Crypto On Jan 20: Market Goes Green As Bitcoin, Ether Rise; Cardano Continues To Dip

The cryptocurrency market largely traded in the green Thursday as top coins Bitcoin and Ethereum saw a slight uptick in prices. The global market cap, up 1.86% at $1.98 trillion as of 2.32 a.m. ET, however, remains below the $2 trillion mark.

Bitcoin rose 1.50% to $41,984. Ethereum grew 2.43% to $3,139, CoinMarketCap data showed.

Barring Tether and Cardano, all top 10 coins were trading in the green. While Tether price remained unchanged, Cardano slid 1.20%.

Experts, however, remain hopeful about a bullish cycle for Cardano ahead.

"A 40% rise is expected, slicing through the $1.54 to $1.76 supply and retesting the $1.87 barrier,” Indian crypto exchange BuyUCoin Trade desk told International Business Times. “The bullish thesis for ADA will be invalidated if the $1.20 support level is broken.”

Meme cryptos Shiba Inu and Dogecoin gained slight momentum.

Even though the market remained largely in the green, no tokens made any big jumps — more or less remaining under the price range they have been for a couple of days. Industry insiders say the market is still adjusting to the new macro environment.

"The market is processing a variety of things. Risk assets like crypto will sell off or face some churn as the market adjusts to a new macro environment," Shivam Thakral, BuyUcoin CEO told International Business Times. “Also, the influence of inflation on the US economy, nibbles away purchasing power over lengthy periods of time. But Asia Market will improve as BTC Buyers will stay active."

In other news, payments giant Mastercard has partnered with global cryptocurrency exchange Coinbase to make non-fungible tokens (NFTs) more accessible, the companies announced Tuesday. Investors will be able to use Mastercards to make purchases on Coinbase's upcoming NFT marketplace.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.