Bitcoin can’t sustain move over $US60k; Cardano falls after Coinbase listing

Crypto markets are in retreat this afternoon after two days of solid gains, with Bitcoin falling after a brief overnight move over $US60,000 and Cardano (ADA) having a volatile day after the so-called Ethereum-killer was added to Coinbase.

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The token named after English mathematician Ada Lovelace had surged when the long-awaited Coinbase listing was announced on Wednesday, and hit an all-time high of $US1.48 five minutes before trading on the US platform was initiated at 3am AEDT.

But once trading began the price fell sharply. At 12.38pm AEDT, Ada was changing hands at $US1.24, down 10.8 per cent from 24 hours previous.

That made Cardano the worst-performing token in the top 100, although it was was still up 9.6 per cent for the week.

Bitcoin had a similar rejection overnight, just a few minutes after Cardano fell.

BTC broke through the $US60,000 mark around 3.05am AEDT but stayed there for less than an hour.

At 1.50pm, the king of cryptocurrencies was trading around $US57,500 ($74,500), down 2.6 per cent from where it was at the same time yesterday.

Ethereum was changing hands at $US1,774 ($2,290), down 3.3 per cent.

Of the top 100 crypto-coins on Coingecko, 72 were in the red and 25 were in the green, compared to where they were 24 hours ago.

But SwissBorg, a token for use in a Swiss decentralised wealth management platform, was the only token other than ADA/Cardano to have fallen more than 10 per cent.

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Pundi X soars on token swap

The top performer was Pundi X (NPXS), which was up 45.2 per cent to US0.49c after announcing a 1000-for-one token reduction. Its ticker code will change from NPXS to PUNDIX as part of the token swap.

The Pundi X coin is currently up 66-fold from where it was a year ago, but still not near its all-time May 2018 high of US1.44c.

The token is for use in a digital currency payment ecosystem aimed at retail payments at bricks-and-mortar retailers.

Theta Network, Harmony, Balancer, Nexo, Basic Attention Token, Kusama, LEO Token and Arweave were the other top 100 tokens to hit all-time highs in the past 24 hours, according to Coingecko.

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