Avalanche (AVAX) Skyrockets 11% to $26, Bitcoin (BTC) Maintains $61K (Market Watch)

Bitcoin’s price failed to overcome the $62,000 level yesterday but has remained above $61,000 despite a brief hiatus to under $60,000.

Several altcoins have produced notable increases daily, with AVAX leading the trend. The asset has soared to $26.

BTC Still Above $61K

The primary cryptocurrency fell hard at the end of the previous business week to just over $56,000. However, its descent was quickly halted by the bulls as they initiated a rapid recovery that pushed BTC to around $59,500 by the time the weekend had arrived.

After a quiet Saturday and Sunday, bitcoin retraced once again on Monday and slipped to $58,000. The bulls produced another run toward $61,000 on Tuesday before the asset fell back down to $59,000 on Wednesday.

Thursday saw one more leg up that resulted in BTC nearing $62,000 for the first time in a week. However, it failed to conquer that level and the subsequent rejection pushed it south to $60,000.

Nevertheless, the cryptocurrency has managed to recover most of the losses and now sits above $61,000 again. Its market capitalization has increased to almost $1.210 trillion, while its dominance over the alts has taken a beating and is down to 53.3%.

Bitcoin/Price/Chart 23.08.2024. Source: TradingView

AVAX Soars Double Digits

Most altcoins have turned green on a daily scale, including ETH. The second-largest cryptocurrency is up by 1.5% and now sits close to $2,700. Solana, Toncoin, Dogecoin, Tron, Shiba Inu, and Polkadot have all charted similar gains.

Cardano and NEAR have risen by 5-6% daily to $0.38 and $4.5, respectively. ICP, APT, and FIL have produced similar increases.

Avalanche has taken the main stage from the larger-cap alts. AVAX has soared by 11% and now trades at $26. FET is the other double-digit gainer and has jumped to just under $1.1.

The total crypto market cap has added around $20 billion overnight and is up to $2.270 trillion on CG.