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

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

Author: Jordan Lyanchev

Last Updated Sep 13, 2021 @ 08:55

While bitcoin has failed to break above $46,000, Avalanche (AVAX) has skyrocketed by 30% to register a new all-time high.

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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

 

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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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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.
Tags: Bitcoin (BTC) Price
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About The Author

Jordan Lyanchev
More posts by this author

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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