Bitcoin Drops While Cardano Rises: Top 10 Cryptos in the Past 24 Hours
It appears that Bitcoin has failed to maintain the $20,000 level, while Cardano has increased by 6%, making it the best performer among the top 10 cryptos in the past 24 hours.
The bears appear to be slowly taking control of the market in the short term, as the primary cryptocurrency trades below $20,000. Most other coins look indecisive at best. Of course, there are certain exceptions.
Bitcoin prices plunge by $20,000 in just 24 hours
The $20,000 level is one of significant importance for several reasons. First, it is a psychological mark that suggests that the market is strong. Second, it contains technical and fundamental support, being the high of the 2017-2018 bull market. This suggests that the market has strong underlying fundamentals and is unlikely to experience a sharp drop in the near future.
It appears that the bulls have finally given up on BTC, as the cryptocurrency trades at around $19,800, having recovered from the daily lows of $19,600. This comes after BTC had been flirting with the $20,000 mark for a few days.
As the volatility has decreased in the market, we have seen a reduction in liquidations and overall trading volume. For the past 24 hours, there were only about $6 million in liquidated positions for BTC, which is a good sign that the market is stabilizing.
Cardano Soars 6% as Altcoins Indecisive
While it's positive to see some green across the markets today, it's important to remember that the increases are relatively small. This is illustrated by the heatmap below, which shows that most of the market is only slightly up.
Cardano's performance has been impressive, to say the least. It's up by more than 1% while other top altcoins like ETH, DOT, BNB, and XRP are all up by less than 1%. This just goes to show that Cardano is a force to be reckoned with in the cryptocurrency world.
DeFiChain (DFI) is the clear winner in the past day, gaining an impressive 11.5%. GMX and ADA are also up, but not by as much. Helium's HNT is the biggest loser, down 8.3%, followed by LEO, down 4.5%.
This weekend was a rollercoaster for the cryptocurrency market. Bitcoin took a hit, losing $20,000, while Cardano soared 6%. It's been a tough few weeks for Bitcoin.