Market Roundup: Bitcoin Bearish Run Still Holding Firm

On Friday, the crypto market experienced mixed emotions as bitcoin continued its struggle to push over $50,000. Cardano is among the altcoins that made huge strides as the crypto market starts looking ripe for the weekend investors. 

Bitcoin continued to struggle on Friday as the market battled to maintain bullish momentum. The market was predominantly red on Friday as the global sell-off across the equity and stock market likely played a part. 

Bitcoin dropped to $44,100 early on Friday before recovering back to the $47,000 range. Still unable to break or hold above the important resistance of $50,000. 

Source: Tradingview

Market Turning Green

While Bitcoin did not look so promising on Friday. The fact that it has managed to hold the around $47,000 indicates that the sell-off could be coming to an end. The weekend over the past few weeks has generally seen green before Monday and Tuesday dumps. It seems possible this weekend is setting up for a similar round of activity. 

Altcoins have already begun to turn green on the 24 hour time frame. 

Cardano Overtakes Binance Coin 

Proof of altcoins seeing green on Friday, while most altcoins were in the red, Cardano (ADA) saw a new all-time high of $1.29. 

Cardano has seen a phenomenal rally over the last month. The project has climbed over 250% from $0.34 this time last month, to breaking all-time highs at $1.29. 

Source: Tradingview

Cardano was likely the only project that had a great Friday. Not only did the project flip BNB to take third place behind Bitcoin and Ethereum. It was also the biggest top 100 gainer. Cardano was the biggest gainer on Friday, and it was also the only gainer in the top 100 to see double digit gains. Nothing in the top 100 came close to the performance seen by ADA. 

Source: CoinGecko

With the current market sentiment aimed at expecting weekend rallies and volatility. It is once again very likely that the market sees bullish price action across the board on Saturday and Sunday before seeing corrections on Monday and Tuesday. 

All eyes will be on the market this weekend to see if we do actually get more bullish buying. The total market capitalization of the market saw its fifth straight day of red. So while the short term looks bullish, we have not witnessed five red days in market capitalization since September 2020. Those five days of correction were not as sharp either.

Let’s see what the market has in store for the weekend. 

Source: Tradingview

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