SOL and ADA lead weekly losses as cryptos extend fall
02:25, 4 January 2022
Bitcoin and alt-coins extended losses in early Asia trade on Tuesday with blockchain networks Solana and Cardano losing most over the past week among top 10 cryptocurrencies.
Solana’s SOL and Cardano’s ADA took their weekly losses to about 12% each in early Asia trade on Tuesday to hit $167.97 and $1.30, respectively.
SOL hit a near three-week low of $166.7565 in the last 24 hours. The fifth-biggest cryptocurrency by market capitalisation is about 35% below its all-time high of $259.96 hit in early November, according to CoinGecko.
Bitcoin hovers above $46,000
Bellwether Bitcoin traded 2.2% lower over the last 24-hours at $46,110.38, a day after its 13th birthday. Bitcoin took its weekly losses to 7.5% in early Asia trade on Tuesday.
“Across many on-chain metrics, there is a general lack of activity, despite a modestly bullish undertone in supply dynamics. Coins continue to migrate to increasingly illiquid, and dormant wallets, whilst investor profitability and cyclical metrics paint a more bearish picture. With a balance of both bull and bear signals at hand, our expectations into the start of 2022 are likely continued sideways consolidation,” wrote blockchain research firm Glassnode in its weekly note.
“Until there is further expansion in demand for Bitcoin blockspace, it can be reasonably expected that price action will be somewhat uneventful, and likely sideways at a macro scale,” added Glassnode.
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ALGO and LINK rise
Number two cryptocurrency Ether inched 1.9% lower to $3,734 in early Asia trade on Tuesday.
Memecoins Shiba Inu and Dogecoin saw weekly losses extend to over 11.5% and over 6.5%, respectively.
Bucking the trend, Algorand’s ALGO and Chainlink’s LINK jumped over 8% each on Tuesday to emerge as the day’s biggest gainers among the top 20 cryptocurrencies.
Read more: Bitcoin price prediction for 2022 and beyond: Will it test new highs?
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