Cardano ( ADA-USD ) tokens rose as much as 7.2% in Wednesday's trading as trading sentiment across the cryptocurrency market was largely risk-on. Like the vast majority of major cryptos, ADA has been caught up in an intense downward spiral since it peaked at nearly $3 in August 2021. It's now changing hands at just 26 cents as of 4:57 p.m. ET. Meanwhile, bitcoin ( BTC-USD ), +0.9% , and ethereum ( ETH-USD ), +3.4% , the two largest cryptos by market cap, gapped up but remain in a tight trading range that has persisted for months amid lighter-than-usual volume and price volatility. Wednesday's upswings pulled up beaten down crypto-exposed stocks. Seeking Alpha contributor Clem Chambers mapped out his expectations for where bitcoin's ( BTC-USD ) price is going in 2023 , saying "we could easily get another leg down before Easter" as "much of the FTX ( FTT-USD ) contagion has yet to emerge." If history serves as any guide, the direction of bitcoin, -- a gauge for the entire space -- will determine the price action of other coins. Similarly, fellow SA contributor Ryan Wilday warned of "more rough waters ahead" for bitcoin, noting it must hold $16K to ensure the end of the current bear cycle .
