After a few days with price declines, bitcoin recovered and gained more than $2,000 in value. Altcoins are also doing well, with Shiba inu adding double-digit percents and Avalanche registering a brand new ATH.
Bitcoin Reclaims $58K
The primary cryptocurrency has had a rough few days. The asset plunged $9,000 within days after hitting $69,000 at its most recent price peak.
The result was a fall to $60,000 on November 16, where BTC stood for quite some time. But, the bears rose again and drove it south.
The cryptocurrency dropped below $56,000 for its first time in more than a month. It had lost approximately 20% in the past ten days. However, on-chain data showed that long-term holders were not panicking and have continued to accumulate.
BTC has risen steadily since then, adding nearly $3,000. It now trades at well over $58,000 and has a market capitalization of up to $1.1 trillion.
BTCUSD. Source: TradingView
lts in green: AVAX New AT
Alternative coins have also been affected but are now in the green. Ethereum dropped to $4,000 briefly, but a 5.5% rise on a 24-hour basis has brought it back to $4,300.
Binance Coin fell below $550, but now stands above $580 following a 6.5% rise in one day. Solana has risen by 8.5% and now stands at $210.
Avalanche and Shiba Inu have seen double-digit percentage gains. SHIB has risen 13% to $0.00005 and AVAX is at $120. AVAX is now at an all-time high.
Cardano and Terra are showing greater gains from Ripple, Polkadot and Dogecoin.
Even more green is the situation for lower- and middle-caps. With a 43% increase in daily volume, Immutable X is the biggest gainer. Enjin Coin (25%), Zcash ( 20%), Loopring (19%) and Fantom (16%) are the next.
Accordingly, the cryptocurrency market capitalization has grown to $100 billion per day and is now well over $2.7 trillion according to CoinGecko.
Cryptocurrency Market Overview. Source: Quantify Crypto
Marla Brooks – Financial Analysis
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