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Cardano (ADA-USD) tokens rose 7.2% in Wednesday trading as trading sentiment in the cryptocurrency market was largely risk-driven.
Like the vast majority of major cryptos, ADA has been caught in an intense downward spiral since peaking near $3 in August 2021. It is now changing hands at just 26 cents as of 4:57 p.m. ET.
Meanwhile, bitcoin (BTC-USD), +0.9%, and ethereum (ETH-USD), +3.4%, the two largest cryptos by market capitalization, have widened a gap but remain in a narrow trading range that has persisted for months in a lighter backdrop. higher than normal volume and price volatility. Wednesday’s gains sent crypto-exposed stocks higher.
Alpha research contributor Clem Chambers set out his expectations for the price action of bitcoin (BTC-USD) in 2023, saying that “we could easily drop another leg before Easter” because “a big part of the FTX (FTT-USD) contagion has yet to emerge.” If history is any guide, the direction of bitcoin – a gauge for all of space – will determine the price action of other coins.
Similarly, fellow SA contributor Ryan Wilday warned of “more choppy waters ahead” for bitcoin, noting that it needs to hold $16,000 to ensure the current bear cycle ends.
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