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August 9, 2022
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Altcoin

Cardano gets out of the Top 3 and Bitcoin remains at $ 58K

After a highly volatile day when BTC hit $ 60,000, the primary cryptocurrency dropped to 58,000. The altcoin market is even more buoyant, as Cardano pulled back after the most recent gains and lost his first three places to Binance Coin.

Ten major rotations continue; BNB ahead of ADA

The past few days have been quite volatile for the altcoin space. However, most alternative capitalization currencies have calmed down on a 24-hour scale.

Ethereum, Polkadot, Ripple, UNI, Litecoin and Chainlink exhibited insignificant movements in any direction. As a result, ETH is still over $ 1,800, DOT is just north of $ 36, XRP is over $ 0.47, UNI is shy of $ 31, LTC is over $ 200 and LINK is at $ 30.

In contrast, Cardano lost the most since yesterday, after a 10% drop. ADA was the most impressive winner in the top ten in the past few days, after news that Coinbase Pro listed the asset on its platform.

In addition, the ADA briefly overtook Binance Coin as the third largest cryptocurrency in market value. Now, however, BNB has regained its place, even after a 5% drop to $ 260.

Overview of the cryptocurrency market. Source: Quantify Crypto

As expected, mid and low capitalization altcoins exhibited increased levels of fluctuation. Pundi X leads with a 50% increase in one day and 130% in a week to $ 0.005.

Harmony (40%), Siacoin (20%), Earth (15%), BitTorrent (17%), Helium (17%), THETA (17%), IOST (14%), Horizen (13%), Kusama ( 12%), and Curve DAO Token (11%) follow.

On the other hand, Filecoin (0.65%), SwissBorg (-10%), THORChain (-7%), PancakeSwap (-7%) and Loopring (-6%) lost more value.

Bitcoin struggles for $ 59K

Yesterday the primary cryptocurrency had an intriguing trading day. After winning $ 4,000 to $ 58,000 in the previous 24 hours, bitcoin entered a race that resulted in a brief $ 60,000 breach.

However, the situation changed quickly and the subsequent rejection took the asset south vigorously. BTC lost about $ 4,000 in value to an intraday low of $ 56,200 (on Bitstamp). However, it recovered in the following hours and is currently around $ 58,700 – $ 59,150 again.

From a technical perspective, BTC would have to overcome the resistance lines by $ 59,720 – $ 60,000, $ 60,735 and $ 61,200 if it plans to reach ATH at $ 61,800.

Alternatively, support levels at $ 57,500, $ 55,465 and $ 53,500 could help if another correction arrives.

BTC
BTCUSD. Source: TradingView

Source: CryptoPotato

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