The global crypto market capitalization remained lower near $1.24 trillion, losing around 2% within the past day. On the other side, the overall crypto trading volume declined by over 21% to $66.45 billion.
Leading crypto assets remained within constricted ranges as bears stayed persistent. For now, traders await clear directions in the global economy before rethinking their investment decisions. Crypto prices’ correlation with stocks had digital assets waning with leading indices. Looming recession and inflationary worries injure investor sentiments, and cryptocurrencies struggle to overcome the factors.
Excluding stablecoin USDC, most assets hovered lower today. Nevertheless, losses remained capped. Avalanche lost 3%, whereas Bitcoin, Shiba Inu, and Solana dropped 2%. The global crypto market capitalization hovered lower at $1.24 trillion, dropping approximately 2% within the past day. On the other side, the overall crypto trading volume plummeted by over 21% to $66.45 billion.
Expert View
Vauld co-founder and CEO Darshan Bathija said Bitcoin remains around the $30K vicinity despite slight upticks. He added that the Ethereum blockchain’s testnet, Ropsten, transformed to PoS on Wednesday. That’s a crucial move as Ropsted Merge means a vital milestone towards ETH’s mainnet Merge, scheduled for later 2022.
Giottus’ Tech View
Cardano is a layer1 platform aiming to introduce applications and smart contracts and has ADA as its native token. ADA is one of the top ten cryptos by market value. The alternative coin has succumbed to the bearishness that plagued the crypto space over the past months.
ADA lost nearly 80% since the September 2021 ATH of above $3. However, Bitcoin ended its successive red weeks over the past week, and Cardano appears to gain ground. While publishing this blog, ADA traded at $0.64, gaining more than 13% within the past seven days.
Cardano broke past the $0.60 long-term trend-line resistance following multiple attempts. For now, it traverses a shifted market structure, presenting higher lows and higher highs. The alternative token should overcome the $0.70 psychological resistance for sustained upside momentum. Failure to regain the highs might see Cardano testing the foothold at $0.60, then $0.52.
Meanwhile, Cardano expects its Vasil hard fork later this month. The speculations and anticipation around the upgrade might trigger upside price movements for ADA.
Also Read: Grayscale Appoints A Former American Solicitor General To Help Force BTC ETF Approval
