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

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

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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