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Cardano tokens (ADAUSD-USD) experienced a surge of 7.2% in trading Wednesday, while the majority of major cryptocurrencies were in the midst of a decline. ADA stands out as the only one that has not dropped off since its peak of $3 in August 2021, currently trading at 26 cents at 4 :57 p.m. ET.
As businesses remain cautious in the midst of a volatile crypto market, cryptocurrency-exposed stocks have seen rallies on Wednesday due to the bullish sentiment. Seeking Alpha contributor Clem Chambers has made predictions for the bitcoin price (BTC-USD) in 2023, noting that “we could easily go down again before Easter” as much of the FTX (FTT) contagion -USD) has yet to emerge.
Similarly, SA contributor Ryan Wilday warned of “more troubled waters ahead” for Bitcoin, noting that it must hold $16K to ensure an end to the current bear market.
History has shown that the direction of Bitcoin, a key indicator for the entire space, will dictate the price action of other currencies.
