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Bitcoin jumped to above $31,000 but was quickly stopped in its tracks and is now back below the $30,000 line. Most altcoins are also relatively calm on a daily scale, with Cardano being among the few exceptions after a near 6% increase.

Bitcoin Failed at $31K

Last week turned out to be one of the most violent for the primary cryptocurrency in recent history as it dipped to an 18-month low of $25,300. Despite recovering several thousand dollars, the week still closed in the red, making it seven in a row.

This came even with yesterday’s price increase to and beyond $30,000. In fact, the asset jumped to a multi-day high of over $31,000, where it stood for a while but ultimately failed.

The subsequent rejection drove it south by more than $2,000. In just a matter of hours, BTC slumped to around $29,500. As of now, it sits a few hundred dollars upwards and is close to the $30,000 mark.

Bitcoin’s market capitalization, which is down by over $100 billion in a week or so, is now situated at $565 billion. Its dominance over the altcoins has increased during the most recent corrections and is above 44%.

BTCUSD. Source: TradingView

ADA Leads as Alts Stall

The alternative coins experienced similar if not worse retracements than bitcoin since the start of the month.
Ethereum went from over $3,000 to a multi-month low of $1,700 in days. It bounced off and reclaimed $2,000 in the following days and remains there now as well.

Binance Coin is close to $300 after a minor daily increase. Ripple, Polkadot, Dogecoin, Avalanche, and Shiba Inu are also slightly in the green now.

Solana and Cardano have jumped the most on a 24-hour scale. SOL is up by 4.5%, while ADA has increased by 5.5% to $54 and $0.56, respectively.

The crypto market cap continues to struggle below $1.3 trillion. The metric lost more than $500 billion since the correction started in early May.

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

5 thoughts on “Cardano Jumps 6%, Bitcoin’s Consolidation Below $30K Continues (Market Watch)

  1. 1. The existence of exchanges has made Bitcoins core claims completely irrelevant.

    2. it is, at best, a toy. in reality it's a massive disaster. to people who were scammed. to the environment. to victims of ransomware. the list goes on and on. right now a million crypto bros are dreaming up ways to do even more harm. and most damning of all, this is for absolutely nothing. there is no problem that a blockchain can solve that isn't better solved by something else.

    3. You guys ask this shit every day, it gets so god damned old. You guys are so fucking obnoxious I can't stand you.

    4. Simply put, crypto is nothing. It offers nothing. provides nothing. it is people speculating on the value of nothing being worth something but in the end it’s.nothing. if you held a jar of a hobos dick cheese in your hand, you have something more intrinsically valuable than any amount of crypto. at least you have a jar which has its uses. For a bunch of people who think this is the mega game changer, they sure are spending a lot of time online, advertising money, and paid celebrities to try to convince us how amazing it is. Yet I don’t see the mass adoption 13 years later

    5. What interest rate would you charge for a 30 year mortgage lent out in any non-stablecoin of your choice (because at best, stablecoins are only meant to mirror their pegged currency)? If you can't give me an interest rate that approaches rates used today, then your currency will never (and can't ever) be adopted as a true currency. If you're just using it to gamble, then gamble away. Just don't make any allusions about a possible future of actual adoption.

    6. There would be no bitcoin in the madman future someone is preparing for. Unfortunately that's against and old argument for crypto. They keep changing their 'purpose' usually it contradicts itself and there is a new 'purpose' everyday.

    7. Volatility makes it useless. If I gave you $100 in BTC and it tanks in a day, I did well and you did not. Or the opposite and it goes up. Someone always loses in the transaction. It’s up and down so much even a few percent in a matter of hours. Sure that’s not a big deal for $20-$50 but it is if we’re talking thousands. My “fiat” doesn’t change that much that quick.

    8. Because it's a negative sum Ponzi/pyramid hybrid scheme that has absolutely no real world value.

    9. It’s just like fiat cash, only way less secure, far less convenient, and with unbelievable teller fees.It’s a solution in search of a problem.

    10. My top argument is Crypto is reinventing what we already have. Fractional reserve banking = stablecoin. Fast transactions (lightning) = Visa. Distributed ledger = database Exchanges = banks. Carbon converted to CO2 en masse = mining.

  2. Cryptocurrency and blockchain, like any technology, has flaws. Critics of cryptocurrency are quick to point out these flaws. This is a great opportunity for those in cryptocurrency to work on the technology and improve it. Resist the urge to cast such criticisms aside, saying “they don't know what they're talking about”, or “FUD”. Rather, use this free advice to find out how to make the tech better.

    If a chain or application actually is worthless, they've saved you a hit.

    If a chain or application is valuable, they've shown you where you can make improvements.

    If what they've said is factually incorrect, they've revealed a misconception in the wider population that's impeding adoption. While the fact may be wrong, the opinion is very real.

    Also remember very few opinions are wholly factually correct or incorrect. There is usually a mix of truth and falsehoods. Both are useful.

  3. I always see the OGs getting flack and downvoted to shit just for being realistic. I entered the scene when a lot of new guys did back in 2020, and of course everyone was having fun when it was nothing but green and up until the collapse of Terra/Luna most of my peers still had the “to the moon mindset”.

    I am glad that I’ve gotten to enjoy multiple trading environments and even in this bearish cycle I am learning how to navigate a new space, but none of that would be possible without learning from the crypto elders.

    Message to the new guys: What you might see as a btc oldhead who will only “dca btc/eth” are veterans in this space. A lot of them have been trading for years, and they act the way they do because of their experiences. They have felt the tremors of markets downturn before, and the reason they are still around because they stick to a trading plan and realistically invest what they can.

    Listen to the OGs they have experienced the best and worst of cryptos, and take what they say with consideration to protect yourself/investments.

  4. What is the likelihood that Tron could collapse?

    If USDD completely depegs, is there a good chance that Justin Sun rug pulls and the top 20 coin recreates Luna’s fate?

    Or is this just some sort of FUD? I personally think the network is trash, but I’m just curious what others think.

    What value does it bring? And do you trust another algorithmic stable coin? Seems like it’s ripe for a bank run, considering it’s below .96 cents.

    Maybe Do Kwan would like to get some of the attention off his back. I think if it did collapse, it would spur even more attention from regulators…

    What are your thoughts?

  5. Don't be fooled by a tiny rally.

    The crypto market is crashing because of rate hikes. Inflation is not dealt with yet and we'll see more rate hikes.

    Worst case scenario is a global housing crash and financial meltdown. Crypto has never seen that before, but we can be pretty sure it won't thrive in those conditions either.

    Don't buy crypto now unless you've got money to spare and you are prepared to hold for several years.

    Save som money for your debt, or to buy into housing if that market crashes too.

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  • bitcoinBitcoin (BTC) $ 20,299.00
  • ethereumEthereum (ETH) $ 1,361.20
  • tetherTether (USDT) $ 0.999907
  • bnbBNB (BNB) $ 295.60
  • usd-coinUSD Coin (USDC) $ 1.00
  • xrpXRP (XRP) $ 0.479493
  • binance-usdBinance USD (BUSD) $ 1.00
  • cardanoCardano (ADA) $ 0.435603
  • solanaSolana (SOL) $ 33.98
  • dogecoinDogecoin (DOGE) $ 0.066217