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Market highlight: Bitcoin and Ethereum struggle as Cardano rallies

January 17, 2022 By Charles Thuo

The global crypto market cap has decreased by 3.35% today to about $2.01 trillion despite the total crypto market volume increasing by 13.76% to $70.50 billion within the same period.

Bitcoin, which is the single most dominant cryptocurrency commanding a market dominance of 39.66%, has been struggling around $42K. In the last 24 hours, it has dropped by 2.20% to trade at $42,113.82.

While it has been a struggle for Bitcoin (BTC) to avoid sliding below $40K, Ethereum, the second-largest cryptocurrency by market cap, has also been fighting its own battle to avoid nose-diving below $3K. In the last 24 hours, Ethereum (ETH) had dropped by 4.30% to trade at $3,207.04.

Cardano rallies as the majority of coins plunge

While the majority of the top 100 cryptocurrencies by market capitalization are in the red today, there are a few that are in the green.

However, the majority of those coins in the green have only managed to move up by less than 1%. Binance USD (BUSD) is up 0.09%, Dai (DAI) is up 0.02%, TRON (TRX) is up 0.87%, UNUS SED LEO (LEO) is up 0.07%, and IOTA (MIOTA) is up 0.25%.

Only Cardano (ADA) and BitTorrent (BTT) in the top 100 coins have registered a rise of more than 1%. BTT has risen by 1.49% while ADA has surged by 7.96%

Cardano has stood out as the best performer among the most popular coins.

Today’s biggest gainers

Because the majority of the top 100 coins are down, it does not mean other cryptocurrencies are also down. Some coins especially those within the metaverse, NFT, and meme world have jumped by triple digits.

According to CoinMarketCap, the top five biggest gainers include MiniTesla (MINITESLA), NFTMania ($MANIA), NFTmall (GEM), and NinjaFloki (NJF). MINITESLA has risen by 232.09%, $MANIA has risen by 212.93%, GEM has risen by 144.21%, and NJF has risen by 143.69%.