the alternative coins sits at 40%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ADA’s Weekly Losses

The altcoins went through similar rollercoasters at the end of the working week, but the start of the weekend has brought minor price movements.

Ethereum is down by less than 1%, but the asset still remains under $1,300. Binance Coin, Ripple, and Solana have retraced by similar percentages on a daily scale.

Although Cardano is slightly in the green on a 24-hour scale, ADA is actually down by more than 13% for the past week. As such, it struggles way below $0.4.

Dogecoin, Polkadot, and Shiba Inu are up by up to 1% in a day, while Tron – yesterday’s best performer – has retraced by 3% now.

Overall, the cumulative market cap of all crypto assets has remained at the same spot, just under $920 billion on CoinMarketCap.

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

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Cryptocurrency charts by TradingView.


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By akohad

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