Wednesday Market Watch: Recovery Did Not Last Long

Last edited: Dec 30, 2021

Last week, the market recovered well, with Bitcoin, Polkadot, and Cardano leading the charge. However, the rally did not last. While the market was mostly breakeven on Monday, Tuesday was abhorrent for the entire crypto market, as all coins fell by nearly 10%. The downfall is not as egregious as yesterday, but Wednesday is still not a great performer. Let us take a look at the coins that have the biggest declines today.

UNI: $17.011 (-7.53% over the past 24 hours)

UNI has had a nice recovery last week, rising from around $14 to $20, a more than 40% jump within a week’s window. However, it has came down to earth quite quickly, dropping to just above $17 today. Over the past 2 months, UNI has been mightily struggling as well, and it seems like 2021 will close on a sour note for UNI holders.

UNI price chart over the past 24 hours (15-minute intervals)

FIL: 34.272 (-5.38% over the past 24 hours)

FIL is another coin that has not performed over the last 2 months. In fact, it once reached $120 back in Sep 5th, 2021, but now it has dropped all the way down to $34 at the moment. This could potentially be a good price point for speculative bullish investment, though research by oneself is still required before making any investment decisions.

FIL price chart over the past 24 hours (15-minute intervals)

ADA: 1.328102 (-5.16% over the past 24 hours)

ADA once reached back above $1.5 after last week’s rally. However, this week has been atrocious for ADA, as it dropped right back to $1.32. ADA has massively struggled ever since its hard fork, and since development on smart contracts and in extension, decentralized, has been slow, it would probably require a long time period before ADA could be in a position to compete with Ethereum’s capabilities of smart contracts and layer 2 scaling solutions. Investors should still tread carefully, though ADA seems like a decent long-term play at this 50% discount rate from its high point of $2.8 in September.

ADA price chart over the past 24 hours (15-minute intervals)

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