Swing Continues: As NASDAQ Futures In Red Bitcoin Slips Below $50K, Cardano Drops Off Top 3

Bitcoin’s struggles around $50,000 continue as the asset has failed to overcome it decisively. The situation within the altcoin market is somewhat similar, with ETH dropping below $1,700. However, the top five digital assets by market cap see some notable rotations, with ADA falling to fifth place.

Bitcoin Indecisive Around $50K

The primary cryptocurrency lost some value at the end of last week when it dipped to $46,000 on a few occasions. With this performance, the asset demonstrated a high correlation with the US stock market, which also declined at the same time.

However, when Wall Street rested during the weekend, BTC initiated an impressive leg up that resulted in jumping above $50,000 and an intraday high of nearly $52,000 yesterday.

This coincided with minor gains visible for the futures markets for the S&P 500, the Nasdaq, and the Dow after the Senate passed another COVID-19 relief bill – this time for $1.9 trillion.

Nevertheless, the situation has reversed since that high, and bitcoin has lost over $2,000, while the Nasdaq futures contracts have headed south again. As a result, the cryptocurrency has dipped below $50,000 again, with expectations for enhanced volatility once Wall Street opens for trading later today.

 TradingViewBTCUSD. Source: TradingView

Top 5 Rotations, ETH Drops Below $1.7K

Most alternative coins followed BTC’s positive weekend, with Ethereum surging past the $1,700 price tag. However, ETH has declined since its peak at $1,760 and is currently down to $1,680.

Other major altcoins are charting slight losses, though nothing so serious, at the time of this writing. Polkadot, Ripple, and Litecoin have remained relatively still on a 24-hour scale. Although Cardano has not lost any substantial chunks of value since yesterday, ADA has lost its top three spot in terms of market cap.

The continuous minting of new USDT (Tether) and BNB’s 2% gains have helped both assets to surpass ADA. Consequently, Tether is back in the top three, while Binance Coin takes fourth place, according to data from CoinMarketCap.

UNI is the most significant gainer from the top ten with an 8% increase to above $33. Uniswap’s governance token is almost 50% up in a week.

coin360_overviewCryptocurrency Market Heatmap. Source; Coin360

Further fluctuations are evident from Enjin Coin (35%), Decentraland (26%), YFI (15%), Horizen (15%), and REN (11%) going north while ZKSwap (-10%), THORChain (-8%), and NEM (-6%) are heading south.

Publication date: 
03/08/2021 - 10:32
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