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Bitcoin Consolidation Continues, Avalanche Touched $100, Breaking New ATH (Market Watch)

Summary:
Following the past few days of enhanced volatility, bitcoin has calmed around ,000. Most alternative coins have also remained untypically stagnant on a 24-hour scale, with the apparent exception of Avalanche, which went on a roll and registered a new ATH. Bitcoin’s Consolidation Rolls On Last week was going quite well for the primary cryptocurrency as it had recovered from its dip to ,000 and went on to chart new records. It broke the October peak of ,000 on Tuesday and did it once more a day later, with the latest ATH standing at ,000. However, it couldn’t continue north. Just the opposite, it slumped by ,000 in a day and dropped below ,000. The asset bounced off initially and reclaimed ,000 before another price decline drove it to a weekly low of just

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Following the past few days of enhanced volatility, bitcoin has calmed around $64,000. Most alternative coins have also remained untypically stagnant on a 24-hour scale, with the apparent exception of Avalanche, which went on a roll and registered a new ATH.

Bitcoin’s Consolidation Rolls On

Last week was going quite well for the primary cryptocurrency as it had recovered from its dip to $60,000 and went on to chart new records. It broke the October peak of $67,000 on Tuesday and did it once more a day later, with the latest ATH standing at $69,000.

However, it couldn’t continue north. Just the opposite, it slumped by $6,000 in a day and dropped below $63,000.

The asset bounced off initially and reclaimed $65,000 before another price decline drove it to a weekly low of just over $62,000, as reported yesterday.

Since then, BTC has recovered some ground and touched $65,000 a few hours ago. However, it failed to remain there, and another multi-hundred dollar retracement has driven it to just over $64,000.

Bitcoin’s market capitalization has gone over $1.2 trillion once more, while the dominance over the altcoins stands still at 43%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Stay Calm: AVAX New ATH

Most altcoins have remained still since yesterday. Ethereum has lost a minor portion of its USD value and has dipped to just under $4,600. Cardano and Ripple have seen similar price dips and trade at $2.03 and $1.18, respectively.

In contrast, Binance Coin has increased by 2% to $640, Polkadot is at $46, while a 2.3% jump from Shiba Inu has driven the popular meme coin to $0.000053.

Solana, Dogecoin, and Terra have marked more substantial gains – around 4% each. As a result, SOL sits at $235, DOGE stands at $0.27, and LUNA is above $51.

Avalanche has surged the most from the larger-cap alts. An 11% increase from AVAX means a new all-time high for the token set at $100 earlier today.

IoTeX (24%), KuCoin Token (13%), and Loopring (11%) are also reps of the double-digit price surge club. In contrast, Decentraland, LEO, and Mina have lost similar percentages in a day.

The cryptocurrency market capitalization also sits at a familiar level compared to yesterday at around $2.950 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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