Market Watch: Cardano Gains Another 3% While Bitcoin Still Flirts With $30K

Bitcoin has finally calmed after the recent price fluctuations and has remained just over the $30,000 mark. Most altcoins are also untypically stable on a 24-hour scale. Tezos and FTT are among the few exceptions.

Bitcoin Stands Above $30K

The past few days were quite volatile for the primary cryptocurrency, starting on June 6 when it jumped from under $30,000 to a multi-day high of almost $32,000.

At that point, though, the landscape changed rather quickly when BTC dumped by more than $2,000 in hours to $29,200. Nevertheless, another price surge followed, and bitcoin found itself trading above $31,500 shortly after.

The fluctuations continued a bit more, pushing BTC south to $30,000 once again. Since then, though, the cryptocurrency has remained relatively calm around that level and sits just over it now. As such, its market capitalization is at $580 billion, and its dominance over the altcoins is at 46.5%.

Notable Daily News

Despite BTC’s ongoing struggles, meaning that the asset is down by over 50% from its peak in November 2021, Michael Saylor continues to be highly bullish, explaining why he believes BTC will eventually tap $1 million.

The US has garnered the community’s focus lately with the most recent regulatory proposition. Interestingly, one of the co-authors of the bill – Senator Kirsten Gillibrand – argued that SEC Chair Gary Gensler agrees with it as he sees BTC and ETH as commodities.

ADA, FTT, XTZ in the Green

The altcoins experienced similar volatility since the start of the week, but most are significantly calmer now. Ethereum trades above $1,800, BNB is at $290, while XRP, SOL, DOGE, DOT, TRX, AVAX, and SHIB have all marked insignificant gains.

Cardano continues to outperform the larger-cap alts with a more impressive 3% increase today. As a result, ADA now trades at $0.65.

From the lower- and mid-cap altcoins, FTT and XTZ have gained the most – 5.5% and 7%, respectively. FTT has neared $30, while XTZ sits at $2.15.

Altcoin News

After years of preparation, Ethereum’s oldest testnet – Ropsten – finally went through The Merge and now employs proof of stake.

Solana raised $100 million to support cryptocurrency projects in South Korea, especially such which were affected by the Terra collapse.