Market Watch: BTC Eyes $60K, AVAX to Replace DOGE As Top 10?

Market Watch: BTC Eyes $60K, AVAX to Replace DOGE As Top 10?

Bitcoin continues its recovery attempts by touching $59,000, while most of the altcoins have remained stagnant since yesterday. Avalanche is once again the most significant gainer. AVAX charted a new all-time high (again) and is close to surpassing Dogecoin in terms of market cap.

AVAX on a Roll

Most altcoins plummeted in value in the past week or so and tried to bounce off yesterday. Ethereum, for example, went below $4,000 for the first time in over a month shortly after registering its latest ATH of nearly $4,900. However, ETH is now well above $4,300.

On a 24-hour scale, most larger-cap alts have stalled. Binance Coin, Solana, Cardano, Ripple, Polkadot, and Dogecoin are slightly in the red, while Terra is around 0.3% up.

Shiba Inu has lost the most value (-6%) and now sits at $0.000046. In contrast, Avalanche and CryptoCom’s token have gained the most.

AVAX is arguably the best performer in the past several days and continues to register consecutive all-time highs. The latest one came at $138, according to CoinGecko. Moreover, AVAX is now inches away from surpassing Dogecoin as the 10th-largest cryptocurrency by market cap.

CRO surged by 12% in a day and now trades above $0.62. This comes after impressive partnerships announced by the exchange in the past month.

More gains come from Gala (33%), Oasis Network (20%), Arweave (15%), Harmony (13%), and Elrond (10%).

The cryptocurrency market cap is up by around $50 billion in a day and has neared $2.8 trillion on CoinGecko.

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

Bitcoin Eyes $60K

Bitcoin was losing value for several consecutive days. Ever since it painted its latest ATH at $69,000, the bears pushed it south, which culminated in a drop below $56,000 on Friday. Interestingly, this became the lowest price point in over a month.

However, the cryptocurrency reacted well to that dip. As reported yesterday, it bounced off and added almost $3,000. After reclaiming $58,000, it kept climbing and neared $60,000 hours ago.

As of now, it has retraced slightly and stands around $59,000. Its market capitalization has exceeded $1.1 trillion once more, but the dominance over the altcoins has declined slightly to just over 42%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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