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Ethereum hits $ 1,600, Cardano hits 5%

Ethereum hits $ 1,600, Cardano hits 5%

The weekend comes with little or no substantial movement from the cryptocurrency market, with bitcoin once again found below $ 23,000. Most altcoins are calm too, with ADA being among the few exceptions following a 5% daily rise.

Bitcoin stops at $ 23,000

The past seven days have gone pretty well for the leading cryptocurrency. The asset had recovered from the previous week’s decline to below $ 19,000 and entered at around $ 22,000 on Monday.

The bulls retained control of the market and pushed BTC further north. This culminated in a price hike to just over $ 24,000 on Wednesday. That became bitcoin’s highest price in over a month.

However, the landscape changed when it became known that Tesla had sold most of its BTC holdings in the second quarter due to the COVID-19 blockade in China. Bitcoin reacted quickly and fell by over $ 2,000 within hours.

However, it bounced back and got close to $ 23,000, where he spent most of yesterday’s trading day and is also there now. As such, its market cap is still well below $ 450 billion and its alt dominance is 41.6%.

BTCUSD. Source: TradingView

ADA leads the way

Unlike the previous weekend, which saw impressive price performance from most altcoins, this time around, the situation looks quite different, with most clients staying silent.

Ethereum continues with its recent gains after a slight daily increase. As such, the second largest digital asset fetched $ 1,600.

Ripple, Dogecoin and MATIC are also slightly green. Cardano is the most notable gainer of the larger cap alt with a daily increase of 5%. As a result, ADA trades just over $ 0.5.

Conversely, BNB, Solana, Dogecoin, Shiba Inu and Avalanche are in the red.

Most small and mid cap companies are also pretty stagnant on a daily scale. Therefore, it is not surprising that the cumulative market cap of all cryptocurrencies remained calm at around $ 1,050 trillion.

Cryptocurrency market overview.  Source: Quantify Crypto
Cryptocurrency market overview. Source: Quantify Crypto

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The cup-and-handle pattern of Ethereum price suggests a potential breakout from bitcoin.

The cup-and-handle pattern of Ethereum price suggests a potential breakout from bitcoin.