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While Bitcoin price stalls below $50,000, ADA keeps climbing higher at $ 2

While Bitcoin price is trading below $50,000, ADA continues to climb higher. ADA has marked another all-time high at $2 for the first time.

while-bitcoin-price-stalls-below-50000-ada-keeps-climbing-higher-at-2

ADA/USD 4-hour chart | Source: TradingView

While Bitcoin price stalls below $50,000, ADA keeps climbing higher

The market crash caused by Elon Musk continues to haunt Bitcoin as the asset fails to break through $50,000 definitively. At the same time, altcoins dominated their gains with significant gains. Cardano has been the top-performing artist of the past few days, and the latest gains sent ADA above $2 for the first time.

Altcoins that have caused a market-wide crash better than their leader. Although most were dumping initially, they recovered their losses in just a few days.

Cardano is a prime example. Not only has ADA bounced back to pre-crash levels, but the cryptocurrency has continued to climb higher. It broke the previous ATH and set a new level at $1.86 a few days ago. However, it was not satisfied with the results and continued to increase. As a result, ADA rallied to the $2 level for the first time a few hours ago and moved towards its latest record at just $2.20. With this increase, ADA has returned to the top 5 largest cryptocurrencies by market capitalization and is also close to surpassing DOGE.

The meme is also up about 2% in a day. Ethereum, which dropped to $3,600 in the crash, has recovered some ground and is now above $4,000. On the other hand, Binance Coin has yet to regain its round-number milestone and is below $600.

XRP is up 2%, while Polkadot is up the most from the top 10 after gaining 20%. As a result, DOT is close to $50. Further gains come from Polygon (56%), SushiSwap (20%), NEAR Protocol (20%), Ethereum Classic (18%), BakeryToken (15%), Reserve Rights (13% ), The Graph (11%), and Fantom (10%). last, the crypto market cap has remained above $2.3 trillion.

Bitcoin took a heavy hit following Elon Musk’s announcement that Tesla stopped accepting BTC payments for its electric vehicles. In less than a day, the major cryptocurrency fell from $58,000 to a 2-month low below $47,000.

Since then, BTC has regained some ground and even breached $50,000 and $51,000 a few times. However, each attempt was short-lived and the asset fell back below the coveted $50,000 threshold. Over the last 24 hours, bitcoin is still struggling there and as of this writing, it is once again below that level.

Rising altcoins continue to reduce BTC market dominance. The metric comparing bitcoin’s market cap to the rest of crypto assets fell below 40% for the first time in nearly three years. Just for reference, it was over 70% four months ago.

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