2021-03-20 07:00:00

Cardano Drops Out of Top 3 as Bitcoin Struggles at $58K (Market Watch)

After a highly volatile day in which BTC touched $60,000, the primary cryptocurrency has slipped to 58,000. The altcoin market is even more fluctuating, as Cardano has retraced following the latest gains and has lost its top three spot to Binance Coin.

Top Ten Rotations Continue; BNB Ahead of ADA

The past several days were quite volatile for the altcoin space. However, most larger-cap alternative coins have calmed on a 24-hour scale.

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

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

Furthermore, ADA even briefly surpassed Binance Coin as the third-largest cryptocurrency by market cap. Now, though, BNB has reclaimed its spot even after a 5% decrease to $260.

Cryptocurrency Market Overview. Source: Quantify Crypto

Somewhat expectedly, the lower- and mid-cap altcoins have displayed increased fluctuation levels. Pundi X leads the way with a 50% surge in a day and 130% in a week to $0.005.

Harmony (40%), Siacoin (20%), Terra (18%), BitTorrent (17%), Helium (17%), THETA (16%), IOST (14%), Horizen (13%), Kusama (12%), and Curve DAO Token (11%) follow.

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

Bitcoin Struggles at $58K

The primary cryptocurrency had an intriguing trading day yesterday. After gaining $4,000 to $58,000 in the previous 24 hours, bitcoin went on a run-up that resulted in briefly breaching $60,000.

However, the situation rapidly changed, and the subsequent rejection drove the asset south vigorously. BTC lost about $4,000 of value to an intraday low of $56,200 (on Bitstamp). Nevertheless, it bounced off in the following hours and currently sits around $58,000 again.

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

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

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView
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Cryptocurrency charts by TradingView.

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