Cardano up 12% weekly, Bitcoin stops at $17,000 (Market Watch)

Bitcoin made another attempt to surpass $17,000 yesterday but, like in the past, has been stopped several times.

Altcoins are down after a few positive days, with Tron, QNT, and LDO losing the most value on a daily basis.

Bitcoin fails at $17,000

Bitcoin ended a dreadful 2022 by dropping below $16,400 on Friday, which was a multi-week low. As New Year’s Eve approached, the asset recovered somewhat, returning to $16,500. The next few days passed quietly until Monday when BTC finally started to appreciate in value.

After adding around $200 the next day, Bitcoin continued to climb, approaching $17,000 hours ago. This became the highest price since December 20th.

As the bulls prepared to challenge and eventually overcome this level, the bears came into play and reversed BTC’s trajectory.

As such, the cryptocurrency is now trading a few hundred dollars below that level, but its market cap has remained above $320 billion. His dominance over the alts has also recovered somewhat and is now at 39.7%.

BTCUSD. Source: TradingView

ADA Jumps 12% Weekly

Similar to Bitcoin, Cardano has also been quiet for the last few days of 2022. However, ADA started to appreciate as the new year started and is now up over 12% week-on-week. The asset is trading at $0.27 and is among the few in the green among large-cap alts daily.

In contrast, Dogecoin, Polygon, Ripple, Litecoin, Shiba Inu, Uniswap, and Avalanche are all down as much as 4%. TRX is down 8%, perhaps due to Justin Sun’s relationship with struggling crypto platform Huobi.

Quant and LidoDAO are the other large-cap alternatives with more notable daily losses of over 5%.

All of these price drops have resulted in a $5 billion drop in the cumulative market cap of all crypto assets, which has now fallen to $815 billion.

Overview of the cryptocurrency market.  Source: Quantify Crypto
Overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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