As bears remained resolute, leading crypto assets remained constrained in their trading ranges. For the time being, traders are holding off on revising their investment selections until the global economy is clearer. The link between cryptocurrency pricing and the stock market was weakening. Investors' confidence in cryptocurrencies is weakened by fears of an impending recession and inflation.
Most assets, with the exception of stablecoin USDC, fell somewhat on Monday. Despite this, the losses were still limited. At the same time, Bitcoin, Shiba Inu, and Solana all had their prices fall by 2%, while Avalanche fell by 3%. The total value of the crypto market has fallen to $1.24 trillion, a decrease of around 2% over the last day. While this was going on, the total value of all crypto trades fell by nearly 21% to $66.45 billion dollars.
A Professional's Opinion
Darshan Bathija, the co-founder and CEO of Vauld, indicated that Bitcoin's value remained around $30,000. It was also noted that on Wednesday, the Ropsten testnet of the Ethereum blockchain switched from Stakes to Proof-of-Work. ETH's mainnet Merge is anticipated for later in 2022, and the Ropsted Merge is a significant step toward that goal.
The Technological Viewpoint of Giottus
Cardano is a layer 1 platform that aims to provide applications and smart contracts, and its native cryptocurrency is ADA. An ADA token is among the world's most valuable digital currencies. Since the beginning of the year, the cryptocurrency market has been afflicted by bearishness.
Since the September 2021 ATH of $3.25, ADA has lost over 80% of its value. Cardano appears to be taking a lead above Bitcoin after the latter stopped its two consecutive red weeks. ADA was trading at $0.64 at the time of this writing, up more than 13% in the last week.
Multiple attempts by Cardano to overcome the $0.60 long-term trend line resistance were successful. The market structure has moved, therefore it's making higher lows and higher highs for the time being. For sustained gains, the alternative token must break beyond the psychological barrier of $0.70. If Cardano fails to regain the highs, it may test the ground at $0.60 and then $0.52.
Cardano, on the other hand, anticipates the hard fork to Vasil later this month. ADA's price may rise as a result of the upgrade speculation and anticipation.