Yesterday’s drop below $47,000 saw bitcoin retrace its bullish path, adding $2,000 and bringing it close to $49,000. Avalanche is ahead of most other coins. AVAX reached a new all-time record, now at $70.
Bitcoin Charts an 11 Day High
This week started with increased volatility due to fake reports that Walmart had adopted cryptocurrency payments for its online services. Bitcoin rose by $1,500 and then dropped by $3,000 minutes later. The result was a plunge to $43,300.
The bulls have held the market in their hands ever since. They gradually moved the cryptocurrency north, and BTC was able to reclaim several thousand dollars within days.
The asset briefly corrected on Friday, when it retraced more than $1,000 to a daily lowest of $47,000. (Bitstamp) But, the correction was brief-lived and bitcoin began increasing again. It gained more than $2,000 in value over the next hours and reached $48,800. This was the highest price it had been since Monday.
Bitcoin’s market dominance has risen to 42%, as its market capitalization now exceeds $900 billion.
BTCUSD Source: TradingView
VAX Taps Consecutive ATH Records
Many alternative coins also traced back yesterday with their leader. However, many alternative coins have not seen the same increase in value as BTC. Although Ethereum has recovered from its daily low, it is currently at $3,500. However, it is still down by 1% over a 24-hour period.
Cardano and Binance Coin, Ripple as well as Polkadot and Dogecoin, have also dropped by 2-3% or stalled. Solana, however, which plunged by 10% yesterday, has responded well. The recent high-flyer has risen by 8% to $160.
Avalanche is still the best performer. AVAX’s historic all-time high yesterday was not enough to keep it above $70, as a 16% increase has helped the stock reach a new record price.
Cryptocurrency Market Overview. Source: Quantify Crypto
IOTA (10%) and Fantom (8%) and LEO (6%) have also made impressive gains, while Shiba inu, Audius and SushiSwap all saw 8% per day.
Although the cumulative market cap has increased by more than $60 billion from yesterday’s low, it is still below $2.2 trillion.
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