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Bitcoin Reclaims $58K as Avalanche Taps New ATH (Market Watch)

Summary:
Following a few days of price nosedives, bitcoin finally bounced off and added more than ,000 of value. Most altcoins are also well in the green, with Shiba Inu adding double-digit percentages and Avalanche registering a new ATH. Bitcoin Reclaims K The past several days didn’t go well for the primary cryptocurrency. Shortly after tapping ,000 for its latest price peak, the asset headed straight down and lost ,000 in days. This culminated in a drop to ,000 on November 16th, where BTC stood for a while. However, the bears stepped up once more and pushed it south again. This time, the cryptocurrency fell below ,000 for the first time in over a month. As such, it had lost roughly 20% of its value in ten days, but on-chain data indicated that long-term holders

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Following a few days of price nosedives, bitcoin finally bounced off and added more than $2,000 of value. Most altcoins are also well in the green, with Shiba Inu adding double-digit percentages and Avalanche registering a new ATH.

Bitcoin Reclaims $58K

The past several days didn’t go well for the primary cryptocurrency. Shortly after tapping $69,000 for its latest price peak, the asset headed straight down and lost $9,000 in days.

This culminated in a drop to $60,000 on November 16th, where BTC stood for a while. However, the bears stepped up once more and pushed it south again.

This time, the cryptocurrency fell below $56,000 for the first time in over a month. As such, it had lost roughly 20% of its value in ten days, but on-chain data indicated that long-term holders have refused to panic sell their positions and even kept accumulating.

Since that bottom, BTC has bounced off well and has added nearly $3,000. As a result, it now trades well above $58,000, and its market capitalization is up to $1.1 trillion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts in Green: AVAX New ATH

The alternative coins also suffered badly lately but are well in the green now. Ethereum briefly dipped below $4,000, but a 5.5% increase on a 24-hour scale has driven it back to almost $4,300.

Binance Coin dropped below $550 but is now above $580 after a 6.5% increase in a day. Solana has surged by 8.5% since yesterday and stands north of $210.

Shiba Inu and Avalanche have gained double-digit percentages. SHIB is up by 13% and has neared $0.00005, while AVAX surged by 16% and is close to $120. This means that AVAX has tapped a new all-time high.

More gains are evident from Cardano, Ripple, Polkadot, Dogecoin, and Terra from the larger-cap alts.

The situation with the lower- and mid-caps is even greener. Immutable X is the most significant gainer with a 43% surge on a daily scale. Enjin Coin (25%), Zcash (20%), Loopring (19%), Fantom (16%), THORChain (13%), Helium (13%), Revain (12%), KuCoin Shares (11%), and Elrond (10%) follow.

As such, the cryptocurrency market capitalization has added $100 billion in a day and is well above $2.7 trillion on CoinGecko.

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

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