Crypto markets are in retreat this afternoon after two days of solid gains, with Bitcoin falling after a brief overnight move over $US60,000 and Cardano (ADA) having a volatile day after the so-called Ethereum-killer was added to Coinbase.
The token named after English mathematician Ada Lovelace had surged when the long-awaited Coinbase listing was announced on Wednesday, and hit an all-time high of $US1.48 five minutes before trading on the US platform was initiated at 3am AEDT.
But once trading began the price fell sharply. At 12.38pm AEDT, Ada was changing hands at $US1.24, down 10.8 per cent from 24 hours previous.
That made Cardano the worst-performing token in the top 100, although it was was still up 9.6 per cent for the week.
$ADA Ouchie. pic.twitter.com/JrG5Smp7ES
— CyrptoTrader101 (@sdsheeks) March 19, 2021
And then $ADA died…
this is why you ALWAYS have a STOP LOSS, and move it into profits as the trade moves
—
Lisa N EdwardsBitcoin had a similar rejection overnight, just a few minutes after Cardano fell.
BTC broke through the $US60,000 mark around 3.05am AEDT but stayed there for less than an hour.
At 1.50pm, the king of cryptocurrencies was trading around $US57,500 ($74,500), down 2.6 per cent from where it was at the same time yesterday.
Ethereum was changing hands at $US1,774 ($2,290), down 3.3 per cent.
Of the top 100 crypto-coins on Coingecko, 72 were in the red and 25 were in the green, compared to where they were 24 hours ago.
But SwissBorg, a token for use in a Swiss decentralised wealth management platform, was the only token other than ADA/Cardano to have fallen more than 10 per cent.
Pundi X soars on token swap
The top performer was Pundi X (NPXS), which was up 45.2 per cent to US0.49c after announcing a 1000-for-one token reduction. Its ticker code will change from NPXS to PUNDIX as part of the token swap.
The Pundi X coin is currently up 66-fold from where it was a year ago, but still not near its all-time May 2018 high of US1.44c.
The token is for use in a digital currency payment ecosystem aimed at retail payments at bricks-and-mortar retailers.
Theta Network, Harmony, Balancer, Nexo, Basic Attention Token, Kusama, LEO Token and Arweave were the other top 100 tokens to hit all-time highs in the past 24 hours, according to Coingecko.
The post Bitcoin can’t sustain move over $US60k; Cardano falls after Coinbase listing appeared first on Stockhead.
Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.