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Market Watch: Avalanche (AVAX) Explodes 30% to New ATH, Bitcoin Stagnant at $45K

Summary:
After falling to ,000 and spiking to ,000, bitcoin has calmed once again around the ,000 mark. Most altcoins are slightly in green on a daily scale, but some have charted impressive gains. Avalanche is among those as AVAX has surged by more than 30% to tap a new ATH. ETH at ,300 as AVAX Marks a New ATH Most larger-cap altcoins have mimicked BTC in the past few days. Ethereum plummeted during the mid-week crash, attempted rapid recovery, but failed to increase any higher than ,600. In the following two days, it kept losing value gradually and dropped below ,300. As of now, it has gained about 2% in a day and currently stands around that level. Cardano, whose network is set to undergo its long-anticipated hard fork today, has spiked by more than 6% and has

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After falling to $44,000 and spiking to $46,000, bitcoin has calmed once again around the $45,000 mark. Most altcoins are slightly in green on a daily scale, but some have charted impressive gains. Avalanche is among those as AVAX has surged by more than 30% to tap a new ATH.

ETH at $3,300 as AVAX Marks a New ATH

Most larger-cap altcoins have mimicked BTC in the past few days. Ethereum plummeted during the mid-week crash, attempted rapid recovery, but failed to increase any higher than $3,600. In the following two days, it kept losing value gradually and dropped below $3,300. As of now, it has gained about 2% in a day and currently stands around that level.

Cardano, whose network is set to undergo its long-anticipated hard fork today, has spiked by more than 6% and has reclaimed $2.5. Binance Coin (1%), Ripple (1%), Dogecoin (0.5%), Chainlink (2%), and Uniswap (1%) are slightly in the green since yesterday.

Polkadot (9%) and LUNA (8%) have marked more impressive gains, while Avalanche has outperformed all others. A 32% surge from AVAX has resulted in breaking above $64 for a new all-time high.

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

Other impressive gainers are OMG Network (11%), Hedera Hashgraph (10%), Elrond (10%), and Kusama (8%). As a result, the crypto market cap has recovered around $50 billion in a day.

Bitcoin Still Sits at $45K

Ever since the aforementioned market-wide crash on Tuesday, in which BTC lost $10,000 in hours, the price of the asset has remained untypically stable.

After this drop from $53,000 to $43,000, bitcoin bounced off immediately to around $46,000. Consolidation followed in the next day or two before the cryptocurrency attempted to overcome $47,000 but to no avail.

Just the opposite, the bears stepped up and drove its price south. In the past 24 hours, bitcoin dropped to around $44,000. It reacted well to this dip and added $2,000 of value but was rejected at $46,000.

As of writing these lines, BTC has retraced to around $45,000 once more. Its market capitalization sits at $850 billion, while the dominance over the altcoins has declined to 41%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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