Cardano Spikes 7% As Bitcoin Struggles Near $56K: Analysis

Cardano spikes 7% while Bitcoin struggles near the $56K price level and LUNA keeps on charting new highs with the latest one being set at $70 so let’s see further in our cryptocurrency news today.

After a few unsuccessful attempts to overcome $59,000, BTC continues to struggle below the $57,000 with most altcoins being stable on a daily scale aside from the 7% spike from Cardano and another high from Terra. Cardano spikes 7% while the second biggest cryptocurrency came less than 1% away from registering a new high a few days ago. However, it failed to surpass the $4800 and another rejection drove ETH to just below $4600 where it is now situated.

Binance coin, Polkadot, and Ripple are also in the red with a few sustainable price losses being evident from Dogecoin that dropped by 6%, Avalanche dropped by 8.3% and Shiba Inu dropped by 4%. DOGE is almost about to break below $0.20 while AVAX is below $110. Cardano surged by 7% in one day and it now sits well above the $1.6 price point. Terra on the other hand continues with its strong growth and has impressive performance with another 8% increase. LUNA tapped a new high below $70. The lower and mid-cap altcoins are in the red and Immutable X lost the most value in one day as a 10% drop pushed IMX to $7.2. Voyager Token dropped by 9%, Horizen dropped by 9%, Kucoin Token also dropped by 9%, Basic Attention token and Audius both dropped by 8% and Aaave followed by 7%.

As bitcoin struggles below $59,000 a week ago, it was unable to break above it despite its plenty of attempts. Since November 29^th, BTC tried three times to overcome the resistance at the level but to no avail. The latest attempt came on Wednesday but the bears intercepted the move and pushed BTC south again. This time, the crypto lost more than $3000 in a few hours and dumped below $56,000. it bounced off and exceeded $57,000 a few hours but then retraced to $56,500 as of the time of writing. The market cap is still below $1.1 trillion with the dominance over the altcoins being 41%.

As reported yesterday, Solana and DOGE saw slight gains with Terra on the other hand being the best performer after a double-digit surge while LUNA painted a new all-time high record hours ago at $65, being up by 60% in one week and it seems that Luna keeps on rising.

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