BTC Can’t Hold $50,000 as Market See-Saws, ADA Snatches Fourth

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Thursday saw a mildly uneventful day as bitcoin (BTC) remained range-bound. Cardano (ADA) overtook Tether (USDT) and altcoins saw a mix of green and red. Meanwhile, Musk could be back in hot water with the SEC.

Bitcoin spent Thursday, Feb 25 not doing too much. The alpha crypto remained range-bound for most of the day having briefly tapped over $50,000. The cryptocurrency could not hold above that level and fell below the mark once again. 

SEC After Musk Again

The market excitement came in the form of the U.S. Securities and Exchange Commission (SEC) possibly investigating Tesla founder Elon Musk regarding his tweets about Dogecoin (DOGE). 

The news has not been confirmed, however, speculation is rife that the SEC might be looking into Musk’s DOGE tweets and the related price-action. 

Musk has butted heads with the SEC before for a previous tweet that saw him charged for openly tweeting about Tesla. 

The potential news did little to stir DOGE as it saw a nearly 5% decline on the day. 

Cardano (ADA) Pushes for Third 

While it was a simple day in the markets, Cardano (ADA) was up over 10% on Thursday. The slow and steady grind means ADA is now eye-balling Binance Coin (BNB) for the coveted bronze spot. 

USDT fell down the pecking order as ADA continued its climb up the market cap list. The Charles Hoskinson-led project hit a new all-time high of $1.18 earlier this week. 

XRP has fallen into no man’s land with a significant gap of $11 billion separating it from Polkadot (DOT) above. Litecoin (LTC) lags behind XRP by nearly $8 billion. 

Top 100 Biggest Gainer

Rebranded project Polygon, formally known as MATIC was the biggest gainer on Thursday. While the top 100 was predominantly green, MATIC gained 36% on the day. The price action saw a new all-time high of $0.21.

The rebrand has set into motion a catalyst of announcements that have aided the project in increasing in value over the last few days. 

1inch DEX Shifts to Add Binance Chain 

The other story of the day was the integration of Ethereum focused Decentralized Exchange (DEX) 1Inch shifting to add functionalities on Binance Smart Chain (BSC). 

1inch commented on the addition in a recent Medium post, stating that the exchange is always on the lookout for the hottest Decentralized Finance (DeFi) projects. With the surge in BSC DEX use:

“the addition of BSC-based DEXes to our aggregation protocol came as a natural step.”

The announcement follows the recent surge in Binance Chain activity due to an increase in Ethereum gas fees. Binance also announced congestion on the centralized exchange last week, causing the exchange to halt withdrawals for a period of time. 

Thursday saw little excitement in the markets, but plenty of other news to occupy traders. The market has been extremely volatile this week and a slow-down perhaps is not the worst thing for everyone. However, the weekend always tends to be filled with volatility and excitement. 

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