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

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%.

 TradingViewBTCUSD. 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.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

Publication date: 
11/14/2021 - 09:07
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