Avalanche Skyrockets 14%, Bitcoin Calm at $23K (Weekend Watch)

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Bit­coin ini­ti­at­ed anoth­er leg up late on Fri­day and tapped $23,500 but was stopped in its tracks and has returned to famil­iar ground.

Most alt­coins have chart­ed more impres­sive gains, led by Avalanche, MATIC, OKB, Doge­coin, and others.

Bitcoin Back Down to $23K

It was last week when the pri­ma­ry cryp­tocur­ren­cy sky­rock­et­ed from $21,000 to a mul­ti-month high above $23,000. This solid­i­fied the asset’s pos­i­tive start to the new year, in which it has already shot up by rough­ly 40%.

The past sev­en days were less volatile except for a price pump on Wednes­day night. This one saw BTC jump to $23,800 for the first time in over four months. How­ev­er, the bears inter­cept­ed the move and pushed bit­coin south almost immediately.

All eyes were on the US on Thurs­day and Fri­day. The world’s largest econ­o­my announced the GDP date on Thurs­day and the PCE num­bers a day lat­er, but that didn’t bring a lot of fluc­tu­a­tions for bitcoin.

Nev­er­the­less, the asset saw a minor price jump to $23,500 late on Fri­day but couldn’t con­tin­ue upwards. As of now, it stands at around $23,000 once again, but its mar­ket cap is above $440 billion.

Its dom­i­nance over the alt­coins has been reduced slight­ly to 42.1% as most alts have chart­ed notable gains in the past 24 hours.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

AVAX, DOGE, MATIC on the Rise

As men­tioned above, a lot of alt­coins have out­per­formed bit­coin on a dai­ly scale, led by Avalanche. AVAX has shot up by rough­ly 14% and has tapped a local peak of over $20.

Doge­coin, Poly­gon, and OKB are the oth­er impres­sive gain­ers from the larg­er-cap alts. DOGE and MATIC are up by around 5–6%, while OKB has jumped by 7.5% to almost $40.

On the oth­er hand, Binance Coin, Ethereum, Rip­ple, and Car­dano are calmer today, with minor increases.

The cumu­la­tive mar­ket cap of all cryp­to assets has added approx­i­mate­ly $10 bil­lion in a day and cur­rent­ly exceeds $1.050 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryp­tocur­ren­cy Mar­ket Overview. Source: Quan­ti­fy Crypto
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Cryp­tocur­ren­cy charts by TradingView. 

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