Avalanche Skyrockets 14%, Bitcoin Calm at $23K (Weekend Watch)

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Bitcoin initiated another leg up late on Friday and tapped $23,500 but was stopped in its tracks and has returned to familiar ground.

Most altcoins have charted more impressive gains, led by Avalanche, MATIC, OKB, Dogecoin, and others.

Bitcoin Back Down to $23K

It was last week when the primary cryptocurrency skyrocketed from $21,000 to a multi-month high above $23,000. This solidified the asset’s positive start to the new year, in which it has already shot up by roughly 40%.

The past seven days were less volatile except for a price pump on Wednesday night. This one saw BTC jump to $23,800 for the first time in over four months. However, the bears intercepted the move and pushed bitcoin south almost immediately.

All eyes were on the US on Thursday and Friday. The world’s largest economy announced the GDP date on Thursday and the PCE numbers a day later, but that didn’t bring a lot of fluctuations for bitcoin.

Nevertheless, the asset saw a minor price jump to $23,500 late on Friday but couldn’t continue upwards. As of now, it stands at around $23,000 once again, but its market cap is above $440 billion.

Its dominance over the altcoins has been reduced slightly to 42.1% as most alts have charted notable gains in the past 24 hours.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

AVAX, DOGE, MATIC on the Rise

As mentioned above, a lot of altcoins have outperformed bitcoin on a daily scale, led by Avalanche. AVAX has shot up by roughly 14% and has tapped a local peak of over $20.

Dogecoin, Polygon, and OKB are the other impressive gainers from the larger-cap alts. DOGE and MATIC are up by around 5-6%, while OKB has jumped by 7.5% to almost $40.

On the other hand, Binance Coin, Ethereum, Ripple, and Cardano are calmer today, with minor increases.

The cumulative market cap of all crypto assets has added approximately $10 billion in a day and currently exceeds $1.050 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.



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