Weekend Watch: Ethereum Taps $1,600, Cardano Spikes 5%

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The weekend comes with little-to-no substantial movements from the crypto market, with bitcoin sitting once again below $23,000. Most altcoins are also calm, with ADA being among the few exceptions following a 5% daily increase.

Bitcoin Stalls at $23K

The past seven days went quite well for the primary cryptocurrency. The asset had recovered from the previous week’s drop below $19,000 and entered Monday at around $22,000.

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

However, the landscape changed once it became known that Tesla had sold the majority of its BTC holdings in Q2 due to the COVID-19 lockdowns in China. Bitcoin reacted quickly and dipped by over $2,000 in hours.

Nevertheless, it bounced off and neared $23,000, where it spent most of yesterday’s trading day and sits there now as well. As such, its market cap is still way below $450 billion, and its dominance over the alts is at 41.6%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ADA Leads the Way

Unlike the previous weekend, which saw impressive price performances from most altcoins, this time, the situation looks quite different, with most sitting quietly.

Ethereum continues with its recent gains following a minor daily increase. As such, the second-largest digital asset has reclaimed $1,600.

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

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

Most of the lower- and mid-caps are also quite stagnant on a daily scale. As such, it’s no wonder that the cumulative market cap of all crypto assets has remained calm at around $1.050 trillion.

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

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Cryptocurrency charts by TradingView.