Cryptocurrencies began last Monday January 10th 2022 with a total market cap of $2.48T CAD, hitting a low of $2.38T early Monday before spending the majority of the week recovering to $2.56T to start this week off. Bitcoin's dominance slips below 40% while Ethereum sits just under 20% of market-cap dominance.
Bitcoin
Bitcoin spent much of last week stagnant in choppy trading as it battles to recover a drop of 40% after hitting all-time-highs (ATH) just two months ago on November 10, 2021. Starting off a week ago Monday January 10th, 2022 at $53.5k CAD, we begin our week - January 17th, 2022 - at roughly the same spot. Bitcoin hit a 7-day low of $51.6k on early Monday last week before staging a rally, hitting resistance Wednesday morning as it tried to recover past $55.2k.
Ethereum
The second largest cryptocurrency by market-cap did not fare any better as it is starts the week off around $4,100, trading mid-point between the last 7-day range of $3,819 - $4,246. Ethereum at its lowest point last week signifies a 38% drop from an ATH of $6,108 - the same day Bitcoin reached its ATH.
Ethereum gas prices remain stubbornly high throughout the week, averaging over 218 Gwei on Monday before settling down at an average of 132 Gwei by Sunday.
Cardano
ADA had a great week rising from $1.47 to $1.84 , a 25% increase for the week, and is currently sitting at a 7-day high of $1.95 as of this writing. The run-up is due to the announcement of Sundaeswap's Mainnet launch in 3 days (20th of January). Sundaeswap is a wildly anticipated decentralized exchange on the Cardano blockchain.
The news of Sundaeswap comes as relief to some ADA supporters as many view Cardano to not live up to its hype. ADA coin hit ATH in September 2 last year reaching $3.90 which put the blockchain in the number third spot in market-cap. Without a solid dApp in place, ADA dropped 63% from its ATH hitting a low of $1.44
Watchlist
- Fantom (FTM) up around 36% for the week rising from $3.03 to $4.14
- Cosmos (ATOM) just hit all-time-high this morning at $56.71.
- Harmony (ONE) Up from $0.37 to $0.44 for the week nearing ATH at $0.475
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