The crypto market continues to struggle today, but many of the top ten cryptocurrencies are just on the cusp of being up rather than down. Cardano (ADA) and Litecoin (available on Coinbase) (LTC) are included here, each aLTCoin with less than a 1% loss at the moment.
There are a number of reasons why the crypto market might be down today. First, several more warnings against crypto were released recently, including Thailand restricting its banks from being involved in crypto anything and the European Supervisory Authorities adding their two cents in about the risks of crypto trading.
A lot of the time when either of the two big cryptos, Bitcoin (available on Coinbase) and Ethereum (available on Coinbase), are down, as is the case right now, many aLTCoins follow suit. The reason behind this correlation might be as simple as people noticing that Bitcoin (available on Coinbase) or Ethereum (available on Coinbase) are down, so they want in while the door is open. Holders of aLTCoins might trade away their tokens to get a piece of either Bitcoin (available on Coinbase) or Ethereum (available on Coinbase) while they’re down. This, in turn, would cause aLTCoin prices to decrease. This isn’t necessarily what is happening currently, but it is a potential explanation.
Whatever is making the market slow today, the impact isn’t massive at least. Within the top 100 cryptocurrencies, 26 are currently up. Stellar and EOS continue to be the only coins in the top ten that are up at the time of writing. However, many coins within the top ten aren’t far from crossing into the green, Cardano and Litecoin (available on Coinbase) included.
Cardano is the 5th largest cryptocurrency by market cap. As of right now, the coin is selling for $0.379417, which puts the aLTCoin down by only 0.08% in the past 24 hours.
Source: CoinMarketCapAs can be seen from the chart above, ADA has been all over the place in the last 24 hours. The coin looks to be moving up now but based on its latest movements, I don’t know how long that will last.