Cardano Surges 5% While Ethereum Tapped $1600: Analysis

Cardano surges 5% while Ethereum tapped $1600 as the entire market is recovering over the past 24 hours so let’s have a closer look at today’s latest altcoin news.

Cardano surges 5% and gained the most from the larger cap altcoins and the weekend came with almost no movements from the market while BTC is reclaiming the $23,000. most altcoins are calm and ADA is among the few exceptions with a 5% daily increase. The past week went well for the primary cryptocurrency and the asset recovered from the past week’s drop below $19,000 but is now near $22,000. the bulls kept control over the market and pushed BTC higher so it culminated in a price surge to over $24,000 which became the highest price tag in a month.

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ADA 24-hour Price Chart (Source: coingecko)

The landscape changed once it became known that Tesla sold the majority of the BTC holdings in Q2 due to the COVID lockdown in China and BTC reacted fast and dipped by $2000 in a few hours. It bounced off and hit $23,000 where it spent most of the trading day and sits there now so the market cap is still way below $450 billion with the dominance sitting at 41.6%. unlike the previous weekend that saw impressive price performances from most altcoins and the situation looks different. Ethereum continues with the recent gains after a minor daily increase and as such, the second biggest asset reclaimed $1600.

DPGE, Ripple, and MATIC are in the green and Cardano was the biggest gainer from the larger cap altcoins with a 5% increase on the day as a result, ADA trades at over $0.5. on the contrary, BBN, SHBI, DOGE, and AVAX are in the red and most of the lower and mid-cap altcoins are stagnant on a daily scale. So it is no wonder that the cumulative market cap of the assets remains calm near $1.060 trillion.

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ETH 24-hour Price Chart (Source: coingecko)

As earlier reported, The MATIC token could face a new correction after soaring over the past month and it seems to be entering overbought territory. The downswing below $0.77 could trigger a new correction and Polygon looks primed for a retracement after surging in the market value in the past month so there is a huge area of support that can help the price hold.

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